Does the Blockchain Have A Spot in Fashion?
When you think of the blockchain... the fashion industry is probably one of the last things you think of. At ELSE, we find ways to integrate new technologies into retail, including the blockchain.
The integration of Blockchain into the fashion industry will be revolutionary and it’s already knocking the industry’s door. The potential of Blockchain in fashion still isn’t completely discovered, but there is definitely progress being made. Currently, companies are figuring out ways to use the Blockchain to increase transparency and to eliminate counterfeit products. However, in the future, the opportunities will be endless.
For example, in order to increase (value chain) transparency in the industry, the brand BABYGHOST and tech company VeChain partnered together. At Shanghai’s bi annual fashion week, attendees got a sneak peek into how people will be able to interact with their clothing with the integration of Blockchain. Attendees were able to track- to know, the products origins, materials, designing concepts and brand stories on their smartphone during the show because everything had been tagged and recorded in the block chain from the beginning of the products lifecycle.
The newest service Verisium by Kapersky Lab is also a very innovative example that is utilizing the Blockchain to change the fashion industry in a very easy and effective way. Their mission is to help brands eliminating counterfeit products and the grey markets. Fashion companies can order NFC chips, register the chips thanks to a 100% reliable cryptographyc service, and embed them inside products during the manufacturing stage so that every single item is recordered in the Blockchain cloud, verified and protected by the world leading IT security expertize. By ensuring that every product is stored in the Blockchain, data cannot be overwritten or changed and customers can ensure that products are legitimate.
In the future, as more fashion companies start adapting blockchain services, every SKU will be stored in a Blockchain and therefore, there will be complete transparency for everyone. In this scenario, the counterfeit products will not be acquired, and companies will maintain their brand value. Lastly, companies will have real time access to product information, which will help retailers manage stock levels and customer feedback.