Louis Vuitton owner LVMH is launching a blockchain to track luxury goods via coindesk
Luxury brand conglomerate LVMH, owner of the iconic Louis Vuitton label, is preparing to launch a blockchain for proving the authenticity of high-priced goods, CoinDesk has learned.
AURA has been built using a permissioned version of the ethereum blockchain called Quorum, which is focused on data privacy and was developed by JPMorgan. “So Gucci, for example, could decide to join the platform and be a shareholder – in which case their claim to the IP would be as great as Louis Vuitton’s claim to the IP. That is the main difference between this project and the IBM Maersk project, which hopefully makes it much more comparable to Komgo, the trade finance consortium.”
While the most famous example of NFTs is the whimsical game CryptoKitties, this kind of token has serious business potential.
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