Dear All,
one tiny step further in the mass adoption of blockchain: Lenzing introduced recently a blockchain-enabled traceability platform across their supply chain, so that their textiles will be traceable from fiber to production and wordwide distribution.
They have partnered with the Hong Kong start-up TextileGenesis™. In the fashion and textile industry, there is an increasing demand for transparency and sustainability. The platform provides business partners as well as consumers with an overview across the entire textile supply chain. More about it here.
Steps in the production of fabric (scr)
Lenzing is a company focusing on high-quality specialty fibers, with yearly revenues of 2,100 Mio € and app. 7000 employees. And Lenzing is not the only one in this industry adopting blockchain solutions.
Already last year luxury behemoth LVMH, owner of the Louis Vuitton label, had announced to track their goods via a blockchain-based solution using Ethereum and partnering with Microsoft and Consensys. Here the aim is not so much sustainability and proof of eco friendliness but rather proof of the authenticity of the luxury goods, in the fight against fake products. They are basically adding ERC 721 NFTs to each of their ugly, overpriced bags.
These are just 2 examples. Generally, the global fashion industry (worth around 2,5 trillion $!) faces multiple problems at all levels of the supply chain (labour conditions in emerging countries, environmental concerns, unfair value chain,...).
So there must be new solutions to face those problems, blockchain being one, but not the only one, here is an overview.
Those new techs in fashion are called "Fashtech", like Fintech for Finance. Apparently there are already a ton of companies and startups trying to get a piece of the action in this trillion $ market. Notably, JD.COM, one of China’s largest e-commerce companies, has launched an accelerator program for AI and blockchain startups.
I am wondering if Hive would have anything to offer in this area?