H&M, the fashion brand, has partnered with VeChain, the blockchain platform, to provide detailed supply chain tracking data to customers.
It has been reported that while H&M is yet to confirm the partnership, VeChain’s main investor is already wondering as to how the two companies’ collaboration will expand.
However, Sunny Lu, the Chief Executive of VeChain, revealed that the company is working on a new project with a “fast fashion brand” with which it had previously partnered, during a recent ‘ask me anything’ (AMA).
Lu said that “more than 4,000 sustainability products were traced” using ‘MyStory,’ a traceability platform powered by VeChain, which was developed with DNV GL, the international classification society.
It has been analyzed that the mystery partner must be H&M, as Vechain’s platform had been used to verify the organic manufacturing fortifying the manufacture of H&M subsidiary, Arket’s apparel, in 2018.
An investigation conducted by Uncle Cat, the Chinese media platform, which quickly identified the H&M’s high-end fashion label, Cos, as the likely partner, before spotting one of the company’s jumpers donning a MyStory tag.
H&M si rivolge ai consumatori con tracciabilità Blockchain VeChain sembra aver lanciato una nuova partnership con il marchio di moda H&M. 👉 https://t.co/3OzL75DXGx#Cointelegraph pic.twitter.com/PB6wWyHkGA — MY TOKEN (@mytokenpage) April 26, 2020
Founded in 2007, Cos has expanded to comprise 290 physical shops located in 44 different jurisdictions.
Likewise, an article has been published by Cream, a blockchain and crypto investment firm, suggests that the partnership could also see blockchain technology used to enhance Cos’ second-hand marketplace ‘Resell’ by saying:
“For example, clothing items can have an NFT (non-fungible token) pairing generated at the point of sale, providing the new owner with a token proving authenticity and an immutable record of ownership.”
Thus, Cream suggests that VeChain and MyStory could be also used to strengthen internal supply chain transparency, as well as consumer-facing sustainability monitoring.
Source: Cointelegraph | Image: Pixabay
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