The blockchain effect – apparel and garments industry

THE BLOCKCHAIN EFFECT – APPAREL AND GARMENTS INDUSTRY Presented By: ExportHub

 The Apparel and Garment industry has endless opportunities for businesses associated with it owing to the booming ecommerce and potential shoppers. There are many untapped possibilities that fashion brands can consider to revolutionize their business. Imagine having the ease of tracking a product by the material it’s comprised of or from the purchase made on a website or store. It’s also understood how convenient it will be for consumers to scan the tags on articles using their smartphone and read out all the details  In case you are still thinking whether it’s all possible or not, it is. This level of transparency and traceability can be introduced into production and distribution of apparel and garments. Here’s how:

The Blockchain Certain events, facts and transactions are meant to be recorded or noted.

Blockchain is a digital ledger of records, distributed over a number of computers. For example, apparel & garments manufacturer and a supplier might have to use a digital ledger to keep track of the purchasing or a specific purchase of batch of materials that the manufacturer bought from the supplier. Newly entered records are grouped together in face of a block and that block is linked back to the block of records before it, which is in turn also linked back to the previous block, this is how the chain goes. All the blocks are connected via a secure link.

 To change the record that has been inscribed in a block already and chained with other blocks, all the blocks that come after will encounter the changes. As the ledger is distributed over different systems, this also means that each copy has to be changed in a similar way which is practically impossible.

 Two things make block chain valuable for businesses – the secure combination of blocks with the distribution of ledger over multiple systems, making it alter-proof and the decentralized nature of the system. Blockchain is not controlled or operated by any single entity or person.  It all started very differently ten years ago as the technology laid a base for bitcoin since inception. Initially only the bitcoin gained publicity but over the course of time enterprises began to realize that blockchain technology can offer benefits beyond a digital currency and can be incorporated in supply chain and other sectors.

The New Business Success ABC – Apparel, Blockchain & Consumers Apparel supply chain and the blockchain technology go hand in hand. The reason behind is the convenience it can provide as the system can pull together all the links in the supply chain from fiber processors to manufacturers, distributors and retailers.

Individuals are no longer required to struggle with tucking data separately instead it is available on a central digital system. As a result, it is just a matter of seconds to fetch information from the blockchain system like the source of any specific garment.

 Apparel and fashion industry can harness endless benefits from the blockchain technology. For example, sustainability and compliance of any product can easily be determined by tracking down information on raw materials and manufacturing process used to make it.

 On the other hand, authenticity of a garment in the apparel industry is equally important and it can also be proven using blockchain. Letting your consumers access the blockchain information will ensure utmost transparency and they will be able to understand the product’s origin and brand story way better than just a ‘Made in…’ tag. The apparel market is known to be ethically and ecologically aware and the demand for details can easily be satisfied by making blockchain information available to them.

Employing Blockchain Technology in the Apparel Industry Today Most brands have already started to opt for blockchain to ensure a responsible and organized supply chain management. Some of the examples of early blockchain adopters include alpaca apparel creator and Provenance.

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EMPLOYING BLOCKCHAIN INTO APPAREL INDUSTRY ALLOWS THE CONSUMER BASE TO REALIZE THE COMPLEXITY OF INTRODUCING THE PRODUCT TO THE MARKET WHICH IN TURN CAN ALTER THEIR PERCEPTIONS OF VALUE. AS A RESULT, THE HUGE QUANTITY OF ITEMS THROWN OUT WITHIN A YEAR WILL BE REDUCED. IN ADDITION, THE FASHION AND APPAREL INDUSTRY WILL BE MORE FOCUSED ON QUALITY AND SUSTAINABILITY WITH KEEPING MARGINS AND REVENUE LEVELS MAINTAINED.

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