ChromaWay, a Stockholm-based blockchain technology company, has today announced that it has acquired the renowned Swedish-American fashionBLK DNM. This is ChromaWay’s first large-scale acquisition, and the company has stated that it aims to use it to bring about positive behavioural change, fairer access, and more control by users within traditional businesses through the implementation of decentralisation.
ChromaWay is a frontrunner in the blockchain space, with a focus on developing and deploying innovative, scalable blockchain solutions for enterprises and governments. BLK DNM, on the other hand, is a Swedish-American fashion label that focuses on classic tailoring, high-quality leather, and innovative denim.
The acquisition coincided with BLK DNM’s rebranding as a community-focused, cutting-edge clothing label. ChromaWay’s blockchain capabilities will be integrated into BLK DNM’s strategy and products after the acquisition. Notably, this marks the first practical application of the technology in the fashion industry. ChromaWay will introduce pioneering connected fashion and encourage ethical business practises by incorporating Blockchain technology with BLK DNM.
By establishing a precedent for ‘connected fashion,’ BLK DNM hopes to encourage more ethical practises within the sector. ChromaWay’s blockchain features will be radically incorporated into BLK DNM’s identity and wares.
Therefore, BLK DNM will lead the way in ‘connected fashion’ as its own distinct industry. The idea is to leverage technology to foster a sense of belonging and accountability in the fashion industry, marking the first major application of blockchain technology in a sector that has not been significantly affected by Web3 innovations.
In the coming weeks, BLK DNM will announce the first wave of technological advancements based on ChromaWay’s ‘Chromia’ relational blockchain. The ethical and social idea of “connected fashion” will serve as the foundation for the software and hardware-based innovations integrated into BLK DNM’s F/W 2023 collections.
Henrik Hjelte, CEO and Co-founder of ChromaWay, said: “BLK DNM’s imminent tech rollout will illustrate the power of our blockchain capabilities to create true behavioral change in an industry that has hitherto struggled to control its problematic environmental impact and embrace progress.”
Communities are evolving in response to the increasing digitalization of our global society. Therefore, it’s intriguing to think about what the combination of BLK DNM and ChromaWay could mean for the future of fashion technology. No one else in the fashion business is making significant use of blockchain technology despite its potential to bring about real change in the sector.
This post was last modified on Jun 07, 2023, 12:40 BST 12:40