How can Blockchain benefit to Fashion industry.
The requirement from transparency & sustainability remain the two largest topics in the fashion industry. The current lack of transparency that still exists in the fashion industry supply chain makes it more challenging to hold fashion companies accountable. Not just for conditions of production throughout the multiple tiers of their supply chains but also how and where garments are sourced from.
Brands & Retailers are beginning to recognised the need to provide transparency & trust but in order to provide consumer confidence the adoption of technology is a must. Many Fashion Retailers located production facilities abroad in pursuit of lower costs but this has resulted in supply chains becoming international and therefore more complex. further reinforcing the need the supportive technology. Blockchain is the appropriate technology to provide this requirement. Blockchain provides the opportunity to prove and authenticate sustainability claims whilst offering enhanced transparency. Blockchain technology provides a chain of custody record. So in tracking who was the last party in the chain issues such as counterfeiting are also addressed.
In adopting this technology fashion retailers can work across multiple supply chain tiers to accumulated and store information in a manner that traditional processes and technology simply do not have the capability to do. this information can then be validated in permissioned and secure platform.
Recently too many brands have been exposed as being wasteful, environmentally unfriendly and in some cases guilty of greenwashing. If organisations want to address this and improve not only their reputation but the reputation of the industry they must act and engage with technology.