Blockchain For Authenticity Verification Could Change The Fashion Market
Blockchain technology is all the rage right now, and with good reason. Quite apart from being the essential technology that underpins cryptocurrencies, it is in fact a widely-applied technique which is proving to be useful and beneficial in a wide range of circumstances. One way in which it is being utilised is as a mode of authenticity verification for a wide range of products. There are many industries benefiting from this, and fashion is certainly one of them.
So how can blockchain product authentication hope to change the fashion market for the better?
Ensuring The Origin Of Products
One issue in the world of fashion relates to the origin of products. There are plenty of moral, ethical and even legal reasons why a consumer – or a supplier in the fashion industry – would want to ensure that the origin of a product is testified to. For instance, a consumer or supplier might be boycotting a nation which relies heavily upon sweatshop labour.
By using blockchain to verify authenticity, it is possible to discern the exact origin of products safely and in the decentralised manner of blockchain technology, thus ensuring that those items really do come from where they say they do.
Quality & Authenticity
Other important factors in determining products are their quality and authenticity. Of course, consumers as well as businesses need to know that they are dealing with products of the desired quality, but it is all too easy for a label to misconstrue the truth. However, with the blockchain’s decentralised ledger being put into action as a means of product authentication, both quality and authenticity can be assured. That brings greater peace of mind to all.
Tracking Raw Materials & Finished Goods
Making use of blockchain technology in conjunction with radio frequency and the internet of things, it is now possible and affordable to track raw materials as they move from their natural source to the factory where they will be made into clothing and other items. This helps ensure the quality and authenticity of those products too, of course. The product itself can then also be tracked in the same manner, ensuring that the entire distribution process is mapped and tracked fully.
In the fashion world, more perhaps than in many other industries, brands are hugely relevant. After all, consumers will often buy products specifically from certain brands who are known to produce high-quality items, and in part for the social value of doing so. But that means that fakeries are hugely common – in fact, they’re on the rise.
With blockchain product authentication, all that is a thing of the past. This tech can help to ensure intellectual property protection for all fashion brands. This protects the brands themselves, but also helps the consumer to know that they are really getting what they’re paying for.
As you can see, blockchain for authenticity verification could soon change the fashion marketplace for the better in several key ways. Don’t be surprised if you see more and more of this application of technology in the near future.