How will blockchain affect the clothing industry? –

The business of today has become very competitive, and the increasing demands of customers and the need to establish a transparent system have led to an increased use of technology. Companies are now used to digital reality and are using the same in their day-to-day operations. When it comes to digital relationships, different companies have a clear bias toward specific types of technology. However, here we are focusing on the clothing industry. In recent years, the clothing industry has grown many times over. When it comes to technology, the one that has revolutionized is Blokchcian technology. It has affected every line of business and has proven to be helpful in training processes and maintaining transparency. Here I will focus on its application in the clothing industry or the manufacturing industry.

Before diving deeper, let’s understand, what is blockchain and what makes it useful for the clothing industry?

A quick look at the blockchain-

Blockchain was originally used with Bitcoin. However, the specific features of this technology have led it to move from the shell of transactions to many other areas. It is a distributed ledger database that is visible to everyone in the network. Therefore, everyone in the system can see any kind of change. This feature of Blockchain has made it applicable to many different niches.

It maintains a constantly growing list of data records, is not hacked and is completely secure. Data is recorded in a block structure where each block contains individual batches of transactions.

Another feature that makes Blockchain so accessible is its identifying feature which cannot be modified and thus prevents the tampering of data, this data can be the amount of Bitcoins or it can be the origin. of a piece of fabric.

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Started in 2008, Blockchain was initially used for the banking sector. However, its decentralized system, distributed ledger, and transparency have made this technology applicable in many different fields, and so has the fashion and clothing industry.

Blockchain use cases in the Clothing industry-

Blockchain and Fashion- Well, this may seem strange to some, the use of Blockchain in fashion is what we call “Technology Meets Creativity”. Blockchain made its debut in the fashion world during Shanghai Fashion Week. This is Babyghost, a fashion label combined with BitSE and VeChain. BitSE is a company specializing in blockchain and VeChain is a cloud product management solution integrated with blockchain technology. Each clothing line is embedded with VeChain Chips that have a unique identifier stored on the Blockchain. Customers can easily access this information on their smartphones and thus, they can verify the product is genuine or not.

Clothing companies and fashion houses can also use a similar method to determine if a product is genuine. In a nutshell, blockchain technology can be used to verify clothing collections.

Be aware of counterfeit clothing brands – This is the biggest concern in the market today. Major fashion houses and clothing brands spend a lot of money to ensure that counterfeit products reach the market and do not affect their brand value. Even so, there are still cases of counterfeit products appearing on the market. In addition, customers need to know if the product they are buying is original or not. With the help of microchips using blockchain, customers can tell if a particular garment is genuine or fake. All information is accessible by phone.

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transparent

Transspecrnacy is the key to establishing successful customer relationships. With the help of blockchain technology, customers can know the origin of the product, its production conditions, etc. The more detailed information a customer has about a product, the more confident they are in the product. clothing brands. With the help of blockchain, this can be achieved easily.

Inference

If the internet is the source of digital information, then blockchain is the digital medium of value. Although it is still in the beginning stages, its application has attracted the attention of many people. The usefulness of blockchain technology in various fields cannot be ignored. It is estimated that by 2025, about 70% of the market will be directly or indirectly dependent on blockchain.

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