LVMH, Prada Group and Richemont Implement Blockchain Tech, & Chanel to Get Rid of Authenticity Cards?
10 May 2021

LVMH, Prada Group and Richemont Implement Blockchain Tech, & Chanel to Get Rid of Authenticity Cards?

Hm, will the latest in blockchain tech be replacing Entrupy ? You’ve probably already heard the news about LVMH, Richemont and the Prada Group forming a non-profit alliance known as the Aura Blockchain Consortium to battle the ever-growing luxury goods counterfeit industry. With the implementation of blockchain technology, they will be embedding chips in handbags and SLGs, and additional serial numbers for watches and fine jewellery. You may be thinking, ” is this for real though, cos Vuitton has been talking about embedding chips in their bags forever…” Well, yep, this time, they’re finally putting this into action.

So, how will this help in a fight against counterfeiting? Well, what Aura’s Blockchain technology does, is that it stores information in what is known as near-field communication (NFC) chips that stores the product’s history right down from its creation, distribution, and even all transactions, and these chips are impossible to edit, or copy, making it impossible for counterfeiters to replicate them.

Chanel Authenticity Card

How then, does Chanel fit into this? Well guess what. Rumour has it that Chanel will be implanting small square plaques with the CC logo with an embedded serial code that’s accessible only by utilising blockchain technology to verify its authenticity. This will also allow Chanel to have record of each of their bags, as well as the purchaser. We aren’t sure whether there will be any way to for Chanel to have a record 0f all the owners should the purchaser sell off his/her bag or SLG, but presumably not, we think. But, what does this mean with regards to the authenticity card that that’s imprinted with the bag’s serial number, that we have become so familiar with, which we use to determine what year the bag was made? Well, this means that the card may no longer come with each bag and SLG. We have to admit that it’s quite a smart move on their part, because, I’m sure we’ve all heard the horror stories of fakes that come with a fake serial number on the so-called authenticity card. But the one disadvantage to Chanel’s implementation of blockchain technology that we can think of, is … how then, do we tell when the bag was made?

Stay tuned for more updates, as we investigate further.

 

Illustration by @weimun_draws