A new blockchain system has been created by ConseSys, LVMH and Microsoft to prove and confirm the authenticity of luxury goods such as Louis Vuitton and Christian Dior products. The system will be called the Aura and is designed to infuse the luxury good industry with product tracking and confirmation technology so that people always know what they are buying and where they are buying from.
Currently, only Louis Vuitton and Christian Dior are a part of the innovation, but the project aims to include every single luxury good brand on the market in order to provide as much value as possible.
According to the product description, Aura is designed for people buying from e-commerce stores. It is made for people to tell fakes and genuine apart. Furthermore, it helps track the history of the product so that the buyer knows if its new or used.
How does the protocol do this?
The protocol gives the item a scan and detects all of the information about it stored in a shared ledger. Then this information is accessed and served to the user.
The project is based on the Ethereum network and will be using the Microsoft Azure system. Besides the confirmation protocol, it will also offer customers to find out information about warranty services as well as product care instructions.
It is not clear whether or not cryptocurrencies will be promoted for these brands after they have seen the blockchain in action, but many investors are hoping that they will at least form their own ones.
However, if a coin were to be assigned to a luxury good, Aura would become useless as everybody would know that the real deal can only be bought with cryptos.