K
Kathleen Martin
Guest
Like all other industries, fashion is hoping for a speedy recovery from the pandemic. More than any other, however, sector demands have changed. Today’s consumers expect brands to provide a friction free experience with transparent ethical standards in production. For these companies, there is hope from an unlikely saviour: Blockchain.
Supply chain issues are not a new problem. Unsustainable manufacturing, unethical labour practices, and overproduction are widely reported, and consumers have taken notice. Today, 64% of shoppers look for ethical or sustainable features when making a purchase. While the sector must meet demand, they must also drive ethical standards and meet sustainability commitments.
That’s where blockchain – a decentralised, chronological, and public ledger of transactions across a peer-to-peer network – comes in. Blockchain can track a garment’s full life cycle, from design through to sale to ensure transparency and traceability. The supply chain needs connectivity and accountability and blockchain can deliver it.
Traceability across the entire lifecycle
When a raw material leaves its place of origin, the lifecycle of a garment begins. Cotton for example, is made into a fabric, dyed, stitched together to make clothing, then mass produced for distribution. Manufacturers and suppliers must have full visibility into the production process, and this starts with having a permanent digital record of every step of the journey so consumers can understand the environmental and social impacts of the product. As well as providing greater insight to customers, retailers who gather this information can also become more efficient and less wasteful when designing garments.
Lenzing’s TextileGenesis™ platform is paving the way for retailers to utilise Blockchain. Blockchain assets called “Fibercoins” are issued to physical shipments of Lenzing fibres. Raw materials to finished goods are monitored in real-time and provides heightened transparency into the flow of physical goods.
One of the biggest behavioural changes in recent years is consumers becoming more conscious about their impact on the environment. To meet this demand and avoid criticism, fast fashion retailers have been entering the resale and rental clothing markets. The UK government recently unveiled plans to support sustainable fashion in a bid to tackle waste in the fast fashion industry and hold manufacturers to account. Such developments may ultimately see more brands enter the resale market and kickstart additional green initiatives. While this may be effective for high street brands, luxury brands are seeking new ways to maintain the value and longevity of their products. Again, blockchain is here to help.
Continue reading: https://internetretailing.net/views/guest-comment-blockchain-in-fashion-bringing-sustainability-and-transparency
Supply chain issues are not a new problem. Unsustainable manufacturing, unethical labour practices, and overproduction are widely reported, and consumers have taken notice. Today, 64% of shoppers look for ethical or sustainable features when making a purchase. While the sector must meet demand, they must also drive ethical standards and meet sustainability commitments.
That’s where blockchain – a decentralised, chronological, and public ledger of transactions across a peer-to-peer network – comes in. Blockchain can track a garment’s full life cycle, from design through to sale to ensure transparency and traceability. The supply chain needs connectivity and accountability and blockchain can deliver it.
Traceability across the entire lifecycle
When a raw material leaves its place of origin, the lifecycle of a garment begins. Cotton for example, is made into a fabric, dyed, stitched together to make clothing, then mass produced for distribution. Manufacturers and suppliers must have full visibility into the production process, and this starts with having a permanent digital record of every step of the journey so consumers can understand the environmental and social impacts of the product. As well as providing greater insight to customers, retailers who gather this information can also become more efficient and less wasteful when designing garments.
Lenzing’s TextileGenesis™ platform is paving the way for retailers to utilise Blockchain. Blockchain assets called “Fibercoins” are issued to physical shipments of Lenzing fibres. Raw materials to finished goods are monitored in real-time and provides heightened transparency into the flow of physical goods.
One of the biggest behavioural changes in recent years is consumers becoming more conscious about their impact on the environment. To meet this demand and avoid criticism, fast fashion retailers have been entering the resale and rental clothing markets. The UK government recently unveiled plans to support sustainable fashion in a bid to tackle waste in the fast fashion industry and hold manufacturers to account. Such developments may ultimately see more brands enter the resale market and kickstart additional green initiatives. While this may be effective for high street brands, luxury brands are seeking new ways to maintain the value and longevity of their products. Again, blockchain is here to help.
Continue reading: https://internetretailing.net/views/guest-comment-blockchain-in-fashion-bringing-sustainability-and-transparency
