Luxury brand of the group LVMH, Loro Piana will provide each purchase of a product of its new collection a digital certificate guaranteeing authenticity and traceability. The company exploits the technology Aura based on Ethereum.
Aura Blockchain Consortium’s platform, leveraging an Ethereum implementation, Quorum, welcomes a new user. The luxury house Loro Piana announces its adoption as part of the launch of its new collection.
This usage will allow the company, for each sale, to issue a digital certificate. This certificate aims to guarantee both transparency and traceability. As far as traceability is concerned, Loro Piana deploys an industrialized use case of mass consumption.
Demonstrating the origin of its raw materials
Distributors and manufacturers offer consumers, via the scan of a QR codeto access information on the origin of a product and its processing stages. For Loro Piana, the objective is to ensure the traceability of its raw materials.
Each step, from raw fiber to finished product, is directly controlled internally, with constant attention to the environment, biodiversity and local communities,” claims the LVMH subsidiary.
For these uses, the luxury brand naturally relies on the platform co-founded by its parent company and designed to support its industry. Launched in 2021, the consortium Aura Blockchain Exploits a solution combining centralized and decentralized bricks.
Its platform is based in particular on Quoruma private version of Ethereum developed by JPMorgan. In 2020, ConsenSys bought the technology from the American bank (which has become its shareholder) and now ensures its development.
NFTs also a strategic issue for the luxury industry
Auraa non-profit organization, thus provides blockchain solutions to its users and members, including OTB and Mercedes. In 2022, the consortium claimed 15 million registered products on its private network.
NFTs are also a promising use case for Aura and more generally for the luxury and fashion industries. Many brands, such as Prada, Dolce & Gabbana, or Givenchy have adopted non-fungible tokens.
In 2022, Aura announced the release of a solution to protect brands’ NFTs. The objective: to secure a virtual product market which could represent 15 to 20% of sales in the luxury goods industry.
Hermès has actually sued an artist, Mason Rothschild, for NFTs based on the design of its products. After winning the case in court, Hermès now intends to block sales and recover the tokens already issued.
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