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How is the Blockchain and Fashion industry a perfect fit?

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Introduction

Fashion, the moment this term strikes our mind we start looking at ourselves. Our clothes, footwear, accessories, hairstyle, make-up, personality, attitude and whatever we can relate to it, should have the essence of fashion in it. Susan who is a fashion expert uses homework writing services for her daughter believes that the fashion industry is so dynamic in nature that everyday new trends are in the market. It is difficult to maintain a pace with it. Fashion houses find it a constant struggle to introduce new designs and lure its customers. People look for eco-friendly, low cost, fashionable yet durable, evergreen items for their wardrobes.

Block-chain Technology

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It is one the latest technology, which is designed to suit business requirements says Mr.Charles who works at programming homework help. The main aim of this technology is to allow recording of transactions of digital nature but editing and deletion of the same is not permitted. With this application peer-to peer interaction increases and third parties are removed from the system like banks. Best example for this is google docs. When we share google docs in office space or personal space it has the right to read but not the right of editing and delete. The number of times changes made in the document are recorded in a ledger to maintain the integrity of the document. Similarly Block chain technology works. Of course, it is more complicated than Google docs. The three characteristics of Block chain technology which distinguishes it from other such advanced technologies are:

  • Digital distribution of assets without allowing copy and transfer facility.
  • Real time access is given for decentralized assets.
  • To maintain the trust and integrity of the asset a transparent ledger of changes is maintained. The transactions are recorded right from the origin of the asset. This helps to implement it in all types of supply chain management systems.

Benefits

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  1. Transparency– Despite making several rules and regulations at various levels and changing policies organizations are not able to follow transparent transactions path. Here, peers are responsible for transactions and validate them through consensus methods. They will keep a copy of the record with them which will ensure transparency.
  2. Security– This will allow enhanced security by not giving permission to anyone to make any changes in the transaction. It also acts as immutable which means data cannot be reverted by any means, says Keith who has recently enrolled to cyber security courses online.
  3. Traceability- As transaction is recorded regularly, traceability is ensured. Problems like counterfeit, theft , loss of goods can be traced by keeping vendors and suppliers in loop.
  4. Reduced Costs– Block chain removes third parties from the system thus reducing cost. It gives businesses an extra edge to invest money in expanding business, introduce new products or introducing new processes to the system.

Fashion Industry Challenges

This dynamic industry has in store a lot of challenges which make survival a difficult task.

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  • Security- Branded, luxury and lifestyle items are expensive. A secure delivery system is important so that customer loyalty can be maintained. If it gets damaged during transit, loss is being faced by the company.
  • Peak Season– In order to cater growing needs of customers timely delivery in peak season is as important as packaging. Sam, who is a tutor at online computer science tutors, shares that a major turn off among customers related to any brand or e-commerce unit is a delivery issue. In covid season, companies need to ensure safe delivery through its channel partners.
  • Distribution- The availability of products at the time of demand is very crucial. Suppliers and vendors cannot step behind as it is going to affect the company’s market image. In addition, a consistent distribution system is required for constant growth.
  • Introducing new fashion- A company’s capability to introduce new fashion within a specific time frame will make it competitive. Now this fashion needs to be trendy at affordable cost which is again a challenge for all fashion houses.
  • Sustainability- Fashion industry is highly dependent on supply chain partners for the timely delivery of orders irrespective of the circumstances in the market.
  • Inventory- If the appropriate amount of inventory is not available with a company like Amazon then portraying oneself as a major market player will go in vain. Availability of products with major specifications is the key to attract more business.

Blockchain and Fashion Together

If the fashion industry is about dynamism then block chain technology is about revolution. It helps fashion brands to protect their image against counterfeiting and duplicates. As traceability is its pillar so the product’s original manufacturer or designer can be sourced easily.It helps to  remove the problems of supply chain management by making it more transparent. Because of its immutable nature, verified records are obtained. When a customer is spending for originality then it is the responsibility of the company to deliver authentic products to the client. With this licenced trademarks and patent designs can easily become part of royalty tracking. As the origin of each item is traceable, so to weed out duplicate and counterfeit products from the system will be easy. Moreover, weak links like irregular suppliers of the system will be identified and thus operations will become more efficient.

Summing up the Collaboration

With the changing technological needs of the fashion industry block chain technology is a boon. It has the capacity to transform the shape of the future of the trendy industry by protecting the originality to managing logistics, ensuring security of system and users as well as reducing costs of product, raw materials, transportation and handling. It provides real time access at all levels to peer groups for the validation process. It supervises fraud control by checking duplicate entries, theft of payments and stock, removing edit and delete permissions as well as withdrawing hidden cost of operation so that cost effective experience can be shared. In short,all the aspects being taken care of by Block chain technology.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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