TECH TALK
So if someone was to alter the contents of
the block, the hash code would automatically
be different and not match the original. This
means that it is nearly impossible to change
the contents of any block in the chain without
having to change all the blocks that precede the
altered one. And the means to do this using even
futuristic technology would be nearly impossible
since the effort would require unrealistically
large amounts of computer power. As a result,
blockchain becomes the most secure way to
record and validate information.
BLOCKCHAIN LEDGER
TECHNOLOGY CAN CONSOLIDATE
ALL THE LINKS WITHIN THE
COMPLEX SUPPLY CHAIN THAT
RUNS APPAREL AND FASHION.
recorded. This allows each party to access their
own information as well as simplify coordination
and validation efforts to ensure that financial
security in trade is always unified and singular.
In simpler terms, blockchain technology
allows a decentralised system to record these
transactions and build them into information
blocks. Each block is a set of transactions that
can’t be altered, edited or manipulated once they
have been verified by all parties. This is done by
using automated digital tools, which apply an
encrypted code signature on every block of data
based on the information block preceding it. This
is a special code, known as a hash code, which
is unique to and dependent on the contents of
each block.
86
I APPAREL I
December 2019
APPLYING BLOCKCHAIN TO APPAREL
Blockchain is still in its early stages across the
world. But according to the World Economic
Forum, over 10 per cent of the world’s gross
domestic product (GDP) will be stored in
blockchain value by 2028. The fashion and
apparel industries are yet to adopt blockchain in a
unified manner, which will see dozens of different
players employing the technology for a variety
of different purposes. However, we can easily
determine that the core value of blockchain
in any business is currently proven in the
following areas: financial transactions, inventory-
tracking, data- and information-gathering,
supply-chain transparency, and protection of
intellectual property.
So how does a data-recording system, which
is super-secure, help the fashion and apparel
industries? When we think of the apparel supply
chain, the answer falls easily within our grasp.
Blockchain ledger technology can consolidate
all the links within the complex supply chain that
runs apparel and fashion. By encompassing
records from the very first stage of farming to
fibre production, processing, manufacturing, and