LVMH is looking into the benefits of blockchain technology and how it can unlock further cultural and commercial potential for product authentication and supply chain transparency.
The report from Certilogo, named ‘Making Blockchain Real: LVMH and the Future of Authentic Luxury’, outlined the two emerging priorities for luxury consumers in the digital age.
According to Coindesk, a specialist in bitcoin and digital currency news, the LVMH blockchain project is set to launch in May for June for Louis Vuitton and Parfums Christian Dior.
The launch will make LVMH the first big player in luxury to adopt adopt blockchain technology for product tracking and authentication at scale.
Michele Casucci, Certilogo founder and CEO, commented: “When a leader with the reach and respect of LVMH decides that product authentication is a must for luxury consumers, it’s time for every brand with a luxury and premium positioning to pay attention.”
The authentication provider to more than 80 global brands, Certilogo said it prepared the ‘Making Blockchain Real’ report to identify the unique strengths and weaknesses of blockchain technology as a platform to build trust, engage discerning global consumers, and add new value to the luxury purchase experience.
Casucci continued: “Blockchain is one of the most exciting technologies of our generation for showing consumers where a product came from, who made it, what it was made from, and that it is authentic, but there are also some limitations to address.”
The report names 7 developments to watch in the LVMH rollout and its uptake by brands.
Casucci concludes: “It’s the beginning of a new era for authentic luxury and that’s good news for everyone. e look forward to hearing more details from LVMH when they are disclosed.”