Oluwatobi Joel, writer and co-founder of Lootner, comments on the future of Blockchain in the fashion industry and how it can revolutionize it.
Let’s talk fashion. Everyone loves fashion – trends, freedom of expression and so affordable and accessible to everyone worldwide. There is a way our favorite T-shirts and jeans come to our households – supply chains.
Those chains are the pipeline through which clothes take their way from the factory to the consumers. Of course, supply chains have come a long way with technology and AI but there is still space for some good decentralized entities in the face of the Blockchain.
Oluwatobi Joel, a freelance copywriter and co-founder of Lootner, comments on Cointelegraph about the implementation of Blockchain to fashion supply chains.
Fraud sensitive supply chains
The fashion industry needs transparency desperately. It is said that counterfeit goods have caused massive damages to the economy as customers can never be sure where their clothes come from.
Replicas are everywhere and people usually compromise quality over quantity with such practices. Blockchain is the problem-solver for keeping records of the product journey from the idea and materials to the packaged version. There are dApps to be made for tracking products and the entire process.
Removing the accounting hustle
According to Joel, Blockchain solves accounting frauds that may be encountered during traditional supply chains. Information can be altered and changed without any verification whatsoever. If a supplier sends 30 jeans to Consumer D through Blockchain, the payment cannot be changed and a potential fraud is prevented.
Speed is key
Speed is important when it comes to fashion stock. Blockchain transactions can take from 10 minutes to many hours but there are some Blockchain platforms that have increased transaction speed.
No middlemen equal no issues within transactions arrival. All of this improves not only efficiency but the quality of the goods. Clothes and garments with defects can be returned and refunded for through Blockchain with transparency being key to the process.
Oluwatobi Joel mentions two Blockchain platforms that specialize in fashion. First one is the Cardano Blockchain that verifies information about shoes. The other one is Provenance, a Blockchain supply chain, currently in need of developers to pitch in the project.
In short, Joel summarizes that to him Blockchain is the tool for solving most of the industries’ issues and making sure that products come crisp and new to consumers worldwide. The future of fashion supply chains is emerging faster than ever.