Blockchain is the latest technology which has taken the world by storm. It is basically a decentralized, shared P2P database which is capable of storing a large amount of information in a safe and secure manner. It is available in all kinds of devices like smartphones and tablets and can securely store money, music, art or any kind of record.
You can also describe it as a kind of public registry which clearly mentions who owns what. The main advantage of blockchain is that the information stored is extremely safe. It is protected by a code, known as cryptograph, which is almost impossible to break into.
The blockchain technology came out in 2008 and was initially applied only in the finance and banking sectors, where it is important to record all transactions in a safe way. Bitcoin is one of the biggest applications of Blockchain. However, recently other sectors have also started using blockchain technology. As per experts, blockchain can also revolutionize the fashion industry.
Blockchain Applications That Could Impact In The Fashion Industry
Supply chain refers to the entire process by which the goods move from the manufacturer to the eventual customers. It is a very long and complex process. Usually, the manufacturer sells the goods to the wholesaler who sells the goods to a retailer and then it finally reaches the customer. It is very important that this entire process is transparent so that the customers can take a better decision.
With the help of Blockchain, customers will be able to get information about the exact origin of the clothes. It will help you to make sure that the clothes are authentic and original. For example, if a product claims that it was made in the USA, you can actually verify whether it was indeed made in USA or not.
Blockchain technology can also be used to monitor intellectual property rights. Blockchain can keep a record of all the trademark registrations done throughout the globe. And in case there is a trademark related dispute, then blockchain can be used to solve that.
Thus, we see that blockchain can make a significant impact in the fashion industry. Customers will be able to check the authenticity of the goods. It is also a great news for large fashion brands, because no one will be able to sell goods under their name anymore.
As per experts, in the coming years, the fashion industry will run entirely on this technology. And since it is available on all kinds of devices, people will be able to access all the vital information right from their phone. And as mentioned before, blockchain is a completely decentralized technology.
There is no central operator. And although a huge amount of information passes through it, there is no threat to data security. Even though it is an open network and everyone can view the information, no one will be able to change it. Once a data is entered in Blockchain, it cannot be edited. There is still a lot to learn about blockchain technology, you can learn about the latest news in http://bitcoinexchangeguide.com
Blockchain For The Environment
Blockchain can also have a significant impact on the Environment. As per reports, the fashion industry contributes to around 10 percent of the total carbon emission in the world. However, if everything becomes digitalized, then this number will drastically reduce.
In the recently conducted Shanghai Fashion Week, we saw an example as to how Blockchain will work in the fashion industry. Babyghost is a very reputed fashion label and they are the first brand in the fashion industry to take advantage of this technology. They tied up with two blockchain platforms called Vechain and BitSe. There is a smart chip inserted in all their clothes. Once you scan the VR code of the product with the help of your smartphone, you will get to know the entire history of the product like where it was made first and then where it was transferred later on.
However, Blockchain is a very expensive technology. It will need a heavy investment initially. As of now, only the big fashion brands will be able to afford it. However, you should remember that it has plenty of long term benefits. For example, once it is implemented, you will be able to save a lot on transaction costs. You will be able to save a lot of time as well. This is why blockchain in fashion industry is expected to be a major hit.