Three rival names in the European luxury sector have established a new blockchain consortium that will allow shoppers to track the provenance of their purchases and authenticate goods.
LVMH Moët Hennessy Louis Vuitton, which first unveiled plans for a global blockchain-based system in 2019, will be joined by Prada Group and Compagnie Financière Richemont in the Aura Blockchain Consortium, a nonprofit group that will promote the use of a single blockchain solution open to all luxury brands worldwide.
Many sectors are looking at the possibility of using blockchain, the distributed ledger system that underpins Bitcoin and other cryptocurrencies. Because blockchains are unchangeable and decentralized, the data stored on them is trustworthy and secure.
Source: New York Times