Aura Blockchain Consortium and Bain & Company Partner to Support the Usage of Blockchain in the Luxury Industry. Download. October 15, 2021. International fashion Group OTB joins the AURA Blockchain Consortium as new Founding Member. Download. June 15, 2021. We, the Aura Blockchain Consortium, are a non-profit association of luxury brands investing in technologies to enhance the customer experience and build a virtuous future for luxury. We strive to make blockchain solutions and related technologies easy and available to all luxury brands. How Does AURA Token Work? The AURA token operates within the Aurora blockchain ecosystem, serving as the native utility token of the platform. It plays a vital role in governing the network, securing the blockchain, and facilitating various interactions and transactions within the ecosystem. Digital assets can be cryptocurrencies, but they can also be unique tokens (NFTs) representing real-world physical items like luxury goods. As such, blockchain offers a compelling proposition for traceability and authentication in the luxury sector. How Does Blockchain Enhance Authentication? Here's how it works in practice. LVMH, Prada, and Richemont have announced the creation of the Aura Blockchain consortium. This alliance in the blockchain meets 3 strategic objectives: the fight against counterfeiting; tracking luxury goods sold on second-hand platforms; the will to maintain a relationship with the successive owners during the lifetime of the product A Revolution in the Luxury Industry Aura Blockchain Consortium is a non-profit organization offering blockchain agnostic solutions exclusively to luxury brands. Over time, in Moody's view, public blockchain networks like Ethereum and traditional infrastructure will be more interlinked, which will enhance blockchains' use cases, promoting industry growth. Opportunities for Brands Aura Blockchain offers luxury industry representatives the ability to eliminate industry-specific problems and meet the demands of modern customers. The benefits of the project include: Ease of use and flexibility of the platform. Aura is the newest fashion-blockchain entity to come into play, joining other networks like Arianee, which works with Ba&sh, Audemars Piguet and Vacheron Constanti, and VeChain, which has worked with Givenchy and H&M. Aura is also a private blockchain, meaning only companies on the network have full access and control over their data (brand and Aura, developed partly by Microsoft, runs on a blockchain. That's the same technology that cryptocurrencies like Bitcoin and Ethereum are built on, as well as what enables the sales of non-fungible tokens (NFTs). Essentially, a blockchain is a secure, permanent and often public record of transactions. hrpFs44.