Blockchain Revolution Series: Luis Vuitton Eyes on ‘AURA’ Blockchain for Luxury Products Tracking

Blockchain technology has been a buzz world in the recent times, when it comes to this trendy topic then the most appealing aspect is the probable end-to-end solutions that strike a chord in various business domains to get rid of bottlenecks that’s quite prevailing in the current ecosystem. 

This time, LVMH (Louis Vuitton) is coming up with a Blockchain platform called ‘AURA’, especially in order to track their luxury goods. 

The lavish brand is very conscious and meticulous about the quality and credibility of their products. 

Louis Vuitton, a luxury bag brand has come up with an innovative and much-awaited move wherein, it will be promoting the use of Blockchain based platform to track its product. They have named this platform AURA. In this blog, we will be exploring what AURA is and which features of Blockchain it has harped upon.

Today when the market is flooded with counterfeited products, it has become a daunting task for the original company owners to maintain the authenticity of their product and at the same time ensure that the end-user is getting the right product for the price they have paid. 

The lingering prospects among the Blockchain space have led the keen interest continues to mount everywhere, reputed institutions from Big 4 auditing firms to the central banks of advanced economies, from manufacturing to shipping companies have been exploring and investing into R&D projects of blockchain gamut. 

Louis Vuittonis one of the most admired and popular luxury bag brands. LVMH has around 60 luxury brand under its umbrella, they include names like Dior, Hublot, Louis Vuitton, and Dom Pérignon.  In 2018, they had a revenue of $53 billion. Being such a huge potential market and trusted the brand, it becomes imperative for them to provide the best and original products to their buyers. But recently the counterfeited product market has expanded which has also impacted the revenue of these companies. So, how will Blockchain help in overcoming these problems is an interesting question, the time factor will have an answer for that going forward. Courtesy: Blockchain Council

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