The textile industry is not related to only fashion today…It is more about Smart fabric and Blockchain has a key role to play.
The technological advancements have literally changed the way we look at commodities today. Like any other industry, the textile industry is globally widespread and is advancing, leaps, and bounds when it comes to trends and fashion. It is more likely to adopt technology aid as well, to make the fabrics smarter and a part of value-added commodities.
Imagine, from what color and type of fabric you are wearing, your music app would get synchronized and play your suitable music while you travel to the office. Doesn’t that sound amazing !!
Blockchain would not just make the textile industries generate smart fabrics, but it would revolutionize the way the textile industry carries its processes. Cost-efficient, brilliant, and fast processes would definitely take the textile industry to the next level.
Some of the major issues in the textile sector in the conventional system:
Lack of consumer awareness:
Consumers today are smart and need to know all the details of products, right from its original source. As the conventional system is least transparent, the consumer today is not completely made aware of his right to information.
Poor supply chain management:
The supply chain processes are not completely automated and trustworthy. It needs to be set in place for efficient working and timely deliveries.
Conventional and unethical processes:
In major parts of the world, all the processes are still completely manual, and more prone to errors. This also leads to following corrupt and unethical processes, making the system less secure to deal with.
Counterfeiting of brands and products:
Big brands are openly copied, and sold in the market worldwide today, at much cheaper rates. There is no system to track all of these counterfeiting processes and it makes it difficult to handle these illegal manufacturing.
High cost and time involved:
As the conventional system is centralized and authority dependent, the third party involvement leads to a lot of time and money investment.
Partners involved in the blockchain network for the textile industry:
The partners involved in the textile industry blockchain network would include its relevant partners, like manufacturers, suppliers, farmers, retailers, wholesalers, distributors, banks, other financial institutions, end consumers, consultants, and supply chain personnel.
Due to the smart contracts and the consent basis on which it is executed, the system becomes very transparent and easy to work in.
This transparency makes the system trustworthy and data sharing and IP rights can be taken care of too. This ultimately leads to a highly reduced rate of corruption and an increased rate of ethical processing.
How Blockchain can help overcome the issues and improvise the system:
Organized Supply Chain:
Blockchain along with AI and IoT brings in a better and traceable version of the Supply Chain. Timely data collection and tracing makes the supply chain much efficient and reliable. This proves to be beneficial for all the stakeholders involved in the textile industry as the supply chain plays a major role in the system.
RFID tags to your apparels can make your activities like shopping or listening to music much easier and tech-savvy. Blockchain shall be the major contributor when it comes to making the apparels smarter and cognitive.
The data is stored onto the blockchain only when it has received consent from all the smart contract partners, Also once the data is stored, the block becomes immutable. This makes the system more secure, transparent, and trustworthy.
As every process will be monitored in the blockchain system, all the manufacturing processes shall be carried out ethically with a highly reduced chance of corruption within the system.
Time and Cost-Effective:
Decentralized, independent blockchain processes totally reduce the time and cost involved in managing the non-essential third party authorities.