The idea of a digital twin (or passport) fits in very well with scarcity. As humans, we have always admired the great craftsmanship of masters such as watchmakers, jewelers, and leather artisans; not to mention the creative skill of couturiers. But grey products and counterfeits are flooding the market, making it less resilient to global crises and shocks. Moreover, we don’t really know where every component of an accessory is sourced from and if it is done ethically. If we buy something unique, how can we access the supply chain to ensure compliance and excellence as a default feature of something that is probably a once-in-a-lifetime purchase like an engagement ring? It is time for technology to come to the rescue and save not only artists but also consumers who chase the dream of exclusivity. So we spoke to Romain Carrel, CEO of Aura Blockchain Consortium (Aura), a blockchain and non-profit organization that focuses daily on protecting more than 40 luxury brands, including groups such as LVMH, Prada Group, and Only the Brave (OTB Group). By caring for craftsmanship, they also care for the community that loves it. Aura’s main offerings are digital collectibles in the form of Digital Product Passports (DPPs) and NFTs.
“I studied finance in London and Boston, but I’m a geek at heart. I programmed as a kid. After 9/11, I left the US and returned to Europe to become a tech entrepreneur and serial startup founder. I’ve always been interested in Web3 and blockchain, so when the opportunity to work at Aura came up, I felt this was the perfect fit for me. At Aura, we are working to set new standards in the luxury industry. We support groups such as LVMH, Prada Group, OTB Group, as well as many independent luxury brands in their digitalization and customer experience journey. Currently, 40 brands and 40 million products are already registered on our blockchain. As the so-called Digital Product Passport (DPP) regulation will come into force in 2027, we are helping brands prepare for the consumer of the future, who will demand transparency and benefits via DPP every time they buy a luxury product.”
Carrell says.
Aura is a consortium, so all new brands must be approved by the board. They decided to work exclusively with luxury propositions and curate an agnostic set of blockchain solutions that offer the benefits of private and public blockchains, allowing them to protect corporate data and provide full Web3 utility to their customers. The company provides the necessary technological infrastructure and consulting to meet the needs of its members. The solutions are tailored to digital literacy and the consumer’s readiness journey, and may add even more utilities in the future.
“Luxury brands have a wide range of options, from full integration into native apps to separate web apps. And when it comes to tracking products, there are various options, from simple QR codes to more evolved NFC chips. For example, Rimowa inserts a chip within the product. However, the chip can also be in a separate card or attached to the jewellery (the serial number is also hidden within the jewellery and chip). Or they can use Vision AI, which means that like Hublot watches, the product has a unique fingerprint that can be scanned with a regular smartphone. Meanwhile, our AI-powered software analyses the product by reading multiple markers on the dial and gives the green light for authenticity. We are a one-stop shop for a complete digital transformation.”
Carrell argues.
The secondary market is a big topic and is certainly on Aura’s agenda.
“Right now the main objective is traceability. Once more products have the DPP, we can tackle the secondary market and consumer-to-consumer trade. Transfer of ownership is possible – for example to a family member – but secondary sales, especially on marketplaces, are not yet widespread.”
Carrell emphasizes.
For any brand, the adoption rate and utility features are progressive. Aura typically starts with a pilot, monitoring execution and KPIs. Then it’s adjusted and rolled out depending on the business situation and goals. It’s important to involve the community, so communication, perks and benefits are a big part of it. It’s also important to educate suppliers and employees at every touch point, as the entire supply chain is made transparent on-chain.
“A successful transition to a blockchain-powered world requires a clear, long-term vision. Blockchain adoption is not just about complying with evolving regulations, but also an innovative strategy to deepen consumer engagement and foster relationships with brands. By harnessing the potential of blockchain technology in line with each stakeholder’s vision, brands can ensure a meaningful and successful adoption.”
Close Carrere.
Aura is starting a movement in the luxury industry where everyone is in the game and there are no shortcuts. When combined with luxury products, authenticity is more precious than ever. Meta product features and transparent processes make the ring shine brighter and its meaning last forever. It’s what you deserve to buy to capture the promise of everlasting love.
Frank Pagano