The mass adoption of blockchain and cryptocurrency is critical to the future of virtual assets. Institutions and companies around the world are slowly easing up on the idea of blockchain since various developments and partnerships have surfaced over the last few weeks.
Now, according to a recent press release, Consensys has initiated a partnership with LVMH group and Microsoft to develop a blockchain-based platform named AURA. The main objective of this blockchain platform is to allow the luxury goods industry to access efficient tracing and tracking options.
AURA, based on Ethereum’s [ETH] blockchain technology, would allow customers purchasing goods from the luxury industry to have a point of access, with regard to their product history, while also having proof of authenticity.
Major fashion industry brands like Louis Vuitton and Parfums Christian Dior are some of the companies associated with LVMH group. It was also reported that there was further discussion to bring more reputed brands onboard from the LMVH group.
Ken Timsit, Managing Director of ConsenSys, stated,
“AURA is a ground-breaking innovation for the luxury industry. ConsenSys is proud to contribute and to work with LVMH on an initiative that will serve the entire luxury industry, protecting the interests, integrity, and privacy of each brand.”
The present development is a major boost for the crypto-community, as the introduction of blockchain might accelerate crypto-adoption across the world.