The business world is ruled by new and emerging technologies like Artificial Intelligence, the Internet of Things, Blockchain, Big Data, and more.
With the facets of all such advanced technologies, enterprises are growing forward due to the transformed way of business functioning, seamless operations, swift collection of data, etc.
Especially Blockchain technology, which helps in maintaining smooth supply chain operations in different industrial sectors.
And, the fashion industry is no exception, helps to fix direct supply chain-related issues, tracks the welfare of workers, and transfers the ownership of digital fashion.
Thus, in this post, we will be looking at the extensive role of Blockchain development services in the fashion industry.
But before that let’s have a quick recap on the meaning of Blockchain technology.
What is Blockchain?
Blockchain is a Distributed Ledger Technology that keeps the record of transactions and product details altered and unchanged.
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With a view to embrace the enterprise financial and product-related data into one decentralized system, Blockchain is there to bring easy access to multiple stakeholders.
It offers a promising and revolutionary technology to reduce the risk of data loss, unnecessary altercations, maintains transparency, and easy scalability across different departments of the enterprise.
Role of Blockchain Technology in Fashion & Textile Industry
For a fashion industry, it is imperative to maintain a seamless flow of data with respect to product material, manufacturing and transportation journey, purchase history, and other relevant information.
Any loophole in the mentioned chain of events related to changing fashion apparel or accessory lifecycle leads to brand damage. Overall, it affects the overall business functionality, putting the brand image at stake, and enhancing counterfeiting to an optimum extent.
Thus, to curb all such issues, Blockchain is there to integrate the efforts of farmers, raw material suppliers, designers, designing houses, transportation, banks, retail outlets, distributors, consumers, and other parties under one single roof of the system.
The technology allows fashion industry stakeholders to keep a close watch over the real-time lifecycle of products all the way from manufacturing to customer buying in a transparent and less complicated manner. Moreover, it helps to maintain an optimum level of data proficiency, storage, intellectual property, and ensure data efficiency.
Different Ways Blockchain is Improving the Fashion Industry
1. Get Rid of Counterfeiting Issues
Counterfeited products are one big major hassle for the fashion enterprise that leads to huge business loss. In most circumstances, replicated products of original brands lead to affecting the original reputation of a fashion brand and further result in loss of customers and revenue. All this happens because of counterfeited product information supplied and stored in the fashion enterprise database system.
With Blockchain technology, you need not face this hassle of offering imitated or replicated products to customers. The decentralized ledger system helps maintaining original product information start from the origin, manufacturing, supplying, transportation, to customer offer.
The technology stores the unaltered data to maintain the originality and authenticity of products in the eyes of customers. Thus, it helps customers to directly reject counterfeited products and buy original ones for you.
2. Enhance Sustainable Practices
Blockchain helps to maintain the fashion products operational efficiency in a transparent manner. The digital ledger keeps the real-time record of tracking the physical or digital movement of products and keeps an eye on the lifecycle.
It helps the fashion and textile enterprise watch over the journey of a particular product in a sequential manner without any detailed altercation.
Thus, this level of product transparency helps enterprises guarantee products efficiency, third-party goods used in manufacturing, and product labelling. In short, Blockchain technology helps the fashion industry to maintain quality, quantity, and price in an effective and transparent manner.
3. Efficient Set of Operations
In every fashion products manufacturing enterprise, there are several stakeholders divided into the category of production, distribution, and supply. Each department maintains a real-time record of product assessment and movement.
Now, Blockchain helps to centralized different stakeholder’s data into one unified platform that cannot be changed by one. It brings the entire supply chain on a centralized digital platform and gives equal access to respective stakeholders to view details.
So, this centralization of data belonging to varied departments of the fashion industry leads to seamless operations. Stakeholders can view the detailed-oriented information at any point in time to manage further fashion enterprise’s functioning in a hassle-free manner.
4. Transfer the Ownership of Digital Clothing
The Digital Clothing line is an emerging trend adopted by popular fashion retailers. In this model, traditional fashion designers offer the customers an option to digitally buy products of original nature. Now, more and more retailers are transferring the ownership of digital garments to Blockchain technology with a view to combat the issue of counterfeiting. It leads to offering original fashion brand products digitally to customers who desire to acquire something fashionable, trendy, and impressive.
Get Started with Blockchain in the Fashion Industry
Blockchain for the fashion industry or better referred to as Blockchain apparel technology allows customers to buy an original range of products. It further enables the fashion enterprise to maintain the right product journey and authenticity of fashion apparel to ensure the highest level of quality.
Simply incorporate the virtues of Blockchain technology with the right tech partner. Concerning the same, rely on OrangeMantra for availing Blockchain development services to be a part of rising trends, optimize supply chain operations, and increase sales patterns.
Frequently Asked Questions
1. How Blockchain Technology is Used in the Fashion Industry?
The fashion industry stakeholders can make the best use of Blockchain technology to centrally store all details related to products. It helps to store the product information right from its origin, manufacturing, supply, to selling. In short, Blockchain creates an unaltered and permanent set of fashion products to maintain authenticity.
2. What is the Difference Between Blockchain and Supply Chain?
Blockchain refers to the electronic linkage of all product-related information right from its original, manufacturing, features, supply chain, selling, feedback, and others. On the other hand, the supply chain refers to the process of digital supply of products right from manufacture to vendor and then to customers.
3. How Much Time Does it Take to Build Blockchain Solutions for the Fashion Enterprise?
There is no such particular timeline to build blockchain solutions for a fashion brand. It all depends on the reach, requirements, number of products, departments, and stakeholders to create a strategic implementation plan and then decide the timeline.
Rakesh is an expert-level digital marketing specialist having more than 7+ years of relevant experience. He works for OrangeMantra, a digital transformation and business acceleration company and has deep-level knowledge of technologies like Blockchain, IoT, AI, etc.