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Blockchain In Fashion Industry | Blockchain Venture Capital Blufolio

Blockchain In Fashion Industry | Blockchain Venture Capital Blufolio

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We continue to see the growing influence of Blockchain in many industries – including fashion. Ultimately, the technology creates a physical-digital connection between goods and their digital identifiers on the Blockchain. For the fashion industry, this means providing many valuable functions, protecting copyrights or effectively eliminating the introduction of counterfeit products from well-known manufacturers. So what is Blockchain in fashion? How can Blockchain support the fashion industry? You can read about it at the end of the article.

Table of contents

What is Blockchain technology?

Blockchain can be understood in two ways. First of all, it is Blockchain Bitcoin, that is, the use of this technology in the so-called as cryptocurrency, but also Blockchain technology – a database structure containing transaction history. So, like traditional registers, it is a ledger containing immutable, chronological data – digital entries. This technology guarantees and certifies the entire history of information and activities related to each transaction. Therefore, it is impossible to change this system without automatically saving the date and information about this operation. Event history can reflect the current situation, such as ownership or control of the product, but also facts, such as the service history of the watch.

Blockchain in fashion – what are the challenges in this market?

The fashion industry, like everyone else, faces many challenges. One of the big problems that has affected it for a long time has been counterfeits flood the market. As a result, certain brands have lost image or even posted losses. Another challenge is delivery tracking and timely delivery of goods with correct specifications. Fortunately, Blockchain technology is coming to the rescue.

How is blockchain used in the fashion industry?

Wondering what Blockchain is all the rage? Want to know how this technology can be used in the fashion industry? Below you will find important use cases.

Supply chain management

One of the most important applications Blockchain technology in the fashion industry is supply chain and inventory management. Along with radio frequency identification (RFID) and other IoT technologies, Blockchain can help you track raw materials instantly from their source all the way to the factory. The finished products can then be tracked all the way to the consumer. In addition, Blockchain enables real-time access to all product information. Suppliers can get instant information from suppliers on things like inventory and consumer feedback.

Protection of intellectual property

Fashion manufacturers and designers can use Blockchain to ensure that the origin and ownership of every product produced is traceable. Also, since fakes have no real chain of custody, they are easy to trace.

The pioneer of blockchain use in the fashion industry was London-based designer Martine Jarlgaard. In 2017, he created the first smart clothing collection that is stored and tracked with Blockchain. As a result, consumers can check almost every step of the production process – from purchasing raw materials to creating the finished product themselves. This transparency protects intellectual property rights and is a competitive advantage because buyers can find out where and how their clothes were made.

Accounting for royalties

Another example of the fashion industry where Blockchain can play a positive role is royalty tracking. This is because technology allows designers to license their works and register trademarks easily. Blockchain also allows fashion professionals to track the distribution of royalties and sales of designs.

As you can see, Blockchain technology in the fashion industry has many applications. We can even say that it supports content creators in promoting their business. In the coming years, Blockchain will certainly revolutionize the fashion industry.

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