Blockchain Adoption—VeChain Attracts H&M’s Arket for Testing

A new product testing is on course and VeChain has been selected as the blockchain platform. According to a report, a London-based firm Arket and H&M in-house brand are in a new partnership to utilize VeChain blockchain in tracing product information in a secured manner.

Blockchain adoption is gradually increasing

With more people becoming aware of what blockchain can do, the adoption of the technology is slowly gaining momentum.

“Arket has done a small Proof-of-Concept (PoC) through a pilot testing with VeChain to use blockchain technology to secure product data traceably in the value chain,” Arket spokesperson said, speaking to Hard Fork.

This was followed by a video show that shows users scanning an Arket item with the VeChain Pro App, which offers detailed information about the product. All the same, the Arket product testing is still on course, but not evaluated yet.

Why VeChain?

VeChain is a decentralized platform that enables retailers and consumers to verify the quality and authenticity of the purchased products. It also seeks to enhance the supply chain management system, where users can easily track a product from its history, information, spare part replacement, and up to the time it reaches the end consumer. Since VeChain embraces “digital ownership management process,” Arket seeks to conduct its process in a secure and more digitized manner, which is why the testing is ongoing.

All the same, the details of the testing still remain scanty. Addressing Hard Fork through an e-mail, Arket through its representative said it is running a minor blockchain implementation for tracking product information in a secure manner. However, it did not clarify the scope of the testing process, including the locations in which it’s 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.”

Started earlier

The traces of collaboration between Arket and VeChain appeared earlier, as witnessed in social media circles when crypto enthusiasts circulated videos on Reddit and Twitter showing how users were testing the blockchain-powered performance at Arket locations in London. The clips revealed users scanning an Arket product with VeChain Pro, which is an app that enables users to glean more data of a particular product.

It is equally important to point out that the observed partnership is still at the implementation stage, and what people see is simply an experiment. Arket confirmed, “The test is ongoing and has not yet been evaluated.”

Discover VeChain

As of this writing, VeChain is ranked the 21st cryptocurrency in terms of market capitalization. The VeChain Foundation was found in 2017 in Singapore, with an aim of delivering an actionable governance system. The Foundation believes in decentralized governance structure through centralized channels. The foundation delivers balanced decentralization, strong and evolving governance, practical and advanced technology among others.

Regardless of what comes out of the testing, the public waits to see H&M’s conclusion on how the blockchain technology can help (or ruin) the supply chain sector.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.