The Aura Blockchain Consortium, which was founded in April 2021 by LVMH, Prada Group, Cartier, part of Richemont and OTB Group, has announced the launch of a blockchain-based platform designed for luxury brands.
Aura SaaS, described in a release as a “game-changing cloud-based SaaS solution”, has been introduced by the consortium to enable brands in the luxury industry to “embrace the blockchain in their day-to-day business operations”.
The service will allow for further traceability in direct to consumer supply chains, as well as aiding in counterfeiting issues, ownership enquiries and responsible sourcing.
To enable increased accessibility, brand members of the platform will be able to easily onboard, with low fees and quick implementation. The site will offer white-label front-end interfaces and web pages that enable users to easily write and display customised brand information on the Aura Blockchain.
Alongside the new solution, the consortium is also developing tools designed for smaller luxury brands that intend to accelerate the route to market. The front-end tools will provide consumers with a visualisation of data on the blockchain, allowing them to have an overview of operational elements such as the provenance of materials.
The implementation will aim to act as both a way to communicate closely with consumers and offer a more transparent view of the business.