Aura blockchain, a use case for luxury
On the Sole 24Ore, the leading Italian financial newspaper, website of March 12th, an interesting article by Barbara Sgarzi on a blockchain use case: “Blockchain to fight counterfeiting and develop sustainability“
The reference is to the case of the Aura Blockchain Consortium, which collaborates with the largest luxury groups on the evolution of AI and Web3 in creating solutions for the final consumer.
Of course it’s not a case for everyone. The target is exclusively the top-of-the-range luxury segment.
In particular, Aura Blockchain Consortium was founded in 2021 by LVMH, Prada Group, Cartier, part of Richemont, and OTB Group. The objective, which unites the fashion giants for the first time, is to research and apply new technologies – blockchain, NFT, digital traceability – to the world of objects of desire, amplifying the purchasing experience,
The idea is to create a digital passport for each product, starting with the purchase, with the certificate of authenticity and continuing with a traceability token that stores every moment of its life: for example, a repair, sustainability and safety
The Consortium has created solutions for all luxury sectors, such as fashion, jewellery, watchmaking, automotive and more.
The diagram below, taken from the consortium website, refers to the case of use by Cartier for the repair process of its watches.
Aura Blockchain Consortium – Cartier use case
Also interesting is the vision of an element of Web3 which, after a boom and excesses in the years 2021-22, sees a moment of rethinking. In the vision of Aura, and its CEO Romain Carrere, NFTs should instead have a specific function. Give added value, such as creating a digital twin of the garment or object, to keep or exchange. Or open the door to an exclusive membership as new features of the loyalty and affiliate programs for customers.
Technically, Aura’s solutions are based on the Aura Blockchain MTM supports EVM (Ethereum Virtual Machine Networks) such as Ethereum, Polygon and the private permissioned blockchain of the Aura Consortium.
The related Generative Artificial Intelligence question is posted in the dedicated gallery: Tokenization challenges