Over a decade old, Blockchain has left an impressionable effect on more or less all the sectors that it has been introduced to. Although still in the initial stages of mass adoption, the technology has potential to transform legacy systems into something faster and smarter with the prospect of streamlining the processes.
With all the major sectors, doing its share of R&D on Blockchain technology, it should come as no surprise that the fashion industry is embracing the new tech for a smarter future as well. Fashion just like technology keeps evolving and is integral to modern civilization. Brought together it is the perfect camaraderie that has the promise to develop ground-breaking improvements for the industry as a whole.
The Demand for Blockchain in Global Fashion:
The fashion industry is more than clothes and the panache. Today fashion is about making declarations that resonate through society with a positive effect. Designers and the ones integral to the industry are known to make statements on social and other issues through their creation. Fashion at present aims to stay responsible through sustainable and cruelty-free fabrics and make-up products, giving birth to smarter and more innovative solutions to meet those standards.
If you care whether the dress that you are wearing was not sourced through child labor or animal abuse, then Blockchain can help. Integrated with the supply chain management, can help track a garment through each stage starting from the sourcing of raw materials for the fabric and manufacturing to the endpoint which is the glass window of a retail store or the runway.
Each participant in the supply chain contributes all valid information about their particular function in the garment production into the Blockchain. The use of smart contracts ensures the authenticity of the information through a consensus met by other network participants. A blockchain-backed supply chain will guarantee that the garment produced and distributed are meeting all the right standards like sustainability, cruelty-free processing and the likes of it.
Blockchain to Stop Fashion Counterfeiting:
Counterfeiting of fashion goods is an age-old concern for the fashion industry, now more than ever, as it is becoming increasingly difficult to tell the fake from the real. Every year counterfeits cost the fashion industry billions of dollars. Blockchain technology is the best that we have right now to eliminate fake products from the supply chain.
When Blockchain is used to keep a track of every movement of a certain product from the start to the endpoint, it will be virtually impossible for counterfeiters to breach the supply chain. The credit, in this case, goes to the immutable nature of the Blockchain, meaning it is virtually impossible to alter or change any information entered into the chain.
One can refer to the Avery Dennison use case in this regard, which is one of the leading suppliers of care labels catering to brands like Hugo Boss, Nike, etc. The company wanted to track all the labels that it ships across the world for different brands, to prevent counterfeiting and naturally Blockchain was deemed as the most likely and effective solution. Hence a project has been initiated that allows Avery to track the tag, name of the company, type, size and provenance of the garment or accessory, the material type, warranty of the product, date of expiry (if any), and other details essential to product retail.
The scalability of Blockchain makes it easy to integrate advanced technologies into the existing system. In future the smart label can be even used to map the biometrics, GPS and other data of the wearer and record it on the Blockchain, creating an ecosystem of smart wearables.
There is no end to what technology can do for the fashion industry if integrated and implemented with a targeted approach. Blockchain presents just the tip of the iceberg regarding what technology can do to streamline and make the fashion industry smart.