The Aura Blockchain Consortium, which was launched by LVMH on April 20, 2021, has shared several significant updates and announcements as it approaches its second anniversary. The group, which aims to be the world’s first global luxury blockchain, was created by founding members Mercedes Benz, Prada, Cartier, OTB Group, and LVMH, which owns more than 70 luxury fashion brands, including Dior, Fendi, Givenchy, Loewe, Kenzo, Celine, and Tiffany & Co.
One of the consortium’s most recent updates concerns how Prada is using blockchain technology to provide greater transparency and traceability of its luxury goods. The group showcased examples of how supported products can be traced from their raw materials to finished fine jewelry. Prada’s Eternal Gold collection, the first “truly sustainable fine jewelry collection by a luxury brand, using 100% certified recycled gold,” was used as an example in the video, taking viewers on a consumer experience tour.
Our founding member @Prada Group targets to provide consumers with additional transparency and traceability through the use of blockchain technology on one side, while on the other it enhances the collective action from luxury to luxury to address the big challenges of our times. pic.twitter.com/t6laWnBQQF
— Aura Blockchain Consortium (@AuraConsortium) March 24, 2023
Thanks to blockchain technology, consumers can now trace and view various raw materials used in the bracelet, including in-depth insights into the diamonds used. After scanning the NFC card that accompanies the item, the owner is presented with details such as the number of diamonds included, clarity, color, cut, total carat, and even an estimated C02 emission impact that the materials might result in.
In addition to providing supply chain transparency and sustainability benefits, the consortium is also leveraging blockchain capabilities to provide a greater consumer connection and the convenience of indisputable authentication. For instance, founding member OTB Group is pushing to register over 300,000 luxury goods on-chain, from various brands such as Margiela, Marni, and Jil Sander.
Our founding member OTB Group understands the power of putting the consumer at the centre & building a luxury environment where community is prioritised with having now registered over 300,000 garments from their brands @Margiela, @marniofficial and @jilsander on Aura blockchain. pic.twitter.com/gnphtBIOJw
— Aura Blockchain Consortium (@AuraConsortium) March 23, 2023
“The most powerful thing is that for the first time we are putting the community and consumers ahead of the process,” shared Stefano Brave, an OTB Group board member and the CEO of its metaverse unit BVX. Through the use of a digital certificate, consumers can trace the lifecycle and origin of luxury goods like Margiela’s iconic Tabi shoes, similar to Prada’s use of on-chain mechanics.
Unlike Prada’s jewelry, where the NFC tag is presented as a card, the tag for OTB garments is embedded into the products themselves. The group believes that this is a tool “that ensures greater transparency and traceability to customers, enables the provision of a new range of services, and guarantees product value over time, while also making counterfeiting impossible.”
The luxury fashion industry is undergoing significant changes, as evidenced by the on-chain integrations through Aura Blockchain Consortium, partnerships between brands like Ledger and Fendi, and releases like Prada’s Timecapsule NFTs. Brands are now required to deliver more to consumers who demand greater transparency, sustainability, and authenticity.