Among many other things that are the industry’s constants regardless of what is in style, breach-proof record-keeping technology is being used to transfer the ownership of digital fashion, track the welfare of factory workers, and bring transparency to the supply chains in the fashion industry.
Similar to the garment business, blockchain has seen tremendous evolution since its conception. The technology, which made its debut in the blockchain fashion industry during Shanghai Fashion Week in 2016, has now broadened its applications to include making the industry more transparent and extremely efficient.
Let’s examine in more depth the potential outcomes of combining blockchain technology with fashion.
Ways in Which Blockchain Clothing is Reshaping the Fashion Industry
Solves issues surrounding counterfeiting
The Global Brand Counterfeiting Report 2018 states that the estimated amount of money lost to counterfeiting apparel, footwear, cosmetics, and textiles both online and offline has reached $98 billion.
With the use of an implanted chip, blockchain technology allows buyers to access information about a product’s origin and its path through the supply chain. Customers benefit from having the knowledge needed to reject items that are fake or originate from producing facilities with dubious ethical practices.
Martine Jarlgaard tried the idea for the first time in 2017 when she created the first clothing with smart labels on Blockchain. The label documented each stage of the production process so that the owners and brands could verify it.
Supports sustainability practices
The ability to track digital or physical items throughout their lifespan is one of blockchain’s possible applications in the fashion retail industry. With the assurance of a correct third-party product handoff and final product labelling, producers may get insights into their value chain through the transparency of the supply chain monitoring process.
Blockchain development firms have the ability to increase the ethical and sustainable production and consumption of a commodity on a global scale by tracking the assets’ evolution.
Improves efficiency in the apparel industry
Currently, the number of individual records in a production and distribution line equals the number of stakeholders engaged. On the other hand, blockchain in the fashion sector unifies the supply chain into a single digital platform. The weeks it would take to determine the material’s source and supply chain are saved by doing this.
One further advantage that is bolded in every Blockchain for Entrepreneur book is that once a record is put into the Blockchain, it cannot be lost, altered, or destroyed.
Convenient royalty tracking
Tracking royalties is made easier by blockchain technology. In addition to giving designers the ability to create unalterable evidence of invention, it may also be used to track and create trademarks, and licence designs, and create royalty programmes or sales that stem from these designs.
The ease of use of Blockchain not only contributes significantly to the evolving fashion business but also sets new standards for media and entertainment trends.
Reduction of operating costs
Blockchain technology provides a means of reducing operating expenses through its triple benefits of improved data management, supply chain transformation, and less risk of counterfeiting. It offers a surface for data reconciliation across operations and service lines that are simple to integrate.
Transfer the ownership of digital clothing
The use of digital apparel is growing in popularity. Customers are being offered by designers the opportunity to purchase digitally tailored clothing. The purchase of digital products, a trend started by CryptoKitties, is currently one of the main areas of interest for earning money from Dapps.
Blockchain technology is used to transmit ownership of the digital garment, making it difficult to counterfeit the design. “We can make digital one-offs with blockchain,” says Kerry Murphy, The Fabricant’s founder. It’s a means of making something desirable and distinctive.
What is the Promise of Blockchain to the Fashion Industry?
Think of the ease of tracking a garment right to the material from which it was made, and its purchase history on a website or, in-store. Imagine a time when blockchain traceability and transparency are designed in apparel production and distribution, sustainability can be proven, and customers can choose what to buy with the utmost confidence.
Turning these imaginations into reality is Blockchain’s promise.
Companies Setting the Blockchain in Fashion Trend
A few fashion labels utilising blockchain technology are as follows:
- The Arianee protocol was created as a way for owners and the brand behind an item to communicate and certify their goods. Each component is given a Blockchain-based certificate, allowing customers to monitor the product’s validity.
- Microsoft and ConsenSys collaborated with LVMH to introduce the Aura blockchain-based platform. Ensuring the authenticity and product traceability of premium items is the main objective behind it. It provides lifecycle monitoring, intellectual property protection, and proof of origin, among other things.
- Hugo Boss is also investigating use cases based on Blockchain technology for tracking their products in the supply chain. These use cases would openly demonstrate ownership and its transfer among peers in a network.
How to Get Started with Blockchain in Apparel Industry
We recently assisted a fashion firm that was having trouble convincing the industry of its commitment to worker welfare. They also wanted to confirm the provenance of the high-end goods they were reselling. Even though this is just one example, the fashion industry frequently encounters these issues and looks to Blockchain development for solutions.
If you’re having trouble in the fashion sector and want to use blockchain technology and fashion to streamline the industry, we suggest that you speak with your Blockchain development company about creating a product that would collect data from the appropriate sources. In the event that you would like to invest in a Blockchain app development procedure that enables you to display information about the composition, raw materials, or chemicals used, request that the developers construct an information structure outlining the information’s accessibility.
Choosing the degree of trust you wish to work in is the next step after determining your requirements and goals. Although Bitcoin has made the idea of a trustless system more well-known, there are other options available when it comes to designing consensus algorithms. The choice of a Blockchain platform would come next. There are several platforms, each with special qualities of its own. After completing this, the next step would be to work on the app’s front end and user interface to make sure a variety of stakeholders could easily utilise it.
Final Thoughts
The trustless operating system of blockchain clothing technology allows buyers to view and comprehend the intricacy involved in bringing a product to market. This not only aids in altering their estimation of worth but also reduces the enormous amount of things that are discarded after only a year of use.
When Blockchain app developers integrate it properly, it may support the fashion sector in maintaining the margins and revenues necessary to stay afloat, regardless of how quickly trends in fashion change. It can also authenticate the business’s aim to prioritise sustainability and quality. If you still have questions, get in touch with the top US blockchain development firm. This will help you rise to the top of the digitally revolutionised supply chain ecosystem driven by blockchain technology.
