Powering the Luxury Industry with Blockchain Technology: LVMH, ConsenSys and Microsoft announce AURA

AURA is a platform powered by Microsoft Azure and Ethereum blockchain technology that seeks to provide the whole luxury industry with robust product tracking and tracing capabilities. Consumers may now access the item history and confirmation of the authenticity of luxury items through AURA, from the source materials to the moment of sale to secondary markets.

How Does Aura Blockchain Consortium Work?

For this special alliance of brands and technological partners, the AURA team chose to employ a consortium method, in which any premium brand is welcome to join as a full member. This approach ensures that everyone may take advantage of technical advancements while preserving the flexibility to meet the particular needs of each luxury business. By giving each product a distinct digital identity that contains provenance information, Aura authenticates them. The information will be added to products using a variety of techniques, such as an RFID tag or a QR code, which Prada has started doing.

Platform Framework

AURA is based on Quorum, a JPMorgan-developed permissioned Ethereum blockchain that makes use of Microsoft Azure. The platform is specifically made for luxury brands and provides a broad array of services that are industry-specific, meeting the needs of firms who would want to concentrate on the suppliers of raw materials, offer customized services, or increase customer loyalty. One of AURA’s key technological partners, ConsenSys worked on the creation of the brand API, which enables businesses to interact with the AURA platform under their own brand, as well as the traceability smart contracts, which employ the ERC-721 protocol for its non-fungible tokens.

Members

An Industry-wide Platform

The AURA team decided to use a consortium approach for this unique coalition of brands and technological partners, where any premium brand can join as a full member. This strategy makes sure that everyone may benefit from the technological capabilities while yet allowing for the flexibility to cater to the unique requirements of each luxury brand. Luxury brands created AURA exclusively for luxury brands, providing a diverse range of benefits tailored to this sector. The architecture of AURA’s capabilities is flexible for brands; some might decide to concentrate on obtaining raw materials, while others might want to provide specialized services and increase customer loyalty.

A Solution to Shared Challenges

First international luxury blockchain in the world: Aura Blockchain Consortium. This unprecedented partnership between rivals offers a unique, creative response to the shared difficulties in securely disseminating information about authenticity, ethical sourcing, and sustainability. With regard to a product’s entire lifecycle, the goal is to offer consumers a high level of transparency and traceability.

Direct Communication

With Aura, luxury businesses now have a fresh channel for speaking with customers directly, telling a compelling tale about the superiority of their materials, artistry, and innovation, and fostering a closer bond between customer and brand.

Promotes Collaboration

Given that problems with authenticity, traceability, and sustainability affect all luxury businesses, it made sense for these rivals to collaborate in order to spur change and provide a common solution. Aura welcomes all premium brands, not only the founders, and has the adaptability to work with businesses of various sizes and meet different objectives.

Track and Trace the product

With the capability to monitor any item with a distinct digital identity known as a non-fungible token, the nonprofit Aura Blockchain Consortium allows any luxury brand; with all companies jointly adding to the blockchain administration and strategy. Due to consumer demands for transparency and the pandemic’s shift to digital-only items, blockchain is becoming more and more of a focus for the luxury industry. However, it has had fits and starts in the fashion industry and elsewhere.

Aura-using brands create their own experiences based on their unique characteristics and client expectations. With information kept on the blockchain in a manner that cannot be altered, interfered with, or hacked, they also protect their own data and uphold the hard standards of client privacy. Aura might open up fresh opportunities for premium goods in the future.

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