How Blockchain Technology can help Fashion Industry?

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How Blockchain Technology can help Fashion
Industry? Undoubtedly blockchain technology is
one of the hottest terms now, as it gained
popularity, the question raised how it can
impact different sectors. Now, will the
blockchain able to take that similar kind of
place like internet in our lives?
Well, today in this article, we are exploring the
prospect and potential of how blockchain
technology can support the fashion
industry. Blockchain technology development can
significantly impact the management of garment
stock, supply chain, and authentication, here are
few vital points to remember if you are into
garment business. Supply Chain Transparency Most
of us do not know who actually made our clothes
and definitely not aware of all the stages of
garment journey. The transparency in the garment
industry is a little dicey. And the only thing
which helps us is the Made in label to check
where the garment is produced but it is also
found to be misleading sometime. Many companies
do the majority of their garment production
somewhere else and then ship the half done item
to local city to complete. Here blockchain
technology development comes in the scene, where
it let the customer and the brand look after
every step of production to be sure that the
information is correct. This practice will help
to gain more customer base and will increase the
brand loyalty.
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The authenticity of the product and theft
prevention Once a brand put supply chain
tracking with the blockchain, they can offer a
complete journey detail of a product. No frauds
will be there, as no different entities can hack
into the secure blockchain network. This process
will automatically prevent any duplication, as
a unique digital ID is assigned to each SKU. All
thanks to blockchains secure decentralized data
storage system. Inventory management and
distribution With blockchains distributed
feature, each transaction is monitored and
distributed. It allows agile and secure data
collection. It helps to record all the material
in inventory and whether the warehouses are
distributing seamlessly to all targeted areas.
The information stored in blockchain helps the
retailer, supplier, and manufacturer to
communicate transparently and protect the
information in each stage. Even monetary
transaction is made easy. Blockchains activity
is not restricted to only this stage, it can
impact the post-consumer fashion items life
cycle stages too. It is sure that the early
adopters will gain advantages. An industry-wise
single platform will make the technology more
cost-effective and efficient but blockchain
technology requires a level of cooperation from
different brands. Brands can still opt for their
own dApp development (decentralized app) which
will support their overseas business. We offer
fully scalable Smart Contract Development
Services (ICO) with a focus on Ethereum and
solidarity. Get in touch.
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