The world of fashion is and has always been a space for beauty, experimentation and high prices. Obviously, people of all ages, places and income levels want to be a part of this world at some point — even if it's just for a brief moment. And some take advantage over this strive for excellency.
Very often by the time new designs reach retailers the stores are already by with their replicas. According to experts, last year's fake clothing and accessories market cost over 450 billion dollars. Such processes are the reasons why companies lose their profits, and brands — their reputation.
The question of how to spot a fake is one of the popular ones on Google, and there are countless numbers of resources that offer a solution. So how can blockchain help with that? Fashionable Crypto Solutions
Blockchain can protect personal data of the customers while tracking the path of the product, from its creation to the shops and further.
The discussions regarding this issue began in May 2017 at the Copenhagen fashion summit. There, the blockchain-based application Provenance took the spotlight. Its goal is to to reveal the entire history of the creation of a fashion product. First, the information about the fabric was uploaded to the app. Then the data about sewn clothes and all related processes was added to blockchain network. As a result, it was possible to trace the full cycle of life for Martine Jarlgaard's dress.
After the creation process was fully uploaded, a piece of clothing was attached to a digital token that allows to view digital history of each piece. A customer can get that information through a QR-code on the label.
This technology is also used by the Chinese company BitSE that developed a similar Ethereum-based application VeChain. The Dutch startup Seal followed its foreign colleagues and developed an app that provides information about the authenticity of the goods through a smartphone. If the company manages to equip as many goods as it plans to, it would become much easier to spot a fake. Protecting Private Information… In Style!
Many companies dream of better understanding of their customers. For fashion industry, one of the crucial factors are where, when and how their clothes are worn. If they manage to figure it out, they'll be able to adapt to audience's wishes faster and in more detail, thus profiting even more.
American company Loomia with headquarters in New York collects data on clothing through electronic circuit sewed into the label. For instance, the device provides information about abrasion, location and temperature that is stored in the blockchain.
Owners of such "surprising" clothing can sell such information to manufacturers and marketing companies, receiving tokens as payment. And in turn, the tokens can be exchanged for discounts, preferential terms of purchase and other bonuses. The Way Forward
Currently, large companies are trying to expand their borders and create something new for consumers.
The Nike, for example, now presents itself not only as a clothing manufacturer but also as a technological solutions company. Their new products are often supplied with calorie rhythm sensors or sensors that detect the amount of calories burnt. And the reason behind implementing those technological developments is constantly growing competition in the fast modern world.
Blockchain helps companies to stay up to date, protect their reputation and allow to quick and precise market research, especially when it comes to post-purchase fate of the product. Such intel is something those who want to improve on what they have would pay much for.