A breach-proof record-keeping system is being used by the fashion industry to bring transparency to the supply chains and improve the welfare of workers. It can also transfer ownership of digital fashion.
Since its inception, blockchain technology has evolved significantly. It was introduced in the fashion industry for the first time in 2016 during the Shanghai Fashion Week. This new use case has led to the creation of new ways to make the industry more transparent. Below are just a few of the practical applications of blockchain in the fashion industry.
Supply Chain Tracking
With blockchain technology, both the seller and the consumer can track the location of their goods and packages. This eliminates the stress of tracking lost or stolen items. Online retailers such as Amazon have made it incredibly easy for consumers to order multiple items from a single place. However, waiting for delivery can be very time-consuming and can negatively affect a person’s productivity. If you have to wait for a delivery that’s delayed but requires a signature, it can throw off your whole schedule.
Getting the goods and services delivered on time is very important for any project, especially for those who rely on multiple suppliers. Through the use of blockchain technology, both the seller and the consumer can track the location of their goods and packages in real-time. This eliminates the stress of chasing after missing or stolen items and helps ensure that the goods are delivered on time.
Supporting Sustainable Practices
The potential of blockchain technology in the fashion industry is endless. It can track the entire supply chain of a product from its origin to its final sale. This transparency allows producers to gain a deeper understanding of their value chain.
Developers of blockchain technology can also expand the scope of sustainable practices by tracking the assets’ progression. This can help producers create more ethical and sustainable products and better understand the complete journey of producing the product.
Less Counterfeit Products
Counterfeit products will be next-to-impossible to produce if the originals are registered on the blockchain. This is because most consumers won’t be concerned about the authenticity of the products they buy when they arrive at a warehouse. However, if they don’t have a QR code, they will most likely be considered fake.
A blockchain-based record system can help prevent fake products from entering the supply chain. It can provide a clear record of the transactions that occurred during the distribution process. QR codes, serial numbers, or other identifying markers can be used to ensure authenticity.
Managing Digital Garments
Due to the increasing popularity of digital clothing, it has become a popular trend for designers to give their customers the option of having their clothes digitally fitted. This has led to the emergence of a new revenue stream for developers.
The ownership of digital fashion gets transferred through blockchain technology, which makes it impossible for counterfeiters to copy the design. According to Kerry Murphy, the creator of The Fabricant, the technology allows his company to create unique one-offs.
By using blockchain technology, it’s possible to eliminate many of the issues associated with online shopping. It can also help small businesses reduce their environmental impact. The implementation of blockchain technology in the fashion industry is expected to greatly improve the efficiency of online shopping and reduce the number of counterfeit products. It can also help improve the welfare of workers in large corporations.
It’s widely believed that blockchain technology will eventually create a more direct relationship between consumers and brands. This is a positive development for everyone involved in the fashion industry.