We would never expect to see Louis Vuitton and blockchain in the same sentence, but it’s 2019 and anything can happen.
Apparently, it is now a fact that LVMH, the fashion powerhouse, is working on its own blockchain application, which will facilitate the process of product authentication across its portfolio of brands.
Now this may sound weird, but is it really? In fact it’s not. After all, blockchain technology’s main premise is to authenticated transactions. Blockchain’s decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks. Just like a data tree, once a node is changed, every node before and after must sync up to reflect the change in data.
Although blockchain technology is touted by some as “snake oil”, it looks like in this case LVMH found a very valid reason to make the most of it. LVMH and its flagship namesake brand has long been plagued by counterfeits, which have been hurting its bottom line, for many years now. The conglomerate is already working with Google as well as using AI in its combat against counterfeit products.
With its new blockchain initiative, called AURA, LVMH will provide “proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets”. The functionality will be build-in the group’s app and will first become available for two labels: Louis Vuitton and Dior Parfums.
You might also like
More from Lifestyle
Watch The First Eight Minutes Of Stranger Things Season 4 Right Now
Netflix has released the first eight minutes of Stranger Things Season 4 on YouTube. The show will debut on May …
Disney+ To Launch Cheaper Ad-Supported Plan By Late 2022
In a bid to expand its user base and reach profitability by 2024, Disney+ plans to launch an ad-supported tier …
NBA Star Antetokounmpo Becomes WhatsApp’s First Global Partner
WhatsApp announced its first global brand partnership with Milwaukee Bucks forward and 2021 NBA All-Star MVP Giannis Antetokounmpo.
LEGO Is Releasing An 18-Inch, 979-Piece Thor’s Hammer Set
LEGO’s latest drop in the Marvel saga is Thor’s Hammer, Mjölnir, which is now available for pre-order for $99.99.
LEGO Ideas Unveils 2,585-Piece Earth Globe Kit
The new 'The Globe' LEGO Ideas set turns into a fully spinning globe with printed names of oceans and continents …
Roku Introduces New Live TV Zone Feature
Roku has launched a new one-stop shop for live broadcasting, which will make it easier for users to find live …
Qudi Debuts World’s First Emotional LED Face Mask
The Qudi Mask is capable of representing a spectrum of emotions via an LED display. It can also react to …
Twitter Debuts Branded ‘Like’ As Part Of ‘Scream’ Movie Activation
Horror movie 'requel' Scream got a temporary custom reaction on Twitter last week, paving the way for new promotional opportunities.