It’s allowed us to bet on our futures while we accumulate wealth. We can now reimagine a future where banking and business processes will benefit all consumers.
Is our wardrobe next for an overhaul?
From streetwear to luxury, brand names make a huge statement about the person wearing them. They function as a signpost–a roadmap for how we see ourselves and how we would like others to relate to us.
Blockchain technology is about to upend the fashion business in the best way possible.
A million things have to happen before you get your hands on a new pair of Jordans. Designers, suppliers, manufacturers, distributors, banks, and retailers are just a few of the entities at play. All of these people and elements need to communicate with each other in real-time. They need up-to-date information to be ready to do their work.
The blockchain makes this possible.
Business options on blockchains are endless. Blockchain offers authenticity and transparency to all users. This is a homerun for luxury brands. Want to know if your Louboutins are legit? Scan a small chip embedded inside to confirm authenticity. This could be a reality someday.
Blockchain technology can create serial numbers, which then link back to the item’s digital twin. Customers can feel at ease knowing an item is authentic, because if these links are missing, it is likely that their goods are counterfeit. Innovations in security and tracking will ripple throughout the supply chain and keep all parties informed and aligned. Once information is stored on the blockchain, it cannot be altered or destroyed.
“Blockchain records and timestamps every touchpoint, transaction, and product movement in the supply chain. Any change would require the consent of everyone else in the network, preventing any sort of tampering.”
– Neeraj Singh, former CIO president of Aditya Birla Fashion and Retail Ltd. India.
That’s good news for everyone.
More companies are taking note and getting on board. Forward-thinking companies like Plein, Hublot, and Bvlgari have adopted Bitcoin and blockchain technology. Swiss watchmaker Hublot even designed exclusive timepieces for those who prefer to pay in crypto, putting them ahead of the pack.
Cryptocurrency is exciting, and younger generations are catching on quickly. Gen Z leads at the forefront of this adoption, which will push the fashion industry even further into a crypto future. More brands will jump on board; it’s only a matter of time. Having a digital wallet and paying for the latest sneakers with Bitcoin will be no big deal. Authenticating luxury items will be commonplace.
Companies that do not embrace a crypto future will miss out.
Blockchain technology can connect everyone, create transparency, and inspire innovation. It is already transforming the fashion industry in ways we cannot yet see. Lace up your Jordans and grab your MCM backpack; it’s about to be a wild ride.