April 19, 2018
With the swift pace of change and disruption to business and society, Blockchain – the underlying technology behind digital currencies such as Bitcoin and Ethereum, is something out-of-the-box and catching everyone’s attention. The blockchain application development has been widely recognized in many aspects such as finance, education and smart contracts. However, the incremental benefits of blockchain are not just limited to these industries, saything that one of the most overlooked industries for blockchain application development is fashion.
In a very simple sense, blockchain is a decentralized database platform that no central authority can either modify or erase. As such, data information recorded on blockchain is permanent, tamper-resistant and safe from corruption. So, how can this technological breakthrough be applied into fashion, and how can it be a fundamental shift in the clothing industry practices? Not merely a powerful tool to track financial transactions, blockchain application development could further be exploited and utilized in the supply chain management processes, from procurement of raw materials to the shipping of final products. (1)
Moreover, the fashion business can be significantly empowered by the blockchain-based system through its ability of real-time access to the updated product information, enabling brands to provide verified information about the materials, processes or personnels in charge. It also presents a universal pathway for retailers to immediately get back to suppliers on some problems arising such as stock levels, product conditions or customer feedback. In such way, blockchain innovation helps enhance product transparency in every step of the production, ensuring the correct information is available and accessible for every stakeholder at the point of sale.
It is said that creative jobs are somewhat resistant from the computer-aided solutions; however, the arrival of blockchain has been changing the way fashion businesses are structured in many ways. Specifically, more and more businesses are adopting this blockchain application development into their own production processes, taking full control of their end-to-end product development, leading to increased authenticity and decreased losses incurring during the manufacturing and distributing processes. This blockchain-based tracking system is expected to diminish the disconnection and disorganization currently lying within the fashion industry. It is particularly high time for fashion businesses to take a leap forward on standardization, and blockchain – with its characteristics of decentralization, is regarded as a great fit for doing so.
The fashion industry holds similar characteristics to the supply chain management. Typically, the final clothing product that is purchased by customers passes through a long list of different producers, manufacturers, distributors and retailers that all partake in its production, delivery and sales. The entire process seems to be inefficient, prone to corruption and lack standards for reporting, measuring and tracking data. By utilizing blockchain application improvement, a set of NFC (Near-Field Communication) chips is attached to every single piece of clothes, which helps verify and guarantee the product authenticity at every checkpoint in the process. The organizations, therefore, could save billion dollars each year from such losses that are likely to happen during manufacturing and distributing procedures.
Apparently, a couple of upper-end fashion brands have already been grasping this emerging technology. For example, Babyghost – a fashion label paired up with BitSE and VeChain, is known as the pioneer to apply technology into fashion. BitSE is a company specializing in blockchain while VeChain is a cloud product management solution integrated with blockchain technology. Being at the forefront of adopting blockchain tech, each clothing line of Babyghost is embedded with VeChain Chips with unique identity codes that are stored on Blockchain. This information is easily accessible by the customers on their smartphone, and thus, they can verify whether a product is authentic or not. (2)
A comparable approach can be utilized by the fashion organizations and design houses to know whether an item is honest to goodness or not. To aggregate it up, blockchain application development can be utilized to confirm the apparel gathering.
And that feature is transparency – the key to build up fruitful client connections. With the assistance of blockchain application development, the consumers now can trace the origins and histories of products, the conditions under which it was worked upon, and so forth. The more detailed information the customers know about the product, the more trustful they feel in the brand of fashion. And this can be accomplished effortlessly thanks to the implementation of blockchain development.
Blockchain technology represents a fundamental shift in how the fashion businesses are structured. Early adopters have started to leverage blockchain to be able to effectively and organizedly manage their supply chains and check proof of authenticity. Blockchain also allows customers to understand the complex process of bringing a product to market, further helping decrease the quantity of product and raw material losses during production. In a nutshell, it is clear that blockchain development applications are here to stay and they hold the key to revolutionize almost every industry we can ever think of.
Infinity Blockchain Labs is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects. We aspire to empower Vietnam to become a global leader in blockchain.
IBL aspires to empower Vietnam to become a global leader in blockchain application development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. One of the ways we maintain our role as ecosystem pioneer is by helping create educated blockchain enthusiasts. We are committed to sharing information and resources to help Vietnam become a blockchain hub through conferences, courses, contests, alliances, workshops, speaking engagements and incubations. Information regarding topics like hard forks helps people become more familiar with key blockchain concepts and thus able to adopt the technology.
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