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In a protracted blog publish revealed immediately, the well-known fashion brand Louis Vuitton addressed the problem of sustainability and traceability facilitated by blockchain technology.
Since 2012, Louis Vuitton has been dedicated to monitoring the provision chain, particularly of its diamonds, due to RJC know-how and counting on the so-called Kimberly course of, which is a system to know if diamonds come from reputable assets and never concerned in conflicts.
As well as, for a while now, the corporate has additionally determined to trace its merchandise with blockchain, in an effort to be sure of the steps in its provide chain.
Louis Vuitton: the usage of blockchain to fight counterfeiting
To do that, Louis Vuitton created the Aura blockchain, developed in collaboration with Microsoft and ConsenSys to trace the lifecycle of luxurious merchandise, stopping counterfeits.
Relating to counterfeits, in truth, in keeping with a examine by Love Cash, Vuitton baggage are one of many merchandise most susceptible to illicit imitation.
In August 2020, Chinese language police had arrested as many as 62 criminals concerned within the counterfeiting of greater than 2,000 baggage, valued at $14.6 million.
General, the posh items resale market in 2021 was valued at $32.61 billion and is more likely to attain $51.77 billion by 2026.
Louis Vuitton and the usage of blockchain
That is what the weblog publish reads in reference to Aura’s use of blockchain:
“Debuting for the LV Diamonds Assortment and in line with the Maison’s legacy of innovation, Louis Vuitton presents the first-ever safe digital diamond certificates. A cutting-edge answer for diamond traceability and accountable sourcing, this clear, unalterable digital certificates makes use of Aura blockchain know-how to retailer every stone’s distinctive traits, provenance, and journey, guaranteeing the safeguarding of this knowledge indefinitely.”
Particularly, this weblog publish discusses the provision chain of diamonds, from high quality management to chopping and cleansing, to assembling carried out by Italian and French artists.
Louis Vuitton within the metaverse and NFTs
Along with blockchain for monitoring, Louis Vuitton can also be concerned in the usage of the metaverse and NFTs. In accordance with a September 2022 study, it is likely one of the hottest manufacturers for adults within the metaverse.
As for Non-Fungible Tokens, Louis Vuitton had launched in August the sport app “Louis: The Recreation,” through which it was potential to go on adventures through which gamers have been on a mission to coach themselves about its 200-year historical past in trade for NFT rewards.
As well as, the corporate had lately additional developed the sport, including NFT raffles.
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