Using Blockchain to Improve the Supply Chains of the Fashion Industry

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Using Blockchain to Improve The Supply Chain
of The Fashion Industry

• Blockchain is one such disruptive technology that
  brings about complete transparency and security
  to the fashion industry. In this article, we will
  discuss the various areas in which blockchain can
  be used to improve and enhance the functioning of
  the supply chains in the apparel domain.

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Why Blockchain?

• Using Blockchain for fashion domains will help
  brands achieve transparency and authenticity.
  Using blockchain, companies can embed small chips
  inside clothing and accessories to determine if
  the garment is authentic. Another advantage
  offered by blockchain systems is that the
  records, once added on the blockchain, cannot be
  altered, lost, or destroyed.

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Blockchain for Improving Supply Chain of the
Fashion Industry?

• Let us look at the major benefits provided by
  blockchains in the supply chain systems of the
  apparel domain.

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Faster Than Traditional Supply Chain

• Any fashion supplier will tell you the importance
  of delivering new stock faster and efficiently.
  Though transactions on a blockchain can take
  anywhere from ten minutes to several hours to
  conduct verifications owing to the limits on the
  networks transaction volume, there are many new
  blockchain projects that have now improved
  transaction speeds.

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• Blockchains are much faster than traditional
  supply chain systems as verifying the
  authenticity of supplied fashion goods will be
  completed within microseconds of the arrival of
  the goods. In a blockchain-enabled supply chain,

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• there are no middlemen involved, goods are
  supplied at a faster rate, and the efficiency and
  quality of the goods supplied will be improved to
  a large extent. Fashion products that are
  returned on account of defects or faulty
  stitching can also be processed without any
  alteration, using a blockchain network.

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2.Blockchain Prevents Accounting Fraud

• Blockchains solves the issue of accounting fraud
  in supply chains by creating blocks of records
  that cannot be deleted or modified. Let us
  consider the following example to help understand
  this concept better. If supplier A uses a
  traditional supply chain for supplying goods,

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• both the supplier and the consumer will encounter
  accounting problems as the information present
  throughout the supply chain can be subjected to
  alterations and the middlemen can also manipulate
  the number of goods being supplied. This poses a
  major issue for verification.

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• On the other hand, if supplier A sends 50 shirts
  to consumer B, using blockchain technology, the
  amount to be paid and the number of shirts
  supplied cannot be altered on the network. This
  helps prevent fraud to a great extent.

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3.Provides a Seamless, Omnichannel Experience

• Todays supply chains are varied and complex as
  it involves various participants such as
  warehouses, manufacturing sites, logistics
  providers, and channel partners from across the
  globe. Traditionally,

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• each link in the supply chain will manage the
  roles using their own databases, systems, and
  metrics. Many companies have internal
  point-of-sale (POS) and Enterprise Resource
  Planning (ERP) systems to capture sales in stores
  and manage existing stock. For order fulfilment,
  their e-commerce sites will be connected to
  separate warehouse management systems and ERPs.

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• This inherent disconnect between online and
  offline presents barriers when trying to operate
  as a holistic, omnichannel supply chain. This is
  the very kind of supply chain that consumers want
  today.

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• Blockchain technology solves this problem by
  offering the transparency and connectivity that
  is needed for delivering an omnichannel
  experience. If there is total visibility across
  channels and inventories, a company can determine
  the most cost-effective and fast way to fulfill
  an online order.

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• Using this system, if the warehouse is out of
  stock, one can pinpoint the nearest available
  store and ship the item from there. This will
  make the customer happy as he will receive the
  product faster. If they are unsatisfied, they can
  bring their package to a brick-and-mortar
  location for exchange or return. Also, since that
  transaction will be noted on the blockchain, it
  will be visible upstream in production to support
  demand planning.

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• The best way to understand the role of blockchain
  is the fashion industry would be to enroll in
  supply chain certifications that will provide you
  with the required knowledge.

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Conclusion

• In the face of stiff competition, blockchain
  helps the fashion industry improve efficiency and
  transparency, thus giving consumers one more
  reason to remain loyal.
• To know more about blockchain certifications,
  check out Blockchain Council.

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Blockchain Council Certifications

• You can check out our certifications, and kick
  start your career in the Blockchain space today.
• Certified Blockchain Expert
• Certified Blockchain Developer
• Certified Smart Contract Developer
• Certified Solidity Developer
• Certified Ethereum Developer

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