For LVMH, the task of convincing other luxury brands to join the blockchain movement has been a difficult one.
Luxury goods company LVMH has suggested that luxury brands rely on blockchain technology to improve the lifecycle of their products. According to Franck Le Moal, chief information officer (CIO) of luxury goods company LVMH, “When you talk about luxury, you’re talking about products, repairs and long-term care.”
And to achieve this, Le Moal, who is also a vice president of the Aura Blockchain Consortium, has hinted at the role of blockchain technology. Speaking at this year’s Paris Blockchain Week, he saying:
“Blockchain-backed digital passports are a way to provide better repair and support services to customers, and to develop a better one-on-one relationship with them.”
LVMH interested in encouraging other brands to take advantage of Blockchain technology
Remember, Coinspeaker reported that LVMH launched its Aura Blockchain Consortium in 2021. Since then, brands like OTB Group, Cartier, and Prada Group have joined the consortium with the intention of promoting common sustainable trends in the world of fashion and what is Most importantly, help members. improve the traceability of your products using blockchain technology.
Like Le Moal, the CEO of BVX, the web3 arm of the OTB Group, Stefano Rosso also has high hopes for blockchain technology. He believes that technology will ultimately affect the way we interact, socialize, communicate, and consume.
Rosso noted that joining others in space was an easy decision to make. Especially after considering the endless possibilities that blockchain technology brings.
OTB Group, which owns famous brands such as Diesel, Maison Margiela, Marni, Viktor&Rolf and Jil Sander, was one of the first entities to join the Consortium.
challenges have arisen
For LVMH, the job of convincing other luxury brands to join the movement has been difficult. But that may be because the luxury industry is highly competitive or because of the personal interests of various brands. According to LVMH, the consortium already has 24 brands on board, 21 of which use non-fungible tokens (NFTs).
However, as part of its plans to incorporate more brands, LVMH may have developed a new concept. Besides being just a group of luxury brands, Aura is also a private blockchain that is based on Quorum by ConsenSys. So, to attract more brands, LVMH has this week launched a new feature for its network, called “Multi-Token minter” (MTM).
With the MTM, consortium members can now create smart contracts that can be deployed on the Aura blockchain or any public blockchain, including popular ones like Ethereum, Solana, or Cosmos.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from cryptocurrency, however, Mayowa’s imagined distractions include soccer or discussions of world politics.
