Louis Vuitton goes Ethereum: LVMH cooperates with ConsenSys and Microsoft | BTC-ECHO
The blockchain company ConsenSys launches a platform for tracking luxury items together with Microsoft and the luxury retailer LVMH. AURA, the platform's name, uses the Ethereum Blockchain and the Microsoft Azure cloud platform to tamper-proof the source and delivery of LVMH luxury products.
Among other things, the articles of Louis Vuitton and perfumes by Christian Dior are to be traced by the customers.
During production, each product is captured in the common ledger, not reproducible and with unique information. At the time of purchase, a consumer may receive the AURA certificate with all product information on the application of the trademark. Decentralized and unchanging,
said in a press release, the CriptomonedaseICO is present.
AURA's certificate of authenticity should also be accessible to companies that do not belong to the LVMH group. That's why AURA has chosen the model of a consortium that other luxury brands can join, according to the press release. A groundbreaking development, says Ken Timsit, Managing Director of Enterprise Blockchain at ConsenSys.
AURA is a groundbreaking innovation for the luxury industry. ConsenSys is proud to contribute and work with LVMH on an initiative that serves the entire luxury industry, protecting the interests, integrity and privacy of each brand and leveraging Ethereum Blockchain technology in a truly decentralized manner.
Ethereum, Quorum and the ERC721 standard
"Really decentralized" is to be understood relatively. Finally, the private distributed ledger technology Quorum is used. Quroum is a bank giant J.P. Morgan developed "Private Blockchain", which is open to registered participants only and based on Ethereum.
ConsenSys is one of the most important technology partners of AURA. The ConsenSys team was involved in the design and development of Traceability Smart Contracts (…), the AURA Blockchain infrastructure (an accredited consortium focusing on privacy based on Quorum) and the API, which interfaces with the luxury brand and the AURA platform on a white label basis.
ERC721 tokens are not fungible – each token is unique. That's why the standard for tracing uniquely identifiable products makes sense. Greater prominence reached ERC721 by its use for the dApp CryptoKitties. The passion for collecting of the crypto fans caused an overload of the Ethereum network at the end of 2017, meanwhile the dApp suffers from sinking user numbers.
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