When buying a luxury product from a mall, have you ever thought of checking its authenticity? There are several times when counterfeit products are sold in online stores.
From fake Apple AirPods to Autoparts, we know this has been sold to us. Fraudulent selling is not just a worry for the customers, but brands suffer too. Their reputation is also on stake.
Many industries are hoping that Blockchain would solve trust issues. In the earlier days of Blockchain, companies were trying a replacement of Contract Management Software, and now it is not just about contracts.
Tech companies are trying to build a trusted system in almost every department. For Luxury brands, Aura has come to the rescue.
On 16th May, ConsenSys cracked a deal with LVMH and Microsoft to build a Blockchain platform that will help end-customers to check the authenticity of the product. The technologies used to create the platform will be Ethereum and Microsoft Azure.
The shared ledger will store important product information, and the customer will receive a certificate on the brand’s app.
“AURA is a ground-breaking innovation for the luxury industry. 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.” Says Ken Timsit, CEO ConsenSys.
Today, many other luxury brands are opting Blockchain to confirm the provenance of their products.
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