HOW TO THINK ABOUT BLOCKCHAIN IN THE FASHION INDUSTRY?
In this speech we focus on the role of Blockchain in the fashion Industry.
Blockchain is a word we’ve been listening to so far in the last couple of years. It seems to be the base of any disruptive evolution.
How should we think about blockchain in the fashion industry? Let’s discuss with:
- Riccardo Mocellin, Phd student in management engineering at the University of Padua with focus on blockchain, supply chain management and Industry 4.0
- Alessandro Michetti, web and mobile app developer and innovation leader at Skianet, a software house company
- Massimo Brandellero, founder of the ID Factory, a supply chain management platform working in the fashion industry in order to support the brands to manage their complex supply chain. The company’s goal is to measure what really matters.
- Luca de Iulis, marketing and sales director of Conceria Montebello.
The benefits of the blockchain technology
Blockchain is an opportunity for the fashion industry.
Despite some projects sponsored by the italian government about blockchain to fight counterfeiting, none seems to be focused on how fashion supply chains can be better on the traceability aspect, verifying every single step and being more transparent.
According to Riccardo Mocellin, academic literature suggests so many benefits related to the blockchain applied to the fashion supply. These benefits are efficiency, improving information sharing, better transparency and security.
From the industrial point of view there is great difficulty in scaling up projects and implementing this technology from the raw material to the final customer.
There are two types of measurement.
- The first one is focused on the B2C to improve final customer experience, providing the customer with the proof of authenticity or the full history of the product.
- The second one is focused on the B2B to improve visibility through the fashion supply chain, to be sure that our suppliers operate in a certain way respecting regulations. From this side there are some difficulties because some actors could not be interested.
The ideal situation is to have a full visibility of all the actors.
The main difficulties to implement blockchain technology
When you work with blockchain you have a secure way to store data. You can know who wrote a certain information, when this information is written but you can not be sure about the quality of the data uploaded on the blockchain.
It’s important to know how to be sure that the actors/suppliers upload information that actually reflect reality. Often data can be manipulated in an opportunistic way.
The ID Factory provides a secure system where quality data are collected, uploaded and shared along fashion supply chain.
Blockchain is a tool that helps to provide transparency, transparency is a mission and should be in the DNA of every fashion supply chain.
The problem is the engagement of the parties and the willingness of the brands on working on this topic. In the fashion industry there is a lack of rules in managing the fashion supply chain.
Blockchain is not a solution but an essential part that provides a strong benefit if used in a correct way.
Where do you need to start to implement blockchain in the supply chain?
Is blockchain an essential tool to improve sustainability within the fashion industry?
Listen to the full webinar to discover more about the benefits and criticalities of blockchain technology!