Aura Blockchain Consortium joins the Prince of Wales’ initiative

Launched last year by LVMH, Prada and Richemont, Aura Blockchain Consortium joins the Sustainable Market Initiative Fashion Task Force, a private partnership of stakeholders aiming to facilitate the transition of the world of fashion and luxury to an ever more sustainable dimension.

Eva Morletto

By Eva Morletto07 juin 2022

Aura Blockchain Consortium's technology will help Sustainable Markets Initiative members improve their traceability (Aura Blockchain Consortium)

The initiative, launched by His Highness The Prince of Wales in 2020 and chaired by Italian Federico Marchetti, founder of Yoox and CEO of YNAP (the merger of Yoox and Net-à-Porter), will be supported by Aura Blockchain Consortium technology. It will help members of the Sustainable Markets Initiative to achieve their goals of improving the traceability of branded products and the efficiency of production processes. A single blockchain-based identity will allow products to be tracked from the choice of raw materials, through the manufacturing process and on to the final consumer. This control is made possible thanks to a cutting-edge technology: "digital twins" of each catalogued product, represented in the form of non-fungible tokens of type ERC-721, stored on Quorum.

This communication of authenticity and responsible sourcing information in a digital format ensures full transparency of the product's life cycle and allows buyers to verify for themselves the entire manufacturing process, thus strengthening the bonds of trust between the customer and the brand in question.

For its part, the Sustainable Markets Initiative (SMI) working group launched a manifesto for "more regenerative fashion" a little over a month ago and activated funding operations for "sensitive" textile production areas, for example in the Indian Himalayas. The initiative has resulted in the allocation of a €1 million fund locally to support sustainable agriculture and biodiversity conservation around silk, cashmere and cotton production. The group chaired by Federico Marchetti works in partnership with the Circular Bioeconomy Alliance (CBA) led by scientist Marc Palahi. Several brands have already joined the project, from Burberry to Chloe, from Armani to Stella McCartney.

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