Aura Blockchain Consortium to join SMI fashion task force

YarnsandFibers News Bureau 2022-06-07 17:54:49 – Switzerland

The Aura Blockchain Consortium has joined the Sustainable Markets Initiative (SMI) Fashion Task Force, a private-sector alliance aiming at hastening the global fashion, textile, and apparel sector's transition to a more sustainable future.

SMI Fashion Task Force is led by Federico Marchetti, a digital entrepreneur and sustainability pioneer who was appointed by His Royal Highness The Prince of Wales in 2020.

The Consortium, which is led by LVMH, Prada Group, Richemont, OTB, and Mercedes-Benz, claims that its global blockchain technology will assist Task Force members to meet their sustainability targets and improve traceability.

The Task Force is focusing on unlocking circularity by rolling out a Digital ID, which was introduced at the G20 in Rome in October 2021, in acknowledgment of increased consumer interest in sustainable products.

Key actors in the fashion value chain, including manufacturers, brands, retailers, resellers, and recyclers, may use the Digital ID to give transparency and traceability to the items they sell. It also provides clients with new circular services, such as care and maintenance, as well as resale and recycling options.

Federico Marchetti, SMI’s Fashion Task Force Chair said that they’re thrilled Aura Blockchain Consortium is joining the Task Force. Their participation will contribute to the fashion industry's openness, creativity, and collaborative spirit, and collectively they will hasten their road to sustainability.

Daniela Ott, General Secretary of Aura Blockchain Consortium, said that it is a privilege to support HRH The Prince of Wales' Sustainable Markets Initiative Fashion Task Force, as well as its members and teams, through the Aura Blockchain Consortium's private blockchain and NFT solutions as they work towards our shared vision to accelerate the transition to a more sustainable future. They're pleased to begin working with the Fashion Task Force team to advance circularity and traceability.

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