Feb 18, 2019 07:37 UTC
Feb 18, 2019 at 07:38 UTC
Blockchain In Fashion
All of us are familiar with several different use cases of blockchain technology but when you think of its applicability, fashion is probably not what first pops into your mind.
However, truth is, like most fields, the world of fashion can also benefit greatly from blockchain in a number of ways. Since we have covered details of what blockchain technology a number of times on this website, we will not revisit those basics in these article.
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Instead, we will delve directly into what blockchain technology portends for the fashion industry: for designers, consumers, retailers and everyone in between.
Blockchain in Fashion: Where Is The Applicability?
We know that smart tailoring is now one of the latest buzzwords of the fashion industry. Like Levi’s, many companies are now allowing customers to individually customize the cut, style and design of their garments. For this, technology is obviously the most handy tool.
Now, as customers feed their details into the system to get their preferred garments, the designers and providers collect a world of data with regard to the tastes and preferences as well as body types and styles of target customers.
Add that to the amount of data you can amass from large retailers selling fashion products, you have a huge and confusing database to handle. With blockchain, a decentralized distributed ledger system, all your woes can effectively be done away with.
Let’s take a look at all the possible areas of application:
For any large fashion brand, inventory management is a huge ordeal. Spread across multiple locations and coordinated by a significant number of people, it can become incredibly difficult to keep track of which store ran out of their signature denims and which store needs the supplier to hold up on the next shipment of jackets.
Enter blockchain and voila! You now have a largely tamper-proof distributed ledger where all coordinators can simultaneously input data.
Now, the management of inventory can be available at the tip of your fingers, without you having to make a thousand phone calls or exchange a hundred emails.
Supply Chain Management: Understanding Origin and Provenance of Products
We all know how potent the role of blockchain in supply chain is. Using blockchain for supply chain management can help the fashion industry to tie together the various parts of the chain: from designer to fabric producer to tailor to retailer and many more.
In the modern day and age, more and more millennials are waking up to the need of discarding fast fashion and embracing slow, ethical fashion.
In fact, many are even ready to shell out that extra buck if it means saving the environment one outfit at a time.
With blockchain recording the supply chain movement, it becomes easier to include the customer in this decision-making process. They can see how their fabric was sourced, what the provenance of that garment is, whether or not it was ethically manufactured and so on.
Besides, a smoother supply chain management can also facilitate an easier inventory management process.
As we mentioned at the very outset, fashion producers and retailers generate a great deal of data that can help piece together how a target demographic chooses when it comes to fashion.
Today, data is tantamount to a dollar bill: it is actually that valuable. With the database that you can efficiently build using blockchain technology, the handling of that data can be improved, so that you can channel it in a profitable direction.
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