LVMH, Prada and Cartier will use blockchain to combat counterfeit goods – Bits Media

Three luxury and luxury goods manufacturers - LVMH, Prada and Cartier - teamed up, to fight fakes and confirm the authenticity of goods using blockchain.

Maternal company Louis Vuitton LVMH, Prada and Cartier created the Aura Blockchain Consortium Consortium. Collective efforts are aimed at, to give customers confidence in that, that the goods they purchase are genuine.

Back in the spring 2019 years Consensys has united with LVMH and Microsoft to create a platform on the blockchain, which will allow consumers to check the authenticity of luxury items.

This week companies reported, what, although blockchain is used to prove the authenticity of luxury items, Brands do not plan to accept cryptocurrency as a form of payment.

"Brands lvmh: Hublot, Bvlgari and Louis Vuitton are already active on the platform ", -says in the press release LVMH. «Hublot, eg, launched a digital electronic warranty, which is stored in the AURA infrastructure and allows customers to check the authenticity of their watches using a photo, made from a smartphone ".

According to the latest statistical data, published by the Bain consulting company&Company, The market for luxury items remains profitable. Sales have reached $58.9 billion in 2020 year compared to $39.7 billion in 2019 year.

This is not the first time, when manufacturers of expensive goods add blockchain support to combat fraud. So, Last spring, the Swiss manufacturer Breitling has introduced a blockchain to combat fakes.

Besides, in 2019 year William Gran&Sons announced, that the Ailsa Bay premium brand of whiskey supplies can be tracked using the platform on the blockchain.