A subsidiary of H&M, Arket just confirmed that it is testing a new product powered by the blockchain. VeChain will oversee the product integration. In an email to Hard Fork, an Arket spokesperson broke the news.
“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.”
Notably, the rumors of a collaboration with H&M and VeChain first started on Reddit. Additionally, users shared videos of cryptocurrency related collaborations on the social media platform.
At this stage, the collaboration between Arket and VeChain is only an experiment.
Arket told Hard Fork that the test is underway and they must still evaluate the functionality.
Just Who is Arket?
Arket is a UK based chain, which deals with various customer needs. In fact, Arket Clothing is a one stop shop for men, women and children. With branches in Europe, it is a subsidiary of H&M, a Swedish multinational clothing retailer.
Blockchain & UK Business
Incidentally, this is not the first time a UK based corporation chose blockchain technology for business operations. On September 19, Associated British Ports (ABP) announced that they have signed a MoU with Marine Transport International (MTI). MTI is a logistics blockchain developer.
“We handle almost 100 million tons of cargo across all sectors every year so we are a significant gateway for our customers’ supply chains,” spoke Jens Skibsted Nielsen, Commercial Director at ABP. “This MoU with MTI is a demonstration of our commitment to technical innovation and finding new ways to improve the UK’s supply chains.”
Similarly, Ron Crean, who is Group Head of Marketing for ABP mentions that their aim is to help and support customers with frictionless transport. “Based on the results from our previous proof of concept project, we are now looking at ways to deploy enterprise-level solutions that can deliver trust, security and speed,” he continued.
Therefore, like Arket, several large corporations are choosing the blockchain route to move their businesses forward.
ABP to use Blockchain Based System
Additionally, ABP aims to use a blockchain based system, which will allow members to communicate with each other. Presently, ABP operates 21 ports all over the UK. It is also responsible for processing 25 percent of the nation’s seafaring freight.
The main reasons why blockchain technology now enters the logistics industry, is due to its secure, immutable and transparent nature. It prevents data and shipment tampering in the supply chain.
Moreover, this is not the first time blockchain technology sees application in the world of shipping. Earlier this year, a sizable amount of almonds traveled from Australia to Germany. Merchants used blockchain technology to track the shipment.
Therefore, the secure functionality of the blockchain remains the main reason for companies like Arket and ABP wanting to adopt the technology.
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