TECH TALK
shipping straight to retailers, the industry can
streamline information-sharing between all the
participants of the supply chain in a secure and
highly trusted manner.
This would allow anyone in the system to
access any information, such as the origin of a
garment in seconds rather than weeks. And if
there are concerns regarding the chemicals used
in the treatment or production of the material,
it can be easily checked without delay. Any
information that the industry deems necessary in
publicising its goods can now be verified by the
consumer and compliance agencies without any
uncertainty or delay. Not only does this increase
efficiency but also allows smoother moving of
goods under national policies of sustainability,
material sourcing, and other compliance-related
rules. Moreover, customisation of the blockchain
system can be facilitated to protect business-
sensitive information of each commercial
participant, while seamlessly sharing relevant
public information.
For consumers, this feature ensures that
they can make informed decisions about their
purchases, and be guaranteed that the quality
and origin of the products is as advertised, and
that they do not have to simply trust the ‘Made
in…’ label alone. Blockchain can also drastically
reduce and potentially eliminate the existence of
the humongous counterfeit clothing market that
plagues the apparel and fashion worlds at large.
And in terms of global trade, it can lead to trillions
of dollars’ worth of trusted trade between nations,
as efforts and debates over bringing in more
sustainability and ethical business practices (such
as appropriate dumping, ensuring fair wages, and
sourcing raw materials ethically) can be made
public. Not only will this reform the industry in
a fundamental way—thereby improving trade
relations between international partners—but it
BLOCKCHAIN CAN ALSO
DRASTICALLY REDUCE AND
POTENTIALLY ELIMINATE THE
EXISTENCE OF THE HUMONGOUS
COUNTERFEIT CLOTHING MARKET.
will also make business operations more up to
date, efficient, and profitable. Currently, we are
witnessing various businesses developing their
own smaller networks, inviting their vendors
and partners to connect with them. But for true
value to emerge, these systems need to expand
beyond borders and connect with the global
network of apparel stakeholders to truly achieve
their full potential—something that blockchain
technology effectively enables.
APPAREL
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December 2019
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87