The Aura Blockchain Consortium, founded to provide an authentication platform for the luxury goods sector - set up in 2021 by LVMH, Prada Group, Richemont’s Cartier brand and OTB Group - has announced the Hennessy cognac brand will now be integrated into the platform.
Hennessy’s objective in participating in the consortium is to provide full traceability across the supply chain direct from the distillery to the consumer by offering a unique experience all over the world and adding value to the existing distribution network, it says.
The consortium is a not-for-profit organization created with the vision that collaboration driven by common objectives for the greater good can coexist within a competitive environment. Providing tools to enhance transparency and trust, the consortium aims to develop sustainable blockchain solutions and technologies that are bespoke to each sector.
The platform takes the form of a multi-nodal private blockchain, secured by ConsenSys technology and Microsoft, that can be accessed by brands for an annual licensing fee and volume-based payments, with the proceeds reinvested into the platform.
Each product is given a unique ID after manufacturing that is then recorded on the blockchain. When customers purchase a product, they get a login to the platform to get a unique certificate of ownership and provenance, as well as other useful information.
By linking the physical flows to transactional and informative data gathered in the blockchain, Aura intends to achieve the highest levels of traceability, while making access easily available to all actors irrespective of their size and location.
As an association founded by luxury brands and relying on the crucial prerequisite of traceability, it supports and enables innovation, authenticity, and responsible practices throughout the value chain within the luxury sector, it claims.
The cognac brand, which is the world’s best-selling cognac, went live with a first consumer-facing application at Chinese New Year 2022, providing a unique authenticity certificate with the collector’s edition of Hennessy Paradis, sold in China. Each buyer can discover this unique product online and receive the certificate through a WeChat experience. This initial project lays the foundation of Hennessy’s sustainability, traceability, and transparency within its frand, says the company.
“Hennessy is both about the transmission of unique know-how and the constant quest for innovation to create the most emblematic and prestigious cognacs in the world,” said Laurent Boillot, CEO of Hennessy.
“The Aura Blockchain Consortium’s vision to push the boundaries of technology to publish a blockchain platform that will ensure the full traceability of products, from the origin of materials to direct to consumer, aligns with our goal to establish Hennessy as not only a market-leading product but a securely and equitably produced product.”
“We are delighted to welcome Hennessy as the first luxury brand from the spirits industry to join the consortium,” said Daniela Ott, secretary-general of Aura Blockchain Consortium. “Hennessy has demonstrated true leadership and a commitment to sustainability and responsibility within the luxury sector for years and we are delighted to onboard them to the new opportunities available to transform their business with our blockchain solutions. We anticipate additional leading luxury brands will continue to join our unique consortium.”
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Hennessy Cognac joins blockchain consortium built for luxury brands