According to a new report from Certilogo, access to a quick and simple confirmation that a product is authentic will soon be the new normal in luxury thanks to LVMH and blockchain technology. The report, "Making Blockchain Real: LVMH and the Future of Authentic Luxury", explores the cultural and commercial potential of blockchain technology for product authentication and supply chain transparency, two emerging priorities for luxury consumers in the digital age.
Coindesk reports the LVMH project will launch in May or June for Louis Vuitton and Parfums Christian Dior, making LVMH the first luxury conglomerate to adopt blockchain technology for product tracking and authentication at scale. "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," said Michele Casucci, Certilogo founder and CEO, in a statement.
The authentication provider to more than 80 global brands, Certilogo prepared Making Blockchain Real 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.
"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," Casucci said in a statement, "but there are also some limitations to address."
The report names 7 developments to watch in the LVMH rollout and its uptake by brands. "It's the beginning of a new era for authentic luxury and that's good news for everyone," Casucci added in the statement. "We look forward to hearing more details from LVMH when they are disclosed."