Whether it’s financial services, technology, or healthcare, cryptocurrency has become an integral part of several industries. With its worldwide expansion, digital assets like Bitcoin and Litecoin are likely to drive market growth in the forthcoming years.
Not just that, people are becoming more open to USDC, which is an alternative to USD-backed cryptocurrencies like Tether. Many people buy USDC as it’s a faster way to send and exchange money globally.
Coming to the use of cryptocurrency around the world, digital currency has also been dominating the fashion industry lately. Fashion brands are using blockchain to digitize, track, and trace the complete lifecycle of an item.
If you are wondering how else cryptocurrency is revolutionizing the fashion industry, then read through:
Fashion industries are using blockchain to combat any issues or challenges that they face throughout their journey. For those who don’t know, the blockchain work as a distributed digital ledger that stores data of any kind. It plays a crucial role in cryptocurrency systems for maintaining a safe and decentralized record of transactions.
Put simply, whether it’s the date, time, or participants, every little information or data is stored within the blockchain. In fact, these blocks have their own set of information that can be recognized through the hash code.
Blockchain promotes decentralized manufacturing in fashion. It works under the peer-to-peer or decentralized network where all stakeholders can connect. In any fashion/apparel industry, the stakeholders include suppliers, designers, manufacturers, distributors, and transporters. It also includes banks, consumers, farmers, retailers, and many more.
Just like how consumers like transparency, manufacturers, suppliers, and retailers want it too. They want to stay sound and informed about things related to clothes. And that’s why the trend of decentralized manufacturing has taken a toll lately.
With such demands, blockchains’ digital links come into play. It creates a physical-digital link between goods and their identities within a blockchain. This makes things more convenient and easy for the fashion industry.
The cryptographic seal/serial number works as a physical identifier that connects with the product’s digital twin. This connection or link offers great transparency to every individual involved in the fashion industry.
It gives consumers peace of mind so they can focus more on what to look for in jeans!
Blockchain allows consumers to stay assured of the apparel they are getting for themselves. If they fail to find the physical-digital links, it clearly denotes that the product is fake.
In other terms, blockchain saves customers from getting bluffed by manufacturers due to counterfeit goods. It maintains business ethics in fashion brands and ensures a good supply chain in a hassle-free manner.
Blockchain also ensures that the entire information transfer process (in any fashion store) is happening fast and easily. The data gets transmitted from farms to processors, manufacturers, and even shippers in just a few seconds. It also helps to track the sustainability/compliance of goods with the help of information present in the blockchain.
Overall, it can be said that the blockchain bridges the gap between any fashion brand, customer, and other individuals involved in the industry. It keeps the companies and consumers updated with everything, starting from product stories, tracking sales, and payments. Not to forget about its potential to check the authenticity and validity of the apparel that customers buy! All this helps fashion stores to become more professional and systematic with their aims.
What’s even more fascinating is that it’s just the start! As technology progresses, the fashion industry may revolutionize to become bigger and better. We, the common people, will just have to wait and watch till then.