Altcoin News

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.

About author

Alex Tomzack is a crypto-enthusiast and has been fascinated since first hearing about it. Loves technology, writing, culture while being a regular trader and holder of digital assets. Email: alex@ethereumworldnews.com
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