How the lifestyle industry demands technology to deal with the falsehood that is coming to the market

With regard to the exponential rise in e-commerce and online shopping, the fashion and textile industry, especially luxury brands, came very late. With the constant demands of consumers, the fast pace of the retail and luxury fashion industry is fast approaching. Blockchain technology has the potential to address industry’s long-standing problems by improving data management tools, improving supply chain operations, and reducing the risk of counterfeit and counterfeit products. As a lifestyle and clothing industry, Blockchain has grown and evolved since its inception. Although technology entered the world of fashion quite late, it has now increased its use cases to make the sector more efficient and transparent.

Fake products are a worldwide problem. These are the products 3.3% it costs the global trade and the US economy $ 600 billion year. Companies have been fighting counterfeiters for years, investing significant time and resources to prevent damage caused by counterfeit poor quality products, as well as smart looks that steal their sales and reverse engineering products. Companies have long been forced to operate in the dark because of fragmented data, networks and supply arrangements that make it difficult to track and authenticate. Manufacturers and retailers in the lifestyle segment can use blockchain solutions to detect and report fraudulent activities. Blockchain technology records visibility, tracing, and source data from source to sale and beyond to detect fakes.

Among the leading fashion and textile brands and retailers, the average transparency score is only 21%. Brands can use Blockchain to digitize, control, and track the entire life cycle of a luxury product. Brands can use Blockchain to establish an unalterable record of all phases of the textile and apparel supply chain, to capture specific data, such as sustainability in fashion certificates and claims, and to make this data publicly available.

The brand is trusted by almost two-thirds of consumers worldwide (62%) at the top of the list of sustainable clothing purchases. Supply chain transparency increases customer confidence, which enhances the customer experience and strengthens brand connectivity. Increasing customer trust helps increase customer loyalty and lifetime value. Most consumers, however, are not concerned about high-end businesses exporting counterfeit products from their stores, and products that do not have RFID tags or QR codes in the near future are likely to be considered counterfeit.

Because blockchain technology It provides a secure and reliable tracking system from the beginning to the end of the supply chain. Blockchain anti-counterfeiting solutions support the anti-counterfeiting initiative by identifying the origin of a product (i.e. proof of origin). Integrated with IoT, it may be the best anti-counterfeiting technology in this era. Blockchain’s ability to identify origins allows law enforcement agencies to now establish product counterfeiting.

Companies use smart tags to identify the source of a blockchain solution that identifies a product’s manufacturing location, tracking its location, and assigning other important information at each stage of the supply chain. QR codes, RFID tags, and signatures on metal or ceramic surfaces are examples of smart tags. When a user adds a smart tag to a product, the smart tag sends data for each new transaction to the Blockchain, along with immutable timestamps. As a result, a supply chain partner can track a product through the supply chain to see where and when it was created along the way.

We are seeing an increase in blockchain solutions that empower companies with specialized tools to combat counterfeiting. They use distributed storytelling technology to create a digital footprint throughout the supply chain. Platforms automate the movement of money and services across the supply chain, eliminating the possibility of fraud. Fake solutions that use blockchain technology can be easily integrated with legacy systems. As a result, blockchain provides a cost-effective way to deal with counterfeiting.

As consumer needs grow, counterfeiters will try to take advantage of the situation and expand their market share. The world urgently needs a profitable strategy to deal with counterfeiting. As the blockchain acceptance rate seems to rise, entrepreneurs have the power to use technology to benefit the global economy. Moreover, without replacing older systems, blockchain eliminates the problem of counterfeiting. The breadth of blockchain adoption continues to expand as organizations restructure their operations through digitization.



The opinions expressed above are those of the author.



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