Fashion giant H&M has partnered with blockchain platform VeChain in order to integrate cryptos underlying technology.<\/p>\n
Even though H&M has not yet made any official statement, VeChain's major investor is already speculating about how the cooperation between both companies will expand.<\/p>\n
VeChain CEO Sunny Lu revealed during a recent AMA session the company was working on a new project with a major fashion company it had worked with before. According to him, MyStory, a VeChain-owned solution developed jointly with DNV GL, has been used to track over 4,000 products.<\/p>\n
It looks like this tracking tool was used back in 2018 to verify the organic manufacturing of H&M's subsidiary Arket, which is why people believe H&M could be the partner.<\/p>\n
Now it seems that Cos, H&M's luxury brand, is the potential partner, as a MyStory tag has reportedly been found on one of the brand's jumpers.<\/p>\n
Since it was established in 2007 in London, Cos has expanded to 290 physical stores in 44 different jurisdictions.<\/p>\n
The cooperation between both companies could also help boost the second-hand market, as \"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.\"<\/p>\n
In addition, blockchain tech can increase the transparency of the supply chain as well as ensure the sustainability of the materials used for clothing manufacturing.<\/p>\n
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H&M to Use Blockchain to Trace its Products - ihodl.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Fashion giant H&M has partnered with blockchain platform VeChain in order to integrate cryptos underlying technology. Even though H&M has not yet made any official statement, VeChain's major investor is already speculating about how the cooperation between both companies will expand Continue reading