As a self-professed Cryptomaniak I’ve been saying, for years now, that smart money is and has been in blockchain for years. Here’s proof in the pudding: Moët Hennessy Louis Vuitton SE (LVMH), owner of famed French Luxury brands Louis Vuitton and Christian Dior, is reportedly working with ConsenSys and Microsoft Azure to release a blockchain platform this summer. It’s meant for tracking its products.
As a self-professed Cryptomaniak I’ve been saying, for years now, that smart money is and has been in blockchain for years. Here’s proof in the pudding: Moët Hennessy Louis Vuitton SE (LVMH), owner of famed French Luxury brands Louis Vuitton and Christian Dior, is reportedly working with ConsenSys and Microsoft Azure to release a blockchain platform this summer. It’s meant for tracking its products.
Named AURA, the blockchain-powered platform is reportedly scheduled to launch in May or June 2019 to help LVMH’s two major brands: Louis Vuitton and Christian Dior.
Smart Money is quietly using blockchain
Let me be clear, such a project takes time and skill to develop, especially since it cannot have any hacks or hiccups. Therefore, these guys have been working on the project for a long time to deliver such a blockchain-powered platform. LVMH reportedly hired a full-time blockchain team to work on this project for more than a year, allegedly working with ConsenSys and Microsoft’s Azure cloud service to make all this happen.
Named AURA, the blockchain-powered platform is reportedly scheduled to launch in May or June 2019 to help LVMH’s two major brands: Louis Vuitton and Christian Dior.
We’ve all seen Louis Vuitton’s famous signature LV logo and every mall in America and every shop at a major airport showcases Christian Dior is the perfumery and cosmetics section. These are worldwide companies run by some of the smartest money out there. They realized years ago the potential of the blockchain. Perhaps they even read our guide on Blockchain 101 and decided to jump into the business.
Either way, the report claims that the AURA platform is based on JPMorgan’s Quorum blockchain platform, a system that itself uses the Ethereum (ETH) blockchain.
The goal here is for AURA to prove the authenticity of LVMH’s luxury products. Origins will be tracked, the point of sale will be noted, and all around the authenticity of these products (which run from a few hundred dollars to tens of thousands for select LV purses) will be guaranteed by this new blockchain. Moving forward, LVMH intends to explore a number of things, including the protection of creative intellectual property, sending exclusive offers, holding events for customers and tech to help with anti-advertising fraud
Another fascinating thing to note: After AURA is successfully piloted, the blockchain will be extended to LVMH ‘s other brands. LVMH may even sell or license it to competitors (the not-so-smart money that scoffed at blockchain usefulness and thus got left behind).
