After COVID -19 restructuring plans, fashion brands are increasingly aware about the importance of complex global supply chains and environmentally friendly materials being used for production. From development to production, the fashion industry leaders want to make the brands transparent by using blockchain to digitize the supply chain - so much so that it will help fashion companies track apparel production from raw materials to the finished goods.
I recently attended a fashion and related industries blockchain seminar where I noticed that an abundant number of top priority brands and journalists alike, more inquisitive and enthusiastic than before. Brands surveyed at the seminar about sourcing sustainable materials cited how they wanted to create transparency in their respective supply chains, but failed to achieve those goals in full.
Nowadays, there seems to be a heightened sense of urgency to drive sustainability as the core value of the business. But the fashion business works differently than other industry segmentations. In a word, fashion is a fragmented business. In fact, a single item can source materials from various countries to make it complete. Moreover, the raw materials and manufacturing stages are more the often abundant.
Alas, the fashion and style sector is steadily making progress, and this progress is in thanks to technology. Although fashion and technology may seem different, they work well together. With blockchain, the fashion and style industry can explore its potential. While blockchain is known for financial services, it has been helping the fashion and style industry to tackle the counterfeiting problem. On the other hand, digital content like social media has helped the fashion and style industry in many ways. Like other sectors, the fashion and style industry is entwined with social media.
Today, with over 50% of the world’s population using social media, it has become a an expert tool by connecting brands directly with consumers.
Fashion and Blockchain can prove to be very useful. In addition, it allows forthright brands to tell their story. Typically, the fashion and style industry involves a rather complicated supply chain at both global and local levels. Because of the complexity of their supply chain, blockchain is what the industry needs to further develop. In fact, some blockchain characteristics such as consensus, decentralization, and immutability make it perfect for adding more trust and security to the fashion industry.
Given the transparency of blockchain technology, the supply chain of fashion brands have guaranteed full disclosure.
One of the greatest challenges within the fashion industry to date is the billion dollar counterfeiting business. There is no doubt in my mind that counterfeit products can taint the value and overall image of fashion brands. This is where it gets interesting. Blockchain can help fashion brands secure their digital identity. Here are some ways blockchain can help the fashion industry...