Fashion and Blockchain – An Unlikely Pair?
Beautiful Inside And Out
Fashion and blockchain – as unlikely a pair the high-glam world of looking good and the high-tech world of complex mathematical computations may be at first glance, don’t let outside and inside appearances of the two fool you. According to Fashionista, an industry website dedicated to industry news and criticism, tamper-proof ledgers powered by blockchain may just be the element missing for building a new sustainable framework for a global industry recently prominent in the negative spotlight with regards to ethical conduct on various levels. “Two significant applications for blockchain technology have emerged when it comes to ethical fashion. The first has to do with supply chain transparency…The second has to do with creating economic systems that keep money concentrated in ethical fashion ecosystems.”
Millennials Setting New Standards
Forbes Magazine claims consumers are increasingly demanding to know the origin of clothing and conditions of manufacturing regarding ethical and environmental conditions of production. Furthermore, they want as much detail as possible. Consequently, these consumers analyze everything.
Indeed, this analysis includes facts on the product of life of clothing to details surrounding the manufacturing process. “The blockchain solutions in the industry stem from its (blockchain’s) unique ability to create a physical-digital link between goods and their digital identities on a blockchain. Often, a cryptographic seal or serial number acts as the physical identifier, linking back to the individual product’s “digital twin.”
In line with this, Millennials are among the fastest growing consumer segments. They love cryptocurrencies and demand conscious consumer choice. As a fact, unlike previous generations, Millennials are not as easily impressed by labels based on brand appearance alone. Indeed, Millennials are changing industry culture as result of extensive demand for background information they require. If it is not available, they will not make a purchase. This consumer group is acutely aware of climate change, human rights and the scarcity of resources future generations are facing. “Too many brands have been exposed as wasteful, environmentally unfriendly, or simply unethical. The backlash against fast fashion is evident in a younger generation less impressed with labels and happy to purchase vintage pieces that have stood the test of time.”
The Key to Transparency
Thus, the future integrity of fashion brands largely depends on their reaction to changing patterns of consumption and behavior. How transparent is the background of the brand? Apart from the potential of improved and innovative insights into consumer data delivered by blockchain, underlying encryption technology may prove to be the key to providing more transparency and insights between manufacturers and consumers in a vast array of industry applications without intermediaries.
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