What is the aura blockchain consortium?

The Aura Blockchain Consortium was created in April 2021 by LVMH, Prada Group and Cartier, part of Richemont. Together with the OTB Group that joined in October 2021 and Mercedes-Benz in May 2022, it has the aim to develop the applications of blockchain technology and raise the standards of luxury.

Why should luxury brands use Ura blockchain?

The Aura Blockchain Consortium’s solution allows luxury brands to strengthen their personal relationship with their customers in a new digital secure experience where they can easily use their virtual products and have direct access to the best quality of service.

What is a consortium-driven Blockchain?

A consortium-driven blockchain means there are certain authorities in charge and that there is a barrier of entry.” Aura authenticates products by assigning each a unique digital identity that houses provenance information; additional features can be added over time, and a tech roadmap is in the works, Durie says.

What is LVMH & Prada aura blockchain consortium?

The announcement of the new Aura Blockchain Consortium by LVMH, Prada and Richemont threw the blockchain into the spotlight. We decode the uses, the competition, and the friction between transparency and brand control.