Switzerland's Aura Blockchain Consortium joins SMI Task Force

Switzerland’s Aura Blockchain Consortium, founded by LVMH, Prada, Cartier, part of Richemont, the OTB group and Mercedes-Benz, 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.

The SMI was launched by The Prince of Wales in 2020, and its Fashion Task Force is chaired by Federico Marchetti, tech entrepreneur and sustainability pioneer. Aura Blockchain Consortium’s technology will help members of the SMI Fashion Task Force achieve their sustainability goals and enhance traceability, the company said in a press release.

Across 2021 and 2022, the Task Force has been delivering action in multiple areas where Aura Blockchain Consortium’s traceability platform, built for the luxury sector, will bring considerable value. In recognition that consumer interest in more sustainable products is on the rise, 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 - including manufacturers, brands, retailers, resellers and recyclers - to provide unprecedented transparency and traceability of the products they sell. It also unlocks new circular services for customers, such as care and repair services, as well as ones focused on resale and recycling.

The Aura Blockchain Consortium already enables and supports participating members to tag their products with secure, unique blockchain-based identities that can track a product’s manufacture and supply from raw materials through to end consumers. As such, it owns the perfect innovative technology to enable the Task Force and its member brands with this ambition, according to the Aura Blockchain Consortium.

“We’re thrilled to have the Aura Blockchain Consortium join the Task Force. Its presence will accelerate our mission to build innovation, transparency and a collaborative spirit within the fashion industry. Only by working together and leveraging technology will we protect the planet,” Federico Marchetti, SMI’s Fashion Task Force chair, said in a statement.

“It is a privilege to support HRH The Prince of Wales’ SMI 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,” Daniela Ott, general secretary of Aura Blockchain Consortium, said.