Every buyer wants crystal clear information about each stage of where their products are and what they are made of. However, the composite network of supply chains of the fashion industry sometimes may lead to a lack of transparency.
Thus, blockchain is all set to reshape the world of apparel industry!
What exactly the blockchain is?
Blockchain in the fashion industry is like “Technology Meeting Creativity”!
Today, everyone talks about blockchain but very few understand what exactly does it mean.
In simple terms, blockchain is like an immutable digital ledger. A digital book where you put down anything and that can’t be ever changed.
Blockchain technology is a decentralized, distributed data storage solution that stored transactions subsequently. It helps in providing transparency to the users.
Blockchain plays a major role in the Apparel industry.
Protects Against Counterfeiting
Assume, you have ordered a pair of jeans from any local store and it is labelled as “Made in Japan” - how can you be sure that the jean you have bought was made in Japan?
Counterfeiting is one of the largest and most profitable businesses across the world and thus, is one of the most important areas for brand owners to meticulously monitor. Counterfeit products or replicas may cause negatively impact a company’s revenue and ultimately, jeopardize a brand.
Using blockchain, designers and manufacturers can easily protect their brands against forging. One can easily track the origin and ownership of any fashion item. Hence, replicas can be easily rooted out.
Allows Root tracking
Using blockchain with emerging IoT technologies such as RFID, one can track the entire journey of the fashion item - from origin to production factory and retailors to distributors. This emerging technology makes the complete process more transparent.
Thus, fashion brands can easily determine loose points in their operations and improve them.
Enables Royalty tracking
Blockchain allows fashion designers to create immutable proof of their work. You can use blockchain to get your designs licensed, successfully. Blockchain technology also helps brand owners in tracking royalty payments and sales.
Indubitably, the uses of blockchain technology extend far beyond digital currencies. Thus, if applied correctly, it could help the apparel industry to become more efficient and sustainable.
Sachin Agrawal is an Enterprise Architect and heads up Business & Technology at Tarika Technologies. He carries expertise and a flair for writing on Management Consulting, Software & Analytics and Digital Media. Apart from distilling his technical ideas into creating innovative solutions, he is a practitioner of Haidong Gumdo and at his leisure, taps the Cajon and strums his Guitar!