Today ConsenSys formally
announced AURA a blockchain network to enable consumers to trace the history and authenticity of luxury goods developed in partnership with LVMH and Microsoft. The initial brands on the platform are LVMH’s Louis Vuitton and Parfums Christian Dior. More LVMH brands are in discussion for onboarding as well as from other luxury groups.
In 2016 the OECD estimated that imports of counterfeit and pirated goods were worth nearly half a trillion dollars or 2.5% of global imports. In Europe, the figure is closer to 5%. It also published research into the most affected product groups. Footwear followed by knitted clothing and leather goods are the
top three groups of fake goods that are seized. Visitors to France will be familiar with the sight of officials inspecting Louis Vuitton handbags when travelers depart to make sure they’re not fake.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
