How Blockchain Technology can help Fashion Industry

1. Call :+91-020-26434646visit : www.sphinx-solution.com How Blockchain Technology can help Fashion Industry? Undoubtedly blockchain technology is one of the hottest terms now, as it gained popularity, the question raised how it can impact different sectors. Now, will the blockchain able to take that similar kind of place like internet in our lives? Well, today in this article, we are exploring the prospect and potential of how blockchain technology can support the fashion industry. Blockchain technology development can significantly impact the management of garment stock, supply chain, and authentication, here are few vital points to remember if you are into garment business. Supply Chain Transparency: Most of us do not know who actually made our clothes and definitely not aware of all the stages of garment journey. The transparency in the garment industry is a little dicey. And the only thing which helps us is the “Made in” label to check where the garment is produced but it is also found to be misleading sometime. Many companies do the majority of their garment production somewhere else and then ship the half done item to local city to complete. Here blockchain technology development comes in the scene, where it let the customer and the brand look after every step of production to be sure that the information is correct. This practice will help to gain more customer base and will increase the brand loyalty.

2. The authenticity of the product and theft prevention: Once a brand put supply chain tracking with the blockchain, they can offer a complete journey detail of a product. No frauds will be there, as no different entities can hack into the secure blockchain network. This process will automatically prevent any duplication, as a unique digital ID is assigned to each SKU. All thanks to blockchain’s secure decentralized data storage system. Inventory management and distribution With blockchain’s distributed feature, each transaction is monitored and distributed. It allows agile and secure data collection. It helps to record all the material in inventory and whether the warehouses are distributing seamlessly to all targeted areas. The information stored in blockchain helps the retailer, supplier, and manufacturer to communicate transparently and protect the information in each stage. Even monetary transaction is made easy. Blockchain’s activity is not restricted to only this stage, it can impact the post-consumer fashion items life cycle stages too. It is sure that the early adopters will gain advantages. An industry-wise single platform will make the technology more cost-effective and efficient but blockchain technology requires a level of cooperation from different brands. Brands can still opt for their own dApp development (decentralized app) which will support their overseas business. We offer fully scalable Smart Contract Development Services (ICO) with a focus on Ethereum and solidarity. Get in touch.

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