How can blockchain affect supply chains in the fashion industry?
Blockchain can add value by bringing more transparency to the supply chains. Example : In the fashion Industry, suppose you buy designer cloths, and its made in France. How can you be sure that it is made in France?
As a consumer you see the tag and Trust that ‘Made in France’ written over it. As a consumer we “TRUST” the brand but dont have any solutions to verify the authenticity whether the designer cloth is actually made in France or not.
Now blockchain can overcome this situation. Product (Cloths) journey from Raw material to finished product can be recorded on the blockchain. Blockchain, with its property of Immutability, information recorded here can not by modified or tampered with, hence it acts a single source of truth for product journey.
From where the raw material was sourced, factory where the raw material was converted into the designer cloth, logistics partner details taking the finished product from factory to wholesaler and from wholesalers to retail outlets. all these details can be recorded on blockchain.
An application can be build where In the retail stores, at the time of buying customer can scan the product code and can see the whole product journey , recorded on blockchain. This way customer will be able to verify the authenticity of product. Genuine/ fake product. Also it will result into Increase profitability for the Manufacturer ( due to removal of Fake products from the supply chain)
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