How Nordic brands’ early blockchain adaption prepare them for coming EU regulations
A new report from The Nordic Blockchain Alliance shows that Nordic countries are at the forefront of applying blockchain technology to several lifestyle industries, and therefore might stand ready for the EU’s coming textile regulations.
By ERIK SEDIN
July 06, 2023
The fashion, furniture, and design sectors in Nordic countries are in the midst of a significant shift towards transparency, sustainability, and innovation. To stay in tune with this movement, the Nordic Blockchain Alliance was founded as a collaborative partnership between organizations within the fashion, furniture, and design industry. Partners include Interior Cluster Sweden, NF&TA, +Lab, Finnish Textile Fashion, Science Park Borås, and Lifestyle & Design Cluster.
The Nordic Blockchain Alliance recently dropped a comprehensive catalogue, offering a detailed account of the Nordic industry leaders’ strides in traceability, consumer transparency, circular economy practices, and digital innovation. Though still in its nascent stages, several Nordic lifestyle brands have tapped into the technology, Vestre with empower.Eco, COS with Vechain and Mystory DNV, Filippa K, Holzweiler, Houdini, and Fjällräven with Trustrace, Norwegian fashion hub with EY, Soulland with the Dematerilized and Lukso, to name a few.
Anita Drabløs, General Manager of +Lab, Oslo, is of the opinion that blockchain technology could boost brand value, on top off increasing transparency towards consumers:
— Blockchain enhances data credibility, providing brands with an advantage. Simultaneously, it drives efficiency in operations. The Nordic collaboration around blockchain exemplifies the remarkable outcomes achievable when an industry opts for collective solution-building over individual data collection systems.
The Nordic Blockchain Alliance’s catalogue also highlights how the Nordic countries are using their collaboration and knowledge sharing to stay ahead of the pack. Furthermore, the initiative can be boiled down to four core areas: regulations, consumers, business, and technology. These pillars are specifically relevant in regard to the European Commission’s strategy for sustainable and circular textiles that will hit the fashion and design industry soon.