Some key definitions
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as“ an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.” For use as a distributed ledger, it is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which needs a collusion of the network majority.
Digitisation, or digitalisation, is the process of converting information into a digital( i. e. computer-readable) format, in which the information is organised into bits. The result is the representation of an object, image, sound, document or signal( usually analog) by generating a series of numbers that describe a discrete set of its points or samples. The result is called digital representation or, more specifically, a digital image, for the object, and digital form, for the signal. In modern practice, the digitised data is in the form of binary numbers, which facilitate computer processing and other operations, but, strictly speaking, digitising simply means the conversion of analog source material into a numerical format; the decimal or any other number system that can be used instead.
Source: Wikipedia
Digitalisation is fine, but without the right human interventions it would remain only a watchword. The future will depend on who has the data, how that data is processed and what sense is made of it.
undercut mid-range brands like Zara, but a reflection of the luxury houses’ desire to emulate the ability of such brands to deliver— fast— on what their customers want.”
Today, all brands( not just the luxury labels) market through online channels, use social media to the hilt, and use digital to print. Yes, the extent and intensity vary from one brand to another.
The Question of Control
In January 2000 came a shocker for the media ecosphere with internet service provider AOL( originally known as America Online) buying media and entertainment conglomerate Time Warner for $ 164 billion. The development was widely described as a click company buying a brick company, and the word was that internet companies were here to rule the world. Then, the dotcom bubble burst, and the Time-AOL merger was a disaster and did not play out as being thought to. The first few years of this millennium brought along blogs, and some years later social media.
The news media establishment was the first to be disrupted— some might even argue, destroyed— by the internet. Media executives were far too slow to catch on to the internet, leave alone foresee what it could do to news media. Journalists were slower still. It is not a question of whether the disruption has been good or bad, but the result is there for all to see. Credibility of journalists took a beating with transparency setting in through blogs and social media, and the story-telling art of journalists took ages to conform to the digital world. Today, it is a post-truth environment, particularly with fake news and dubious opinions holding sway.
Those who understand and are conversant with what should be news, no longer run news organisations. Technology and technological compulsions and logistics now decide what should be news, irrespective of whether it is right or wrong. News is no longer news; it is content.
Therein lie lessons for the fashion world too. All changes, innovations and inventions today are coming from the information technology world, and technology companies are increasingly driving the agenda of the fashion industry. It would be fascinating to see how things play out. One can see this from any prism one wishes to: for this could be a convergence of fashion and technology; or it can be a battle between fashion and technology to decide who wears what in the future.
Give or tech, the world is surely going to change. Fast.
About the author Subir Ghosh( www. subirghosh. in) is a Bengaluru-based writer and researcher. He can be reached at subir. f2f @ gmail. com
NOVEMBER 2017 FIBRE2FASHION | 51