Blockchain Utility by Pioneers in Fashion and Apparel Industry

Abstract

Listen

Translate article

AbstractAs time has progressed, it has become crucial for the society not only to progress along with time but also to stay ahead of it. The fashion industry has always incorporated innovative measures while maintaining the continuity of the business. With the advancement of science, all sectors have faced equal technological threats as much as the benefits they’ve enjoyed due to the same. In case of the fashion and apparel industry, issues such as counterfeiting of luxury designer outfits, increase in percentage of customers with sustainable and clean choices and the pressure to keep up with the complex supply chain management along with the increase in global market demands have risen and the industry is in need of a new strategic model that could potentially solve all the above problems at once. The technological development carried out in order to establish a transparent and decentralized platform, called the blockchain, is gathering traction for its integrity. Blockchain could be highly helpful in solving the counterfeiting of products of luxury fashion brands, helping the industry restrict the losses that it faces in billions each year owing to the traceability that the platform offers. With the growing customer percentage that prefers their clothes being ethically sourced, the blockchain could ensure the authenticity of the raw materials and every other component that goes into the making of their outfits. The global markets have given rise to complex supply chain and warehouse management systems tarnishing the face of the industry. Blockchain is a well-sophisticated platform known for its accountability. Any record created once will always be available and it can be tracked by people with appropriate access to the database. A detailed study on the intricacies of the aforementioned technological solutions by brands pioneering in the industry is carried out in this chapter.KeywordsCounterfeit avoidanceSustainable supply chain managementBlockchainTraceability and accountabilityMetaverse