Author: Anna Danilova
The fashion industry plays a crucial role in everyone’s life, reinforcing our social status. Consumers are attracted to fashion to communicate their personality, spread the culture, and prove their social individuality. This industry has always been keen on unusual and particular trends, and as a result, to anticipate their future trends and impact, however, consumers are becoming more and more informed and demanding. Moreover, the need for accountability and transparency, the battle against counterfeiting, and finally the issue of sustainability render the fashion context much more complex and therefore a real concern.
Fashion companies are starting to focus, in turn, to their business models to minimize potential damages to their image and reputation. This is why the fashion industry has recently begun to approach Blockchain technology, which has emerged as a powerful and successful alternative to secure data sharing across the internet.
The features and functions of Blockchain technology lead to several key benefits and advantages for business processes and user data. It has to be seen as a network that enables the creation of a new form of social relationship, which, thanks to the cooperation of all the network’s members, will provide them with the ability to verify, track and have full transparency in the decision-making process. Among the main benefits, we can mention security, reliability, transparency, decentralization, and overall lower prices. The above-mentioned advantages would provide benefits to the fashion world as well. Blockchain doesn’t rely on a central authority and therefore enables businesses to communicate directly with customers, thereby increasing their sense of belonging to the brand and strengthening their identity. The Blockchain system ensures the ability to record every phase of the manufacturing process, as well as to protect the intellectual assets of their brands and designers. It permits them to customize their clothing. Given that one of the main advantages of this technology is transparency the system allows us to maintain it over the entire supply chain in real-time.
The concept behind it is that it would make it easier for brands to shop online, make it more available to consumers, while still allowing them more control over transactions.
Our generation, in particular, is increasingly moving away from the idea of fast fashion and its sector. Nowadays, customers are not as attracted as they were once at low prices and more variety, frequently connected to unethical manufacturing that exploits the labor of low-cost countries. Fashion brands consequently have to deal with a more demanding generation, which doesn’t allow itself to be fooled by non-transparent and non-sustainable brands and instead embraces more tailored and customized productions that increasingly respond to new preferences and personalized tastes.
Blockchain will permit us to understand where the product was manufactured and in what conditions. Even though this technology is becoming more advanced every day, it is still mostly uncontrolled in this sector and there are still no clear guidelines to be followed by fashion houses.
Creating a comprehensive standard would make this technology more successful and easier, providing the fashion industry many benefits that are worth the challenge.