LVMH, LV's parent company, is reportedly planning to track luxury goods through AURA, a block chain platform.
AURA will be launched in May or June in partnership with LV and another LVMH brand, Parfums Christian Dior. Subsequently, it will expand to more than 60 other luxury brands under LVMH and eventually to the brands of its competitors. It is understood that the platform is built by Quorum, JPMorgan Chase's enterprise block chain solution.
According to people familiar with the situation, LVMH has recruited a professional block chain team, which has worked closely with Taifang Development Studio ConsenSys and Microsoft Azure for more than a year without being disclosed.
At present, the platform aims to verify the authenticity of luxury jewelry and track its sources, including from the raw material production point of sale to the second-hand trading market. In the future, the platform aims to protect creative intellectual property rights, provide exclusive preferential activities for customers of each brand, and combat advertising fraud.
Recently, UPS, a major U.S. postal operator, announced the launch of Inxeption Zippy, a block chain platform, to improve the supply chain. The platform is developed by UPS and Inxeption, an e-commerce technology company, to improve the product transportation system and track the entire supply chain from the place of delivery to the place of receipt.
Meanwhile, William Grant & Sons, a liquor company with more than 130 years of history, recently announced plans to use block chains to trace whiskey.