VeChain (VET) Product Tracking Pilot Project Launched by H&M
VeChain is being tested by H&M fashion empire for Arket – their clothing brand which is trying out the blockchain based technology to track the respective products.
Before anything official was announced or declared by the in-house brand, on the social network Twitter and aggregator Reddit rumors initiated their doing. Afterwards the team from the subsidiary of H&M confirmed that blockchain implementation is taking place:
“Arket has done a small Proof of Concept (POC) through a pilot testing with VeChain to use blockchain technology to secure product data traceability in the value chain,” the spokesperson told Hard Fork. “The test was made on a wool beanie from the autumn 2018 collection.”
Via a scanned a product’s NFC chip, the user [shopper in this case] can access info and tracking data of the product like origin, material, supplier and so on.
VeChain (VET) is a blockchain cryptocurrency that operates on the BaaS (Blochchain-as-a-Service) framework. VeChain’s main objective is to decentralize and transform how global business supply and management chains are monitored. VeChain aims to achieve this through the provision of a faster, transparent and trust-free platform.