Fashion can be called as a fundamental expression of individuality. Nowadays new fashions have become a goal in their self. Fashion is not constant, new styles emerge at a rapid rate and fashion changes. Another thing that is emerging at a rapid rate in fashion industry is the infringement of fashion.
And Blockchain, can offer the required solution to tackle this issue faced by the fashion industry. While buying a new apparel, do you ever think about
its origin? Most of us don’t know the real origin of our clothing and are definitely not aware of all the stages that a garment goes through before reaching us. Now blockchain can provide you the whole information about your clothes within a matter of few seconds. All the stakeholders involved in the fashion industry need to register themselves on the Blockchain.
Once registered each one of them will be given a unique ID. Each player of the fashion industry needs to record the relevant information about the product on the blockchain. Starting from raw materials, the raw materials that will be used for manufacturing an apparel need to be registered on the Blockchain. For example the cotton that will be used for textiles will have its entire life-cycle, from seed-to-harvest, registered on the shared digital ledger.
The stakeholders will have full transparency on the quality of the plants used for production of the raw material and labor involved in cultivation of the plants. Thus blockchain will ensure authenticity of the raw material used for manufacturing of an apparel. When a manufacturer designs a product, that design will be recorded on the blockchain. When that design is manufactured, the resultant product will be given a unique identification number and will be registered on the blockchain.
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When the product is dispatched to retailers for sale, the dispatch date information, and the information about logistics company involved will also be registered on the blockchain. As a retailer receives the product, the product is scanned and a receipt transaction is generated on the blockchain.
Now this transaction will be recorded on the blockchain and the ownership of the product will be transferred to the retailer. When the customer wants to buy that item, he can scan the unique code on the tag of the item using his smartphone to see the complete history of the item. This way, a consumer can validate the authenticity of the product. This transparency in the supply chain will definitely be a big step in the fight against the fake products.
This Blockchain based system will curb the entry of fake products into the supply chain as the fake products will not be able to replicate the unique code given to authentic products and it can be ensured that the apparel a customer is buying is authentic. Blockchain technology can also help the manufacturers to get the real time updates about the inventory of the retailers. This clear idea about the expected demand for his products can help a manufacturer to better manage his inventory levels. Additionally, customer feedback regarding improvements in the product like color, prints, designs etc. can be directly communicated to the manufacturer.
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This will help the manufacturer to improve and customize the product according to the customer demands, which in turn will help in establishing a better relationship between the brands and the customers. As we all know that data is the new oil. Quite naturally, fashion industry also needs data for getting better insights about the needs of their customers.
With a Blockchain powered data marketplace, clothing brands can buy data of their customers or potential customers present on the blockchain network. This would really be a boon for the brands as they will be directly connected to their customers rather than relying on third parties to collect data for them. A far more advanced stage of data collection can be through the smart sensors – that can be fitted in the clothes. These sensors can track vital statistics of a customer like how often he wears that cloth, what time of the day he wears it and for what duration he wears it? This real-time data will be stored on the blockchain which can then be sold by the customer to the manufacturer. This in turn would help the manufacturers to better understand the needs of the customers and to come out with better product offerings.