ChromaWay and COMUNITYmade to Reinvent Near Shore Fashion Supply Chains with Web3 Technology
News Publisher Jul 12, 2023 15:06
Stockholm headquartered blockchain technology company ChromaWay announced today that it had signed a Memorandum of Understanding (MOU) to partner with COMUNITYmade to co-design and develop supply chain solutions that leverage decentralized Web3 technologies to strengthen product-provenance and transparency, empower designers, and bring high-quality fashion to market faster.
STOCKHOLM - JULY 12, 2023 – Stockholm headquartered blockchain technology company ChromaWay announced today that it had signed a Memorandum of Understanding (MOU) to partner with COMUNITYmade to co-design and develop supply chain solutions that leverage decentralized Web3 technologies to strengthen product-provenance and transparency, empower designers, and bring high-quality fashion to market faster. ChromaWay, headquartered in Stockholm, is the leading developer of novel Web3 technologies and leverages relational databases on its Chromia network. COMUNITYmade, based in Los Angeles, is pioneering on-shoring supply chain solutions that focus on sustainability via local manufacturing and distribution.
Co-Founder and President Shannon Scott notes that “COMUNITYmade has built the first of its kind complete on-shore/near-shore footwear supply chain. Local production allows us to do what others can’t. We believe the model is also extensible to other countries outside of the US that can also develop on-shore networks. We are also excited about the opportunity to explore the innovation of combining physical products with a digital footprint.”
Joel Satin, Head of Commercial Development at ChromaWay, added that “We are very excited and aligned with COMUNITYmade’s vision about the power of local, decentralized networks to solve problems that have plagued the fashion industry for decades. Blockchain technology provides brands with the means to communicate ESG policies and practices that are becoming increasingly more important in consumer decision-making.
The strategic partnership will focus on integrating Web3 technologies into the COMUNITYmade supply chain platform to introduce greater transparency, interoperability, and data sharing among supply chain partners. Blockchain technology is both transparent and immutable, providing a clear record and history for items, while ChromaWay’s technology, in particular, is based on traditional relational databases and, as such, is capable of indexing and cross-referencing complex and high-volume entries, vital for supply chains.
The focus of initial implementations will focus on the footwear segment where COMUNITYmade founders Shannon and Sean Scott are long-time industry executives having held leadership roles at ASICS, TOMS, Nike, and Vans. ChromaWay is no stranger to uniting technology, fashion, and blockchain, pioneering the philosophy of Connected Fashion with BLK DNM, their flagship endeavor to bring increased connection, collaboration, community, and transparency to the fashion industry.
Based on this extensive industry experience, COMUNITYMade has designed a solution that addresses the over-dependence on Asian manufacturing, long lead times and associated inventory risk, the large carbon footprint, and rising costs. The solution focuses on the further development of a national decentralized network of retail/manufacturing hubs linked together with innovative Web3 technology developed by ChromaWay.
About ChromaWay
ChromaWay is an industry leader in blockchain technology and specializes in creating and deploying cutting-edge, scalable blockchain solutions for both businesses and governments. The company, which was established in 2014 and has its headquarters in Stockholm, Sweden, has been at the forefront of driving the widespread adoption of blockchain technology. Its flagship product, relational blockchain Chromia, enables developers to build decentralized applications (dApps) with a relational database model that offers unprecedented scalability and flexibility.
About COMUNITYMade
Founded by footwear industry visionaries Sean Scott and Shannon Scott, COMUNITYmade is pioneering on-shoring supply chain solutions that focus on sustainability via local manufacturing and distribution. COMUNITYmade offers ready-made and custom-made shoes for individuals, as well as private label design, development, and production services for small and large brands.
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Headquarters:
COMUNITYMade
584 Mateo Street
Los Angeles, CA 90013, USA
ChromaWay AB
Centralplan 15
S-111 64 Stockholm, Sweden
