Tuesday, April 23, 2024

Next, H&M Group and New Look collaborate to introduce blockchain powered supply chain in the fashion industry

According to news reports, major retail brands have collaborated on a novel pilot scheme that explores the ways in which digital technologies can be used to enhance supply chain transparency. The retail brands consist of names like New Look, Next, and H&M group. With this move, the retailers aim to enable targeted advancement of environmental sustainability and also efficiency. The scheme has been titled ‘Sustainable Supply Chain Optimisation.’ The technology giant has coordinated with the retailers in organizing the project. Others who are collaborating in the project consist of a solutions provider by the name of Tech Data, the UK Fashion and Textile Association, and a government-funded scheme called Future Fashion Factory.

This project will experiment with a new technology platform that will create an audit chain of information about products and materials at every stage of the supply chain. This will be done by combining artificial intelligence, blockchain and sensors. With this scheme, the retailers aim to gain a better insight into the ways in which their supply chains affect the environment. Besides this, it will also inform them about how the workers are treated, as a result of which better interventions would be developed. The companies are planning to provide this information to the consumers on the websites and also on the product labels. In addition to this, the retailers and brands will be able to spot potential disruptions quite early in the supply chain with the help of technology. It will allow them to monitor the production processes and thereby reduce over procurement.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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