Blockchain news and archive

Virtual sneakers for 10,000 dollars? An exhibition gathers digital fashion pioneers

Digital fashion to date has often been in the headlines for its futuristic aesthetics or eye-watering prices. In early March, a virtual sneaker drop fetched a whopping 3.1 million US dollars, with a pair of shoes priced at up to 10,000 dollars. An exhibition at the beginning of April displayed some groundbreaking moments of the phenomenon of...

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LVMH, Prada and Cartier join forces to form blockchain consortium

Fashion conglomerate LVMH is joining forces with the Prada Group and Cartier, part of Richemont, to form the Aura Blockchain Consortium to address the “shared challenges” of communicating authenticity, responsible sourcing and sustainability in a secure digital format. The move marks the first global blockchain consortium dedicated to the luxury...

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Blockchain start-up Retraced: “We aim to prove transparency pays off”

The ascent of German blockchain start-up Retraced has been rapid: Founded in October 2018, and just over a year later, the company won the German Sustainability Prize 2019. During the pandemic year 2020, Retraced was able to win over 40 fashion companies (including Armedangels, Boyish Jeans and ErlichTextil) and started 2021 with raising one...

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Fashion blockchain start-up Retraced raises 1 million euros in seed funding

German start-up Retraced uses blockchain technology to collect data in the value chain of fashion brands and thus contributes to transparency in the supply chain: While companies can use an innovative tool to check and optimise their supply chain, end customers can trace the extent to which their consumer behaviour influences the environment and...

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Online retail and cryptocurrencies reach the streetwear market

Earlier this month the online retail store Bitcoin Movement (BTCMVMNT), launched a limited edition streetwear line featuring a blockchain-backed system of “Proof of authenticity.” The 300-item collection, which was designed with input from British entrepreneur and rapper Zuby, consists of 50 hoodies, 125 Hats, and 125 T-Shirts, all bearing the...

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IBM enters the fashion space with a blockchain platform to track sustainability

IBM (NYSE: IBM) and KAYA&KATO, a German uniforms and work wear manufacturer, have joined forces to develop a blockchain network for the fashion industry. The initiative counts on the support of the German Federal Ministry for Economic Development (BMZ) and is designed to create transparency about the origin of garments. The network will provide...

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Business|INTERVIEW

Fashion blockchain start-up Retraced: “Building trust throughout the entire industry”

German start-up Retraced uses blockchain technology to collect data in the value chain of fashion brands and thus contributes to transparency in the supply chain: End customers can trace the extent to which their consumer behaviour influences the environment and the lives of the people involved with a particular product. For this business model,...

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Lenzing presents new blockchain technology in Hong Kong

The Lenzing Group has made a huge leap forward in introducing blockchain technology, allowing for a new level of transparency and traceability in the textile industry. After joining the platform of the technology company TextileGenesis(TM) earlier this year, the world market leader in specialty fibers made from the renewable raw material wood...

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Fashion

Digital fashion: ‘The world doesn’t need more physical clothing’

Last month, the first digital couture dress by Amsterdam-based fashion label The Fabricant was auctioned in New York. It sold for 9,500 US dollars. While it may look deceptively real, the flowing fluorescent garment does not exist in reality; in fact, it is no more than a digital file. Behind the concept of virtual clothing lies a bold vision...

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Fashion

Farfetch joins Facebook's new cryptocurrency initiative

Following Facebook’s announcement earlier today that it would be launching its own cryptocurrency called Libra in 2020, luxury online retailer Farfetch has been named as one of the founding members behind the initiative. The cryptocurrency, which is set to launch in 2020, will enable its billions of users to make transactions and send money with...

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Business|ANALYSIS

Why LVMH’s blockchain is posed to revolutionise the fashion industry

New York – In March, news broke on LVMH's project AURA, an application of the blockchain aimed at ensuring fashion and luxury goods authenticity verification at scale. This move positions the world’s largest luxury goods group as the first company to look into blockchain technology applied to fight counterfeits in the apparel industry. LVMH has...

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LVMH introduces blockchain to prevent luxury counterfeits

LVMH Moët Hennessy Louis Vuitton is working to solve the global problem of counterfeited luxury goods. The luxury group has launched AURA, the first international blockchain made to help consumers trace the and authenticity of luxury goods. The AURA platform was developed through Microsoft and blockchain software company ConsenSys. Multiple LVMH...