H&M targets target customers with Blockchain technology

Cos, the luxury goods company under the fast-fashion brand H&M, has partnered with Blockchain platform, VeChain, to provide detailed supply chain audit data to customers. Since its founding in 2017 in London, Cos has expanded to 290 stores in 44 different regions.

While H&M has yet to officially confirm the above information, VeChain’s investors have considered expanding cooperation between the two companies.

VeChain CEO reveals new project with “fast fashion brand”

In the recent “ask me anything-AMA” column, Sunny Lu, CEO of VeChain, a blockchain-based supply chain management platform, revealed that the company is working on it. new project, with a “fast fashion house” that has previously cooperated.

Lu said “more than 4000 sustainable products have been vetted” using “MyStory”, a traceability platform provided by VeChain, developed in conjunction with DNV GL, the international shipping decentralization organization.

Many people quickly speculated that the partner Lu mentioned was H&M. In 2018, VeChain’s platform was used to verify the organic production process – the core activity of the clothing company Arket, a subsidiary of H&M.

The Chinese media company, Uncle Cat, immediately investigated and predicted H&M’s high-fashion brand, Cos, as a possible partner in this mission.

See more: Rumor: Starbucks and McDonald’s Test China’s Digital Currency

VeChain investors believe that cooperation with Cos will develop

According to an article published on primexbt, a crypto and Blockchain investment company that is also “one of the main resources behind VeChain” thinks that this partnership can expand the capabilities of blockchain technology (Blockchain). in strengthening Cos’ second-hand market – “Resell”:

“For example, each clothing product will have a crypto pair NFT (non-fungible token) generated at the time of sale, providing new owners with a proof of source token. authentic origin and ownership history unchanged.”

Cream newspaper commented that VeChain and MyStory can be used together, helping to improve the transparency of the internal supply chain, in addition to monitoring the sustainable ownership of consumers.

In 2020, ConsenSys joined forces with Microsoft and LVMH, a global luxury goods group, to launch a platform to verify the authenticity and ethics of high fashion lines, including Louis Vuitton and Parfums Christian. Dior.