Louis Vuitton, Cartier and Prada have implemented a blockchain solution to prove the authenticity of their luxury products
Moët Hennessy Louis Vuitton (LVMH), Cartier and Prada have developed a partner solution that allows you to issue certificates of authenticity for your purchased products to your customers.
The partnership brings together some of the world’s leading luxury brands. According to a statement from the companies, they use the Aura blockchain to track their products and issue certificates of authenticity.
This should give buyers the certainty that the products they buy are really genuine. The solution makes the products traceable, which ensures transparency in the company.
Antonio Belloni, Managing Director of LVMH, explained that the system creates an encrypted warranty certificate that tells the customer whether a product is an original or a fake. Such certificates have been in place in the luxury industry for years, he added, but since blockchain technology is considered “unhackable”, it is superior to other solutions.
Cyrille Vigneron, Managing Director of Cartier, pointed out that the Aura blockchain is still young and therefore has some growth potential. The company is already familiar with this solution as it uses it for its online return system. Buyers can upload a photo of a product to the blockchain to prove the product is in perfect condition.
According to Belloni, the partnership helps to set an industry standard so that not every company has to develop its own solution. In addition, Aura is in talks with other luxury brands that could join the partnership, but did not reveal which ones.
According to Belloni, competitors do not have access to the customer data encrypted on the blockchain. “Trust is the key on which our industry is based and which we desperately want to preserve“he added. The authenticity certificates created by blockchain technology facilitate the resale of luxury goods on the secondary market.
Although they have introduced a blockchain solution, the two managing directors say they are not yet ready to accept cryptocurrencies as a means of payment for their luxury products.