The Aura blockchain consortium has welcomed Mercedes-Benz as a new member. The German group is the only automaker to join the global blockchain platform for the luxury industry. The platform was formed by industry heavyweights LVMH, Prada, Cartier, part of Richemont, and OTB Group. The German group is the fifth founder member of the network.
Aura Blockchain Consortium is currently comprised of five members, expanding the capabilities of the blockchain platform
The consortium was established in 2017, and it relies on blockchain technology because of the secure digital format it provides. This helps to assure transparency and traceability of products and the sources of those items, which in turn helps to increase customer trust.
With the arrival of the metaverse, the consortium has also intensified its activities in creating its technical roadmap to include a variety of non-fungible token (NFT) solutions. This is consistent with the consortium’s collaborative approach, which is “by luxury brands for luxury brands.”
“Mercedes-Benz comes to us from a sector of the luxury industry that is completely new to us, and we couldn’t be happier to have them as our fifth founding member. This is an actionable step toward our larger aim of welcoming all sub-industries of the luxury industry […] Through the significant opportunities that our solutions offer in relation to our activities related to upstream, downstream, and NFTs, we are confident that the Mercedes-Benz team will make a tremendous contribution to our association and to the development of an innovative and cutting-edge technology. This is something that we are certain of “Daniela Ott, who serves as the Secretary General of the Aura Blockchain Consortium, made this statement.
At a conference, Stefano Rosso, the leader of the BVX (Brave Virtual Xperience) cluster, which was formed by OTB to produce projects and content for the virtual world, also greeted the arrival of the guests.
“Mercedes-Benz is the first automobile manufacturer to sign on with us. They have a high level of technological expertise and will assist us in expanding our horizons within the consortium”, he explained.