Having an original box for your brand new Cartier or an actual receipt from the Louis Vuitton flagship store on the Champs-Elysées is one way of making sure you have an authentic luxury item.
There are many people looking for that extra seal of authenticity for their luxury goods, and now they have one.
LVMH, Cartier and Prada have formed an alliance to provide a blockchain solution for their customers who are seeking the next level of security of knowing what they are buying is authentic.
The three luxe brands are making a blockchain-enabled solution available soon. It will provide an encrypted certificate of guarantee. The new project is called “Aura Blockchain,” and the difference between this and a normal certificate on paper is so far blockchain’s have been un-hackable, so for now it will be a guarantee.
There is a motivation for luxury brands to come up with this technology, they are losing billions of dollars each year to counterfeits. Counterfeit luxury items is a booming business, numbers doubling from 2013.
The CEO of Cartier, Cyrille Vigneron told the South China Morning Post that the Aura Blockchain group his company is part of will continue to evolve as the technology advances. “It’s something simple but it means the trust between the two parties is enhanced.”
LVMH is the world’s largest luxury goods brand, and sales have been skyrocketing lately. So much so that CEO and chairman Bernard Arnault has been launched into the No. 2 position on the World’s Richest Person list.
Louis Vuitton, BVLGARI and Hublot are members of the LVMH family that are in the blockchain, and Tiffany will most likely be the next one to join.