The flow of goods in the fashion supply chain is currently plagued by a lack of transparency and traceability. This makes it difficult for companies to accurately track the movement of products and services, leading to inefficiencies, higher expenses, and increased risk of fraud and counterfeiting. Additionally, the lack of transparency can make it difficult to verify compliance with regulatory standards, leading to reputational risks and disruptions in the flow of goods. This lack of transparency and traceability can negatively impact the fashion supply chain’s overall performance and efficiency, hindering the development of lasting partnerships between partners in the chain.
Blockchain technology can be used to track the entire supply chain of fashion products.
From the origin of raw materials to the final point of sale. This is done by creating a decentralized, digital ledger that can be shared among all the relevant parties involved in the supply chain.
Each time a product moves from one stage to another, a transaction is recorded on the blockchain, creating an immutable record of the product’s history. This record can be used to verify the authenticity of the product, its origin, and the conditions under which it was produced, such as labor practices, environmental impact, and sustainability. This will allow fashion companies to ensure that their products are produced ethically and sustainably and that their customers can trust the origin of their purchases.Close