Blockchain For Authenticity Of High-Priced Goods?

LVMH - owner of the iconic Louis Vuitton label is in talks to launch a blockchain for proving the authenticity of high-priced goods.

The cryptographic platform, under the Code-named AURA, is expected to go live in May or June with Louis Vuitton and Parfums Christian Dior. AURA was developed by JPMorgan and has been built using a permissioned version of the ethereum blockchain called Quorum which focuses on data privacy.

LVMH controls over 60 luxury brands such as Dior, Dom PÃrignon and Hublot.

AURA will not be an app, it will run behind the brands using it. So if you are a customer of a luxury brand, you are not going to see AURA; you are going to see the Louis Vuitton app or the app of another luxury brand. AURA could conceivably identify an individual handbag and trace the whole journey of its lifecycle from an alligator farm to the store where it was sold for the first time, and then the multiple owners that have owned and sold it.