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A consortium of luxury brans like LVMH, Prada and Cartier have come together to use blockchain to share information about their products’ authenticity with customers. The move aims to streamline sourcing and categorise goods in a single, digital format, according to LVMH.
The brands will use blockchain to match product ID with client ID, enabling customers to access product history and authenticity by tracking manufacturing process right from raw materials stage to the point of sale. The infrastructure will consist of a chain of secure, non-reproducible, digital blocks. The private blockchain will be secured by ConsenSys technology and Microsoft.
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Four luxury companies, LVMH, Bvlgari, LVMH Maisons and Hublot, are already active on the platform. Luxury watchmaker Hublot has launched a digital e-warranty which will be stored in the blockchain system. It allows customers to verify the authenticity of their watch by taking a photo on their mobile phones.
The system will adhere to client privacy and the information cannot be changed or tampered with, the company noted.
