Blockchain is most popularly related to the top-rated cryptocurrency Bitcoin. The technology has helped achieve an unmatched level of security for the trading platforms. However, there’s more to this fascinating technology, and it can get utilized in altruistic ways to help diverse business platforms.
It gets regarded as the most disruptive technology in 2020, second only to Artificial Intelligence and Machine Learning. The revenue generation from blockchain technology is expected to cross $20 billion by 2024.
A blockchain development company can leverage this growth by developing innovative solutions for implementing technology. Leading rapid changes in the way people perceive the fashion industry, the technology is smoothly filling the blanks that once seemed implausible.
But what exactly is blockchain technology? What sets it apart from the others? Before divulging the technical details, look at some of the essential facts that pave Blockchain’s way in the Fashion industry.
Common Issues/Mishaps of the Fashion Industry
You can never be 100% sure of escaping theft, and the fashion industry is no exception. Often the headlines are big business tycoons stealing works of hard-working designers on the pretext of assignments, final modification, etc.
Relying on a document sharing software customized by a blockchain development company can prove helpful by ensuring zero amendments to the date and work shared by prosperous designers.
Although theft cannot wholly escape using Blockchain alone, the technology itself will ensure excellent stability for entrepreneurs and flourishing designers competing in the industry.
The grim rise in counterfeit products’ sales leads to massive losses to both big brands and the fashion industry’s simple startups. Even the United States is not immune to the sale of counterfeit products. The developed nation of America witnessed 24% of counterfeit goods seized in the year between 2014 to 2016.
How often do you feel that the product you both online or offline is not genuine? Well, if it’s a new platform, the worry increases manifolds affecting the pleasure of uninhibited shopping.
Blockchain offers practical solutions that help you avoid buying counterfeit products. The details of it are in the latter part of the blog.
Essential details that make the story of apparel or a product often goes missing for the consumers. Imagine being able to show the odyssey of developing a product right from its fabric until it reaches the platform for sale.
It will help you prove the genuineness as well as the claimed features of the product. An innovative solution from a blockchain development company has not only made it feasible and convenient too.
Unethical Practice at the Ground level
Every industry has some grim ground reality practices that no one wants to be a part of. The exploitation of the children for the footwear products proved a scandalous affair for Nike and Adidas.
Similarly, the shimmering effect behind the charismatic beauty products gets directly linked with India’s illegal Mica mines involving shameless child labor on a vast scale.
That was all about the common issues that surround the fashion industry. Let’s start with Blockchain and how it is proving its worth in the fashion industry.
What is Blockchain Technology?
In plain words, Blockchain technology is a form of distributed ledger technology that allows you to record data securely, making it impossible for anyone to modify or cheat the system. It has the following features that make it outstanding in the field of technology:
The technology is distributed in nature, which means that each network participant keeps a record of the ledger.
It is immutable, which means any data once saved and proceeded cannot be reversed or modified.
Each transaction of the block gets time stamped.
The network participants remain anonymous on the validity of the records.
Each record of data is encrypted.
The technology is programmable.
Data gets stored on blocks which are joined to form a chain. The technology’s features allow the user to immediately gain data on any modification done with data on the blocks. To successfully ensure data tampering, the hacker must tamper with each of the blocks across all the distributed versions on the chain. It is nearly impossible for hackers to do so.
Blockchain application in the Fashion Industry
The technology is already tested and used to ensure greater transparency on the supply chain of the product. Right from the thread’s origin until it transforms into a complete work can be traced by a scan of the QR code or an electronic chip.
Such a high level of transparency is resolving the issues of the Fashion Industry effectively in the following ways:
Minimize the chance of buying Counterfeit products: As consumers can learn the story behind creation by a simple scan, the chance of getting cheated gets minimized to negligible value. The idea was first tested by the Danish designer Maritine Jarlgaard in the year 2017. In partnership with Provenance, she produced garments with smart labels that allowed the consumers to gain the product’s development data.
Resistance against Unethical Practices: Knowledge is power is a well-known proverb. Having data that can get digitally tracked about a product helps a firm avoid unethical Practice with its dealing partners. It also helps in escaping a lousy name for the firm.
Track with Convenience: The technology proves its worth for independent and established designers by offering a convenient way to track payments, develop a special license, follow profit on each saleable item, etc.
Showcase Sustainable Practice: The technology can also inform clients about the altruistic steps getting taken by the brand. Showcasing the environmental concern in the production phase is already in trend as consumers prefer sustainable products. With Blockchain, a brand can easily prove its ecological concern to the final consumers.
Blockchain technology is leading a revolutionary change in the fashion world. From ensuring zero sales of counterfeit products to proving sustainable Practice being taken by the firm. It is effectively handling all of it.
You can hire a blockchain developer in India for innovative solutions to fulfill your brand needs. Hiring a skilled Indian developer proves beneficial in terms of quality and cost-saving for the investing firm.