There was a time when a company’s supply chain processes were regarded as it’s best kept secrets.
The more elusive the origin of your designs and supplies, the more the perceived competitive advantage of the brand. However since the times are a changin’, so are consumer trends and behaviors. With transparency and sustainable fashion becoming hot and trending topics nowadays, it is now exceedingly important that your consumers know where and how your manufacturing is done!
The fashion industry still has a long way to go in terms of ethical supply chain practices and progressive labor laws but since consumers now demand absolute transparency, companies are turning to Block chain technology to help them reinvent the way they handle the issue.
Creating a unified fashion industry
Imagine all of the world’s countless fashion and design companies with their countless supply chain servers and management systems. Now imagine the amount of power and resources needed to keep all of this running smoothly 24/7
That’s where a digital platform like Lukso comes in. The “open blockchain ecosystem” aims to provide the fashion industry with decentralized infrastructure and new avenues for innovation in the creation of sustainable ownership processes. Brands can build onto an open source blockchain network that will allow for greater community engagement and collective ownership.
Smart labeling to track raw materials
Another blockchain software company called Provenance also has it’s sights set on allowing brands to gauge their level of supply chain sustainability by providing them with a smart tracker that traces the journey of raw materials from start to end.
This is accomplished by integrating blockchain technologies with a state of the art labeling system which recently also allowed consumers to scan clothing labels and in turn get a complete history of the product’s origins.
VeChain’s mission to eradicate the fake product market
Annually, it is estimated that fake goods make up a $450 billion industry globally! Counterfeit products are becoming increasingly harder to distinguish from the real deal and this is a big problem for companies sales and reputation.
VeChain aims to change that!Backed up by blockchain, it helps assign real products with a unique digital ID, which then ensures that the item is accounted for no matter what customs or supply chain it passes through. The company further collaborated with a Chinese brand called BabyGhost that even allowed consumers to determine which products were real and which were fake.