Luxury brand conglomerate LVMH is preparing to launch a blockchain for proving the authenticity of high-priced goods, as reported by CoinDesk.
Code-named AURA, the cryptographic provenance platform will begin with Louis Vuitton and Parfums Christian Dior before being extended to the rest of LVMH’s brands. The LVMH blockchain team has been working with ethereum design studio ConsenSys and Microsoft Azure, and are building AURA using a permission version of ethereum blockchain Quorum—which is focused on data privacy and was developed by JPMorgan—as reported by CoinDesk.
According to a source that CoinDesk spoke with, when it comes to challenges like the problems encountered by the blockchain venture between IBM and Maersk, LVMH will donate all intellectual property to a separate entity, which will be owned by the participating brands.
“So Gucci, for example, could decide to join the platform and be a shareholder—in which case their claim to the IP would be as great as Louis Vuitton’s claim to the IP,” the source close to the project said to CoinDesk. “That is the main difference between this project and the IBM Maersk project, which hopefully makes it much more comparable to Komgo, the trade finance consortium.”
For more details, read CoinDesk’s entire report here.
