Fashion designers and Fashion Industry experts, get ready for a new technology that will transform the Fashion Industry. No, it is not a new “Cloth Material”, neither any new machinery/equipments. It is BLOCKCHAIN -The Next Generation of Internet”.
A Fashion Designer based in London has teamed up with a Blockchain Startup called “Provenance” .This collaborations aims to make Fashion Industry more clear and transparent
Usually Fashion Industry experiences various fraud cases in which a vendor shows a high quality sample but then provides a low quality material. Not everyone are expert to identify the change in quality and as a result , high prices are being charged for low-quality. Also other major frauds are involved resulting in losses to the concerned persons.
Blockchain Technology here can try to eliminate this issue.
Blockchain is a revolutionary technology and is being adopted by various business sectors such as banks, insurance, finance, supply-chain, healthcare, real estate, music and entertainment, etc.
The London based designer, Martine Jarlgaard has created a digital token for every item of clothing she creates, allowing full details and specification of the product history right from it’s origin to the point of sale. This information can be accessed and will be visible to the customers, thus increasing trust and transparency. The consumer can scan a QR code or NFC-enabled label in order to track the history of a certain item using a product built on Blockchain Technology by Provenance.
“Technology will be what helps to reconnect us to the people and the places involved, and that information will increase consumer expectations, which will put more pressure on the big companies,” the designer told Forbes in an interview
The idea is being put to use and is currently under a trial ongoing at the Copenhagen Fashion Summit attached to a specific collection from Jarlgaard.
By integrating this kind of technology, a consumer will be satisfied about the quality of the product that is being worned. A consumer is always willing to pay more if the quality is guaranteed.
Blockchain technology is a kind of platform where in if any information is stored, it is stored forever. Neither it can be altered not it can be deleted. So the fact that a product is is Blockchain verified, it will mean it is a product that the consumers can believe in.
Similar technology was used where in a consumer can verify the quality of FOOD PRODUCTS. Click here to read full article.
The first product ever built on Blockchain technology was BITCOIN.
Bitcoin is the world’s first digital decentralized person-to-person crypto currency which is now the most valuable currency in the world. It is now priced around $1850 which keeps on changing depending on demand and supply. Bitcoin has already disrupted the financial sector. A person in any part of the world can send another person any amount of money via BITCOINS directly through his smartphone. The transaction will take less than an hour and no intermediary like a bank or any other financial institution is involved.
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