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.
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.
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.
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.
Since it was established in 2007 in London, Cos has expanded to 290 physical stores in 44 different jurisdictions.
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."
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.
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