The wave of cryptocurrency has gripped many people around the world. But the taste of this success is not merely manifested in digital currencies, with leading Bitcoin. The distributed ledger, or say, blockchain technology, too has its lion share of gaining popularity along with it. If you regularly follow blockchain education news, you will come to know about its growing worth among different sectors including security, finance, healthcare, and even education. The underlying technology of cryptocurrency is adding more wings to its fame by revamping the textile sector and the fashion industry. Like any other industry, here also blockchain technology is there to resolve the prevailing issues, like unlawful networks of supply chain and also for brand set-up.
Acknowledging the importance of the blockchain, this distributed ledger technology can be of much help for the fashion industry. The use of this technology can pave fashion brands to interact product origin to their partners and customers and lessen down the several surrounding risks co-related with it. So this indicates the fact that blockchain technology serves a two-way objective, from the consumer as well as a business point of view.
Now, since this technology has taken the plunge to reform the textile industry, the shopper from any part of the world can have interesting product collection. Besides this, the products can even be accessed through product modification, mobile, and even through simple returns, and instant delivery. The benefit of blockchain technology can be observed through advanced changes in the manufacturing system, because of escalating automation and computerization in works like pattern making, sewing, and knitting.
Will Merging Of Blockchain Technology And Textile Industry Incurr Good Results?
The merging of P2P and decentralized blockchain technology can certainly incur positive results, as it will amalgamate big stakeholders including designing houses, farmers, banks, transporters, consumers, suppliers of raw materials, manufacturers, retail outlets and other groups under the similar supply chain. Apart from it, with the merging of blockchain in the fashion industry, it will open new opportunities for comforting brands to boost up the process of manufacturing from start to end. This will let them show the reliability and continuity of their products.
Hence, there can be no space for doubts, on the integration of blockchain into the textile and fashion industry. This distributed ledger technology also guarantees about the clarity of the supply chain, and will also bring proficiency in the productivity of data sharing. Apart from it, blockchain help will also ensure the security of intellectual property.
Below is the list of some fashion companies that have integrated blockchain technology to explore its applications.
Textile Genesis is a technology firm from Hong Kong. To detect its Tencel fibers, this firm finds blockchain technology to be the right choice for it. Tencel Fiber coins are based on this technology and are utilized as the kind of certified tool to safeguard against adulteration. Also, these blockchain-based coins are referred for digital safety for the clothes manufacturing.
Loomia deals in textile circuitry manufacturing for heating and lighting of garments. Besides this, it utilizes installed sensing technologies for accumulating data from them. With the help of blockchain technology, some data is sent to the brand. It is done so that by using the data, the best products can be manufactured by the brand for the upcoming time.
Curate is a smart contract platform equipped with blockchain technology as a base. Here digital tokens like ETH and BTC or even its cryptocurrency, CUR8, are being used for rewarding users, who use their smart creativity to design many styles for fashion. To elevate brand awareness and rising online sales, several fashion brands prefer to tie up with Curate.
Arianee also counts among these fashion firms that use blockchain technology for verification, which is decentralized, independent, and secure. It eases its users from dependence on the third party, which is either centralized or single. The verification of transactions on the protocol is done by the network nodes, so it is impossible to expect any cheating.
Importance Of Blockchain
So, now you know how important the blockchain technology finds its best use in the textile and fashion industry. It has become so helpful for the clothes industry to access any information regarding shippers, retailers, fiber providers, shippers, and manufacturers in just a few seconds. More than that, this technology has also become beneficial in providing in-depth information about the continuity of the raw materials that are being used in the clothes.
All the above reasons have clearly defined the importance of blockchain technology in the textile and fashion industries. A fashion brand needs to experience positive customer feedback. And it has become possible with the emergence of new technology and the digital approach of customers. For the textile industry, it is very important to make a customer satisfied with a better experience, but it requires speedy funding and remarkable investment, which still lies in its infant stage. But if you follow blockchain regulation news, then you will understand how blockchain has emerged as the solution to resolve all these issues.