Louis Vuitton tackles the topic of blockchain
About a long blog post published today, the famous fashion brand Louis Vuitton addressed the issue of sustainability and traceability facilitated by blockchain technology.
Since 2012, Louis Vuitton has been committed to tracing the supply chain, especially of the diamonds, thanks to RJC technology and relying on the so-called Kimberly Process, which is a system to know if diamonds come from legitimate resources and are not involved in conflicts. .
In addition, for some time now the company has decided to track its products with blockchain, to be sure of the steps in the supply chain.
Louis Vuitton: the use of blockchain to fight counterfeiting
To do this, Louis Vuitton created Aura blockchain, developed in collaboration with Microsoft and ConsenSys to track the life cycle of luxury products and prevent counterfeits.
When it comes to counterfeits, according to a study conducted by Love Money, Vuitton bags are one of the products most prone to illegal imitation.
By August 2020, Chinese police had arrested as many as 62 criminals involved in the counterfeiting of more than 2,000 bags worth $14.6 million.
Overall, the luxury goods resale market was valued at $32.61 billion in 2021 and is likely to reach $51.77 billion by 2026.
Louis Vuitton and the use of blockchain
This is what the blog post reads in reference to Aura’s use of blockchain:
“Debuting for the LV Diamonds Collection and in keeping with the Maison’s legacy of innovation, Louis Vuitton presents the first ever secure digital diamond certificate. A breakthrough solution for diamond traceability and responsible sourcing, this transparent, immutable digital certificate uses Aura blockchain technology to store each stone’s unique characteristics, provenance and journey, guaranteeing the security of this data indefinitely.”
This blog post specifically discusses the diamond supply chain, from quality control to cutting and cleaning, to mounting by Italian and French artists.
Louis Vuitton in the Metaverse and NFTs
In addition to blockchain for tracking, Louis Vuitton is also involved in the use of metaverse and NFT. According to a September 2022 studyit is one of the most popular adult brands in the metaverse.
As for Non-Fungible Tokens, in August Louis Vuitton had launched the game app “Louis: The Game”, where it was possible to go on an adventure where players were on a mission to educate themselves about its 200-year history in exchange. for NFT rewards.
In addition, the company had recently further developed the game by adding NFT raffles.
