The Blockchain is set to disrupt yet another industry. The fashion business is due an uplift thanks to IBM’s foray into the Blockchain.
New York based tech giant, The Armonk, announced that it will be teaming up with German textile manufacturer Kaya&Kato to create a Blockchain network that tracks the origin of fabrics. All this will be thanks to the IBM Blockchain ecosystem. According to an IBM statement, the new application will help Kayo&Kato’s suppliers and customers identify where the fabrics were processed and also understand all the production processes.
“The network is designed to create transparency about the origin of garments, from the fiber used to the completion of the final product, and to provide consumers with the knowledge that their clothes are sustainably produced.”
The endeavor has received a big endorsement form the German Federal Ministry of Economic development as IBM seeks to give the fashion industry a sourcing makeover. The IBM enabled venture is supported by the fact that a study by Morning Consult found that 75 per cent of respondents were concerned about waste in the fashion industry. The study also revealed that 64 percent of respondents were behind new technologies verifying the source of the fabric as well as their sustainability.
The Joint venture by The Armonk and Kaya&Kato, facilitated by IBM’s Blockchain ecosystem, represents another supply chain use case. Supply chain logistics has been one of the most effective use cases for the Blockchain.
Success has been experienced in various tracking processes. This use case has worked well for the shipping sector with companies like Maersk reaping rewards. The technology has also helped track the source of minerals such as cobalt all the way back to the Congo. It’s all in an effort to ensure transparency and sustainability when sourcing for needed raw materials that fuel the success of a given industry.
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