AURA will serve the luxury industry with product tracking based on Ethereum and Microsoft Azure
Microsoft has partnered with blockchain software firm ConsenSys and luxury retailers LVMH to launch AURA. The consortium will serve the luxury industry with product tracking and tracing based on Ethereum blockchain technology and Microsoft Azure.
The luxury goods industry involves many different actors along the chain and AURA enables each step of the product’s lifecycle to be recorded on a shared ledger. At the time of purchase, a consumer can use the application to access all product information, including product authenticity, its origin and components (including ethical and environmental information), product care and warranty services. It aims to give consumers the transparency they need to product’s history.
ConsenSys is one of the main technology partners involved in the project, having contributed to the design and development of Traceability Smart Contracts, the AURA blockchain infrastructure based on Quorum, and the brand application programming interface that allows brands to interface with the AURA platform on a white label basis.
“AURA is a groundbreaking innovation for the luxury industry,” said Ken Timsit, managing director of ConsenSys Solutions. “ConsenSys is proud to contribute and to work with LVMH on an initiative that will serve the entire luxury industry, protecting the interests, integrity and privacy of each brand, leveraging Ethereum blockchain technology in a truly decentralised way.”
The platform uses a consortium model, ensuring any luxury brand can become a full member while maintaining the flexibility to address the specific requirement of an individual brand.