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Blockchain fun fact #29

What did you think about the fun fact of the 22nd edition covering the increasing interest in blockchain gaming world? Let us tell you about the link between blockchain and fashion! [...]

date:  30/06/2022

If you didn't get the chance to read our last edition, you can find it here.

How could we have information about the entire life of a product? How could we follow a distribution network? The use of blockchain technology can help answering these questions evermore present in the eyes of the consumers and help bring innovation and collaboration to the fashion industry.  Without involving blockchain, any process, even for the fashion industry, can take longer. Today, experts from all over the world are addressing how blockchain implementations can improve sustainability and growth in the fashion industry, and help build consumers' trust. 

The use of blockchain can be found in the supply chain of fashion, which can offer the potential to improve transparency and traceability as well as reduce administrative costs. Other technologies, like the Internet of Things, are a way to enhance sustainability through the creation of a common source of verifiable transaction information, accessible to all parties in the supply chain, regardless of their location. 

Although using blockchain seems essential today, how will it be at the heart of tomorrow's change? 

Today, in the fashion industry, we see blockchain being used for the creation of a unique digital identity for each product, creating a "digital twin" that can be traced across its entire lifecycle.. Consumers will have access to information about each product, like the origin of the raw materials or sustainable techniques that were adopted, which  increases transparency. With the help of other technologies like Radio Frequency IDentification (RFID), raw materials can be tracked throughout the product's assembly making it possible to verify the quality of each garment. In addition, having access to this information can allow the user to check the amount of stock available, which may be helpful when addressing overproduction.   

For example, a set of luxury brands have created a blockchain consortium to enable direct-to-consumer access to product history and proof of authenticity. This is one recent example of the use of blockchain in fashion, do you have another one to share with us?