The luxury conglomerate is using a decentralized platform to identify goods like handbags and trace their entire lifecycle, from farm to store of original sale and all points of ownership

LVMH is set to launch a blockchain system that will help consumers authenticate luxury products and know their entire life cycle. The program will launch in the coming months with an index of 60+ of the luxury conglomerate's brands.

LVMH has already hired a full-time team to roll out this unique technology, which has been under way for over a year. Working alongside notable partners such as Microsoft, JPMorgan and ConsenSys, the program (which is code-named AURA) will help identify and trace the origins of products from raw material to retail.

Last year, LVMH reported revenues of $53 billion, yet there are questions as to how much revenue was lost due to the wide availability of knock-off products around the world.

After testing the platform, LVMH intends to donate its intellectual property to a separate entity who will then work to make this technology available to other players in the luxury goods space. To learn more about the implications of this innovation, watch this video from A Closer Look:

LVMH


Lead image: stock photos from andersphoto/Shutterstock

LVMH is set to launch a blockchain system that will help consumers authenticate luxury products and know their entire life cycle. The program will launch in the coming months with an index of 60+ of the luxury conglomerate's brands.

LVMH has already hired a full-time team to roll out this unique technology, which has been under way for over a year. Working alongside notable partners such as Microsoft, JPMorgan and ConsenSys, the program (which is code-named AURA) will help identify and trace the origins of products from raw material to retail.