LVMH is getting on the blockchain bandwagon. While the fashion industry is fierce and competition is increasing constantly, some are turning to technology to embrace new margins, sustainability and overall greatness. LVMH is the parent company of world-famous brands such as Christian Dior, Givenchy and Louis Vuitton. The company is launching the very first blockchain platform to help clients authenticate their luxury products. The news comes from Vogue Magazine.
The venture is developed in partnership with Microsoft and ConsenSys, a technology company. The blockchain platform is called Aura platform will enable the tracking of each item, serving as a proof of origin. This in turn will lower the amount of fake products. The data will remain confidential, and the service will be made available to all of LVMH luxury brands.
The whole experience will prove beneficial for the customer, not only in terms of authenticity of the product, but also as an engagement experience throughout the shopping experience. Each product will have its very own timeline story – from the raw materials to the manufacturing and shipping.
It is interesting to note how fashion is being disrupted by blockchain. Not long ago, a Rembrandt’s piece of art went on blockchain. As Leaprate reported, One of Rembrandt’s 17th-century etchings has been validated and thus, immortalized through the power of blockchain. The ultimate goal is to protect the art work from art fraud.