The food and transport industries are embracing blockchain technology to realize a more transparent and efficient future. At the same time, very little is done in one industry where blockchain can provide a significant amount of value to consumers.
Big-name fashion, clothing, and shoe brands are the ones that stand the most to benefit, while at the same time they seem to be completely ignoring the existence of blockchain technology.
The type of brands that can easily benefit from blockchain technology are those that inspire the production of fake goods. From the top tier like Hermes, Prada, Chanel, to sports goods manufacturers like Adidas and Nike, all the way to nostalgia-filled Dr.Martens, and Timberland brands.
All of these brands are struggling to combat the sale of fake products across stores worldwide. These fake products are sold much cheaper, but they bear the logo of the company, potentially dealing a significant negative blow to the brand’s image.
What can clothing brands do with blockchain?
Let’s take the real-world example of another company dealing with fake products. P. Ferraud & Fils joined forces with VeChain to enable Chinese customers to ensure the quality of the wine they are looking to buy.
They accomplished this by recording every wine bottle on a public blockchain, with entries being available by scanning a QR code or interfacing with an NFC chip on the neck of the bottle. In addition, once opened, the blockchain records this action, preventing the bottle from being used to create fake products.
That example is unique to the wine industry, but the fashion industry can make similar strides to increase its value proposition and protect their brands. The inclusion of an NFC chip or QR code on the label pointing to a blockchain entry that contains specific information regarding the product will enable potential customers to be 100% that they are purchasing an original product.
The technology is there and available through collaboration with various blockchain tech companies, but they simply haven’t shown any indication of willingness to implement such measures.
Is the fashion industry “old-fashioned”?