Louis Vuitton parent firm LVMH, Prada and Richemont-owned Cartier unveiled the Aura Blockchain Consortium on Tuesday.
High-end luxury companies are coming together to tackle counterfeit goods through a blockchain-based seal of authenticity.
LVMH enlisted a full-time blockchain team under the Aura codename to develop a cryptographic provenance platform for the luxury market. The team worked closely with Ethereum design studio ConsenSys on a project that finally appears to be coming to fruition.
The collective effort aims to give shoppers a level of assurance that the pricey products being purchased are authentic.
This is not the first time opulent products have been tracked using blockchain to tackle fraud. Everything from Breitling watches to Scottish whisky has been ported onto a digital ledger.
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