H&M Group To Adopt Blockchain Traceability Partnering With VeChain

  • VeChain, supply chain tracking blockchain platform has reportedly partnered with H&M, a fashion brand.
  • Sunny Lu, VeChain’s chief executive unveiled the company is on the tracks of a new project with the fast-fashion brand. 
  • A blockchain and crypto investment firm believes blockchain technology can enhance Cos’ second-hand marketplace ‘Resell’.

Cos, the luxury subsidiary of H&M, has reportedly partnered with VeChain for the provision of detailed supply chain tracking data to customers.

However, H&M has not yet made the confirmation. But the VeChain’s main investor is optimistic about the expansion due to the collaboration.

VeChain working on a new project with the fast-fashion brand: VeChain CEO

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Sunny Lu, VeChain’s chief executive unveiled the company is on the tracks of a new project with the fast-fashion brand. This came to light through ‘ask me anything’ (AMA) with Sunny Lu held recently. Also, the blockchain-based supply chain management platform has partnered with H&M earlier too. 

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He further stated 4,000 and more sustainability products were traced using ‘My Story’. It is a traceability platform backed by VeChain and developed with DNV GL, an international classification society.

After this was unveiled, guesses of partnership pointed to H&M. Also, in 2018, through the Vechain’s platform, organic manufacture was verified. And this was backed by the H&M subsidiary manufacturer, Arket’s apparel. 

According to the sleuthing performed by the Chinese media platform, Uncle Cat, H&M’s high-end fashion label, Cos, was identified as the likely partner.

Cos, founded in 2007 has its expansion in 290 physical shops located in 44 jurisdictions.

VeChain investors believe Cos partnership can strengthen the expansion

A blockchain and crypto investment firm believes blockchain technology can enhance Cos’ second-hand marketplace ‘Resell’. And this is possible through the partnership. This is in accordance with the article by Cream. 

Additionally, the clothing items can be paired with NFT (non-fungible token) generated at the point of sale. This can provide the new owner with a token enhancing authenticity and ownership.

Besides, Cream also notes VeChain and MyStory can strengthen the supply chain transparency. Besides the monitoring of consumer-facing sustainability.

In 2019, ConsenSys launched a platform and Partnered with LMVH. It is the Microsoft and French global luxury goods conglomerate. And therefore, this helped to verify the authenticity of high-end fashion such as Louis Vuitton and Parfums Christian Dior brands.

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Umme Haanihttp://www.thecoinrepublic.com
Umme Haani is a writer for Thecoinrepublic. she contributes a researched piece on cryptocurrencies and updates. Umme is an aspiring engineer who immensely enjoys writing and technical writing brings the best of both worlds under one roof for her.

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