Sustainability and transparency largely remain as two significant topics in the realm of the global fashion industry. Brands and retailers are slowly beginning to pay improved attention to the social and environmental impact. This is done by adopting improved new ways of introducing more transparent norms which remains more of a challenge.
Thanks to the emergence of new technologies such as blockchain in the fashion industry, retailers are able to improve the traceability of the supply chain and offer a more transparent and streaming policy.
How does Blockchain Technology Make the Fashion Industry Transparent?
Due to globalization and its impact, most brands are not aware of their products, and hence communicating this information seems to be the need of the hour. The advent of blockchain technology serves the cause and helps to make the industry a lot more transparent and easy to access.
Here is how the technology meets the present challenges in the retail industry.
Resolves counterfeiting issues:
According to the Global Brand Counterfeiting Report of 2018, it is estimated that online and offline counterfeiting has reached a few billion. There is no such way to prove a claim as offered by a seller to the customer, unless and until the customer browses the transaction history to review the same.
However, thanks to Blockchain Technology Development and its presence throughout the supply chain, it helps the consumers to acquire reliable information about the product. This helps customers to acquire the necessary information and reject the counterfeit products from the ones which come from questionable units. This has already been tested by several eminent brands and received a valuable impression in the industry.
The technology is equipped to offer the capability of tracking digital and physical products throughout the lifecycle. This transparency helps to offer producers a deep insight into the value chain and offers them the guarantee of a credible third-party goods handoff. Through tracking the progression, the companies come with the right potential to expand a sustainable and ethical creation along with the consumption of a commodity and on a global scale.
The technology is enabled to efficiently track royalty payments. Not only does it allow the designers to create an unalterable proof of producing the designs, but it also allows the creation and tracking of trademarks, license designs, and royalty programs or sales that originate through the designs.
Improved business functioning:
Presently, the total number of stakeholders present in the production as well as the distribution line holds several standalone datasets. However, blockchain brings the supply chain to a digital platform. As a result, it helps to save the weeks required to identify and scrutinize the origin and the supply line.
It ensures that the record is not lost or destroyed when it is added to the network. It also helps to lower down the operational costs by offering a three-fold benefit, including improved data management, lowered risks pertaining to counterfeiting, and a transparent supply chain.
With the passage of time, digital clothing is largely becoming popular. In this scenario, the garment gets transferred through eminent blockchain technology which makes it difficult to counterfeit the design.
Tips to get started with it:
There are a number of businesses looking forward to combining blockchain and fashion to maximize its benefits and opportunities. This is when it is ideal to get in touch with the best company providing Blockchain Technology in Fashion Industry. Discuss designing a product that would help you gather information from the right individuals.
Moreover, investing in the development process helps you attain details about the raw materials used, the fabrics, and the chemicals. Do not forget to ask the developers how the information will be accessible by the consumers.
The next step will need you to decide the level of trust you intend to operate in. Plan on opting for a blockchain platform, and with a varied platform being present with unique characteristics, it is a must to choose the right one.
The future is beyond traceability:
Blockchain in the realm of fashion is all about supply chain traceability for the near future; however, it can offer a lot more. Improved technological advancement such as sensors in the fabric allows the piece to get scanned. This facilitates all information to appear on the screen, and much beyond the supply chain.
Blockchain technology thus facilitates improved retail functioning by offering flexibility to the customers to evaluate the complexities involved in a product and its process to be brought to the market. This is largely helpful to alter their perception and minimizes wastage.
With this technology, you can easily determine the number of times the laundry is washed; assess the durability issues, and more. This is not too futuristic and with further development in the field, this kind of technology can be one of the best tools for implementing a rather circular economy, with blockchain being just the beginning.
Blockchain: The Technology Making Fashion Industry Transparent