Can Block-Chain Technology revolutionize the garment industry? Check out my new article to know the answer.

2. What is Block-Chain technology?
• Cryptocurrencies work on the block-chain technology, and this
technology is being seen as the way of the future transactions.
• Block-chain technology is simply a digital ledger created for
transactions.
• It was originally written for Bitcoin.
• This technology distributes transactional data transparently through
a series of interconnected systems or computers.

3. How does this technology work?
(Image Source: http://netsend.com)

4. How does this technology work?
• Instead of relying on a third party controller, transactions in
this technology are mediated by participants using a
consensus protocol on ledger content (pre-agreed rules).
• They transaction integrity is maintained by using
cryptographic hashes and digital signatures.
• The shared ledgers here are identical, based on the
established consensus, which lowers the risk of fraudulent
transactions.

5. Why use Blockchain technology?
• There are two big changes this technology promises to bring
in the online transactions avenue.
– Firstly, it lowers the risk of information theft or misuse, owing to its
structure of the peer-to-peer network.
– Secondly, in case of an error in a certain transaction, the remaining
computers in the network can easily overrule the faulty one preventing
the probability of fraudulent transactions considerably.

6. Why use Blockchain technology?
• Unlike traditional technologies, where a central server manages or stores all
the data, becoming highly vulnerable to security attacks, block-chain
technology actually distributes the data using cryptography, which in turn
secures sensitive information.
• Hence, with block-chain technology, all the data is being stored on a series or
a network of computers connected to each other, rather than on a single
central server.
• So if one computer from the whole network is corrupted or attacked, a
timestamp stored on another computer in the chain or network can
counteract its effect.
• Beyond security benefits, this technology also offers a more democratic and
transparent, data distribution method across supply chains.

7. Can Blockchain revolutionize garment industry?
• Blockchain has already laid its course for disrupting garment
industry.
• A Transparent Company, founded by Neliana Fuenmayor, is
already using this technology.
• They have developed a project where they track end-to-end
supply chain of UK Alpaca, right from the farm to the finished
product.

8. Can Blockchain revolutionize garment industry?
• Recent hashtag revolutions like #whomademyclothes have
shown millennial consumers are keen to know where their
clothes are coming from.
• Moreover, every garment supply chain is highly complex
tangled web of players. Transparency in this complex supply
chain transactions and data management is a huge advantage
that can truly profit the industry.

9. Can Blockchain revolutionize garment industry?
• This technology can ensure real-time product tracking across the garment
supply chain, making them much more cost-efficient, along with building
consumer trust on the brand.
• Currently, transparency in the garment industry is limited to the “Made in”
labels used on the garment.
• It will offer full transparency and traceability to every piece of garment that
sits on the shelf. It will also wipe out fake products and counterfeits from
the market.

10. Can Blockchain revolutionize garment industry?
• In long term, this technology can also make the garment industry
sustainable. This technology is predicted to build a stronger bond between
the consumer and the garments they purchase owing to the story every
piece can tell.
• Also, it will force manufacturers and garment brands to chose sustainable
options and reduce their environmental impacts to save themselves from
customer ire.
• Embracing this technology by garment industry will still take time. In order
to completely implement this technology, the industry needs to responsibly
align all their practices to sustainable alternatives.

11. For more insight into this topic, visit
www.stitchdiary.com