ConeSys works with LVMH— the well-known multinational luxury company— and Microsoft to create a blockchain-based platform that enables the public to verify luxury goods ' authenticity. The consortium states that the "Aura" system is designed to provide a set of product tracking and registration services to the entire luxury sector.
There are currently two brands owned by LVMH involved in the project, namely Louis Vuitton and Christian Dior, but an internal comparison is underway to decide whether to extend the Aura project to include other high-profile names within the group. "Aura allows consumers to access the product history and proof of their luxury goods ' authenticity, from raw materials to the point of sale, to second-hand markets," reads the joint press release.
Each product's information and unique data are stored in a shared register which can be consulted by customers through the brand's official app to obtain the certificate with the origin details. Aura will also provide information on ethics and the environment, product care instructions and warranty services. The Aura project is based on the blockhain Ethereum and uses resources from Microsoft Azure. The consortium hopes that competing brands can also use the Aura project with the intention of providing them with a tailor-made service and the possibility of strengthening customer loyalty.
Kent Timsit, ConeSys Solutions Managing Director added: "Aura is a revolutionary innovation for the luxury sector. ConeSys is proud to contribute and collaborate with LVMH on an initiative that will be useful to the entire luxury sector, protecting each brand's interests, integrity and privacy."
ConeSys is a global community of developers, programmers, journalists, lawyers, entrepreneurs aimed at building and promoting peer-to-peer application and blockchain infrastructures. Founded in 2014 by Josef Lubin and currently based in New York, it has more than 600 members from different countries and in the blockchain area there are 47 projects underway.