Aura Blockchain consortium joins SMI fashion task force
The Aura Blockchain Consortium has joined the Sustainable Markets Initiative (SMI) Fashion Task Force, a private-sector coalition aimed at accelerating the transition towards a more sustainable future in the global fashion, textile and apparel sector.
Launched by His Royal Highness The Prince of Wales in 2020, SMI Fashion Task Force is chaired by Federico Marchetti, tech entrepreneur and sustainability pioneer.
Led by founding groups LVMH, Prada Group, Richemont, OTB and Mercedes-Benz, the Consortium said its global blockchain technology will help members of the Task Force achieve their sustainability goals and enhance traceability.
In recognition of rising consumer interest in sustainable products, the Task Force is focused on unlocking circularity by rolling out a Digital ID, which was launched at the G20 in Rome in October 2021.
The Digital ID allows key players in the fashion value chain such as manufacturers, brands, retailers, resellers and recyclers to provide transparency and traceability of the products they sell. It also offers new circular services for customers, including care and repair services, as well as ones focused on resale and recycling.
Federico Marchetti, SMI’s Fashion Task Force Chair said: "We are thrilled Aura Blockchain Consortium is joining the Task Force. Their presence will help to build transparency, innovation and a collaborative spirit within the fashion industry and together we will accelerate our path to sustainability."
Daniela Ott, General Secretary of Aura Blockchain Consortium added: "It is a privilege to support HRH The Prince of Wales’ Sustainable Markets Initiative Fashion Task Force along with its members and teams through the Aura Blockchain Consortium’s private blockchain and NFT solutions as we work towards our shared vision to accelerate the transition to a more sustainable future.
"We are excited to start the collaboration with the Fashion Task Force’s team to push circularity and traceability forward."