Is LVMH creating its blockchain?
We were talking about it during the last Paris Luxury Show and in our recent White Paperblockchain is one of the new technological levers that can influence the authentication and traceability mechanisms that are inseparable from the luxury ecosystem. And according to information from across the Atlantic, LVMH would already be well invested in a project of its kind.
Louis Vuitton and Dior in test and learn
The announcement - which has not yet been confirmed by the group - comes from the US-based Coin Desk site : LVMH has been working for more than a year on a homemade blockchain. The initiative would not be in its infancy since, according to these indiscretions, it could well be implemented from the end of the first half of 2019.
Led by an in-house team and supported by a partnership with ConsenSys and Microsoft Azure, the solution - developed on the Quorum platform belonging to the JP Morgan financial group - would initially focus on Louis Vuitton and Christian Dior brand products. . Called AURA , the latter could then be extended to all or part of the 70 houses belonging to the luxury giant.
Blockchain, an opportunity for luxury
Thanks to its method of storage and data transmission based on sharing without intermediaries, the blockchain is one of the preferred tools in the fight against counterfeiting .
By issuing a digital certificate of authenticity deemed unfalsifiable, it allows in particular to create an identity card specific to each product, thus ensuring its traceability. From the act of purchase to a potential resale through possible repairs that may impact the value of the object, the slightest detail can then be recorded.
The blockchain, which can potentially be linked to the brand's CRM, also offers many possibilities in terms of marketing automation , in particular enabling customers to retain their loyalty in post-purchase. A bonus also for Luxury players wishing to initiate a first contact RGPD friendly with consumers who had access to their products by circuits out of their spectrum, starting with the second-hand market ...