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How Is Cryptocurrency Revolutionizing The Fashion Industry

Not one, not two, and not even tens – the cryptocurrency market has rather revolutionized hundreds of industries across the globe. There was a time when industries like finance, healthcare, education, security, and many other government and corporate bodies were embracing cryptocurrency. Today, we get to witness a different scenario altogether. One of the many industries that have joined this league is the fashion industry. The fashion/apparel industry is embracing blockchain technology, the backbone of cryptocurrencies, to conquer the challenges.

As known to many, blockchain is a set of blocks that carry digital information. These blocks store information pertaining to every transaction that takes place. Information right from date, time to who are the participants each and every possible required data is stored. A point worth a mention is that each of these blocks has its own unique set of information and can be identified by a unique “HASH” code.

Talking about the fashion industry, blockchain technology has emerged out to be no less than a savior for fixing the threats and obstacles that come it’s way. Have a look at how blockchain technology revolutionizing the fashion industry and is helping out the organizations within the apparel industry.

Blockchain has the unique feature of creating a decentralized and peer-to-peer network that connects all stakeholders. The key stakeholders include farmers, designing houses, raw material suppliers, manufacturers, transporter, distributors, retail outlets, banks, and consumers. It has been observed that with time consumers are more into transparency. Well, as a matter of fact – it is not just the consumers but manufacturers, suppliers, and retailers, all demand transparency. They want to know each and every minute detail pertaining to their clothes which is why companies have now started focusing on decentralized manufacturing. The ability of blockchain technology to create a physical-digital link between goods and their digital identities on a blockchain has made it easier for the apparel industry. It is here that a cryptographic seal or serial number acts as a physical identifier. This seal / serial number links back to the individual product’s “digital twin”. This link is the ultimate solution that the consumers, manufacturers, suppliers, and retailers have been demanding – transparency! The reason why consumers can stay assured of the clothes they intend to buy is because if physical-digital links are missing, then that is a clear indication of counterfeit goods. Getting things straight – blockchain technology has transformed the fashion industry with a more ethical supply chain, without a doubt.

As information right from farms or fiber providers, then processors, manufacturers, shippers, to retailers is fetched within seconds, the fashion industry cannot thank blockchain technology enough. Also, what can get better than tracking the sustainability and compliance of goods through information from the blockchain on the raw material and manufacturing processes used to make it?

To conclude, blockchain technology has succeeded at narrowing the gap between brands and consumers. With this, fashion-related companies can now securely communicate with consumers about the complete product story for every single garment, track sales and royalty payments. There is more to this. Both retailers and consumers can verify the authenticity of the clothes. Well, we indeed have come a long way as far as technology is concerned!

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Ashish Sukhadeve

Ashish is the Editor-in-Chief of Analytics Insight. He brings over 16 years of experience in business research and analytics across different sectors. He graduated from National Institute of Technology (NIT), Durgapur in 2001. Ashish has completed executive programs in business analytics from IIT, Hyderabad and Narsee Monjee Institute of Management Studies (NMIMS).

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