Luxury Eyewear Kering Unveils Sustainability Blockchain Platform November 26, 2021 November 26, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsNovember 26, 2021 by Kelly Cromley

Luxury Eyewear Kering Unveils Sustainability Blockchain Platform

Luxurious eyeglasses behemoth Kering Eyewear has established an inclusive information exchange platform, which makes use of blockchain technology to allow evaluations and tracking throughout all production activities across the company’s global operations.

In keeping with the company’s “commitment to environmental responsibility and sustainable innovation,” the V.I.R.T.U.S. platform (a verified, integrated, reliable, trustworthy, unique, and secure platform) would enable it to monitor the whole effect of its value chain. Additionally, the initiative is in line with the main sustainability pillars of the Kering Group, which are to “care for the earth, work with people, and develop innovation.”

The organization, which manages the creation of eyeglasses for brands such as Gucci, Cartier, Balenciaga, and Saint Laurent, will employ blockchain technology to track and quantify the influence of all parties and procedures throughout the manufacturing process. The platform will require every group member to provide data to guarantee that they are conforming to the quality criteria and environmental norms established by Kering Eyewear.

Barbara Lissi, worldwide chief of supply chain, said in a statement that “V.I.R.T.U.S. is a complicated and demanding path via true innovation and sustainability.” We are now ready to begin constructing a precise and transparent roadmap of our whole supply chain, having gained thorough analysis and information about the origin and features of each composition, as well as each production process, that underpins what we do after a three-year launch period.

“We feel that gathering and sharing accurate information, as well as tracing down the origin of the raw materials and parts utilized, is the most consistent and courteous approach to verify the quality of our goods and their complete conformity with our ethical and aesthetic norms.”

As part of this project, Kering Eyewear used the blockchain platform as a starting point to construct innovative solutions for real-time workflow across the many organizations, enabling each partner participating to see the entire scope of their contribution. In addition to the 16 partners that have joined the initiative since its trial launch in 2018, the project is hoping to grow across Kering Eyewear’s full supply chain beginning next year.

Following a produced good throughout its life cycle, from its inception to its final assembly and finish, data will enable comprehensive traceability of the item in question. The use of blockchain technology for a product-specific database enables for immutable transactions to take place without the need for any human involvement. Hacking and tampering are prevented by the technology, which increases trust and legitimacy.

A key goal of the adoption is to enhance transparency and raise understanding of the influence that each participant has on the value chain by encouraging the use of peer-to-peer networks run under the auspices of a common project, which will be promoted via peer-to-peer networks. It also intends to improve cross-collaboration, which is a critical component of Kering Eyewear’s growth plan.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.