For LVMH, convincing other luxury brands to join the blockchain movement has been an uphill task.
Luxury Goods Company lvmh suggested that luxury brands rely on blockchain technology to improve the lifecycle of their products. According to Franck Le Moll, chief information officer (CIO) of luxury goods company LVMH, “When you talk about luxury, you’re talking about long-term products, repair and care”.
And in order to achieve this, Le Mol, who is also the vice-chairman of the Aura blockchain consortium, has hinted at the role of blockchain technology. Speaking at this year’s Paris Blockchain Week, he Said,
“Blockchain-powered digital passports are a way to provide better repair and care services to customers and develop a better one-to-one relationship with them.”
LVMH keen to encourage other brands to tap blockchain technology
Recall, Coinspeaker informed of that LVMH will launch its Aura blockchain consortium in 2021. Since then, brands such as OTB Group, Cartier and Prada Group have joined the consortium with the intention of promoting general sustainable trends in the fashion world, and most importantly, to help members upgrade their products. For. Traceability using blockchain technology.
Like Le Moal, Stefano Rosso, CEO of BVX, the web3 arm of OTB Group, has high hopes for blockchain technology. He believes that ultimately technology will affect the way we interact, socialize, communicate and consume.
Rosso said it was an easy decision to join others in space. Especially after considering the endless possibilities that blockchain technology itself brings.
OTB Group, which owns well-known brands such as Diesel, Maison Margiela, Marni, Viktor&Rolf, and Jil Sander, was one of the first entities to join the consortium.
challenges have emerged
For LVMH, convincing other luxury brands to join the movement has been an uphill task. But this may be because the luxury industry is highly competitive or because of the individual interests of the various brands. According to LVMH, the consortium already has 24 brands onboard, 21 of which use non-fungible tokens (nft,
However, as part of its plan to reel in more brands, LVMH may now have developed a new concept. In addition to being a conglomerate of luxury brands, Aura is also a private blockchain built on ConsenSys’ Quorum. So, in a bid to entice more brands, LVMH this week launched a new feature called “Multi-Token Minter” (MTM) for its network.
With MTM, consortium members can now create smart contracts that can be deployed on Aura’s blockchain or any public blockchain, including popular ones such as EthereumSolana, or Cosmos.
Maiowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He firmly believes in the potential of digital assets and takes every opportunity to reiterate this. He is also an avid reader, a researcher, an astute speaker and a budding entrepreneur. However, away from crypto, Mayowa’s distractions include discussing soccer or world politics.
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