Gone are the days when people would wait for the product to get delivered after an order. But these days customers want to keep a check on their products and transparency. The network of fragmented supply chains of the apparel industry lacks transparency. There comes blockchain technology that stores data through its decentralized solutions, which can help maintain transparency to the users.
According to Forbes, Blockchain implementation will facilitate more intelligent business processes because the trust would be distributed, and the processes would be truly transparent.
Know how blockchain is fixing the threats of the apparel and textile industries
Blockchain allows connecting with all stakeholders of the chain such as farmers, designing houses, manufacturers, distributors, retail outlets, banks, and other parties. This technology leaves no space for any kinds of failures.
The way consumers and companies look towards transparency has been evolving day by day. As consumers started turning towards more transparent products and brands, in the same manner, companies started to look towards a decentralized environment of manufacturing their products. Businesses have been focusing more on sustainability and supply chain management to earn more.
Blockchain is one such technology that can create both physical and digital links between goods and their unique identities through its methods. This has helped the industry to be more ethical in its supply chains.
Transparency is the power that can be used to satisfy the manufacturers, suppliers, and buyers. The Gen Z people are more conscious than Gen Y and X. They demand transparency and sustainability in the brands. This is the main reason why most apparel brands are shifting from linear models to circular models. The new ways can benefit in minimizing waste. As the apparel and textile industries are embracing technologies in coming up with sensor-equipped clothing.
Most apparel businesses are enjoying blockchain as it becomes easier for them to get access to all the information. This has also benefited to narrow down the gap between the brands and consumers. Blockchain is a safe platform for communicating with buyers regarding products. With this brands can keep track of sales and payments too. The future of the apparel and fashion industry is evolving with the help of blockchain.