Blockchain technology is a hot topic in the fashion industry. This is because it makes it possible to show end customers transparently how and from which materials their clothing was made. H&M has now adopted this concept and trusted VeChain.
Imagine being able to quickly and conveniently check where the materials come from and whether they come from the goal of environmentally friendly sustainability when you buy your new jeans or shirt. That’s exactly what textile giant H&M is all about. For its luxury brand COS (Collection Of Style), it is implementing a blockchain project based on VeChain (VET). The first to report on this project was CREAM, a consulting firm closely associated with the VeChain Foundation. According to this, the cooperation of H&M and VeChain is not about VET as a means of payment, but about the Thor blockchain of VeChain. The aim is to show COS customers on their smartphones whether the clothes they want are also safe in terms of sustainability.
How does the use of VeChain at COS work in practice?
The new shopping experience can already be experienced at the COS flagship store in Guangzhou, China. Shoppers scan a QR code that is attached to each individual garment. They are then automatically redirected to a website that provides information about the manufacturing process in words and pictures. COS promotes the use of recycled materials wherever possible and pays for sewing fairly. Matching this, they offer timeless fashion in minimalist design. But enlightened consumers have long known that you shouldn’t trust every slogan in advertising. This is where the Thor-Blockchain comes into play as an incorruptible authority. Because every step in the production of COS products should be clearly documented and VeChain guarantees tamper-proof information about it. This way it can be transported in a playful way where, for example, the cotton for the jeans comes from and which certification it corresponds to.
Can VeChain score points by entering the fashion industry?
VeChain is not the only crypto-project that tries to gain a foothold in the fashion industry. IOTA, for example, had already announced a comparable model in cooperation with the fashion label 1017 ALYX 9SM. However, IOTA is controversial because of its central coordinator; Thor from VeChain is a truly decentralized block chain. Whether VET’s recent price gains are related to the news from H&M cannot be clearly determined. But VeChain can at least hope for an image boost, even if VET does not play a role in COS at first. It is also clear that these pilot projects could find imitators.