What are some blockchain startups in the fashion industry?
Blockchain Technology is a decentralized distributed ledger which updates information automatically across the entire network.
Among the foremost promising blockchain applications for fashion companies are supply chain and inventory management. It can also address the issue of counterfeiting. Blockchain applications combined with RFID and other IoT technologies can instantaneously track shipments of raw materials from source to factory, then track the finished product through its entire distribution chain to the consumer.
Some of the blockchain start-ups in fashion industry are:
- VeChain
- Lukso
- Provenance
- Fashion Coin
The blockchain-based applications will allow the designers to document every step in the design process, providing unalterable proof of creation in the case of a dispute. Brand owners who license their intellectual property can use blockchain technology to track sales and royalty payments – similar to a system already being developed by the music industry for tracking royalties, using IBM’s blockchain platform.
This technology is undoubtedly entering into new industries and benefit them in huge ways.
