LVMH is the largest French fashion company in terms of stock market capitalization, its value is estimated at $181 bill.
This is an impressive number for a company trading luxury wallets, expensive champagne or brandy, as well as high-end products offered by other LVMH subsidiaries.
The first stage of the development of the blockchain LVMH is called AURA project, which will be used for tracking in order to provide proof of the authenticity of the goods. With the participation of ConsenSys, the project was developed using a controlled version of ETH blockchain.
According to the press release of LVMH, this blockchain project will be the result of the joint work of LVMH, ConsenSys or Microsoft:
“At first, AURA will provide confirmation of the authenticity of luxury goods and will help trace their origin from raw materials to sales outlets, including on the secondary market. The next stage of development will be devoted to the protection of intellectual property, exclusive offers and events for customers of each brand.”
LVMH also plans to open access to the global network to distributors and resellers without any restrictions.
This is yet another precedent of a major company looking in the direction of blockchain technology. The more it gets limelight – the better and the closer to the goal of the mass adoption.
