Blockchain fashion week
But this is not all, the NFTs are created to raise awareness of the initiatives of the Raghavendra Rathore Foundation RRF , a registered NGO and part of the proceeds from the sales will be used to empower the lives of communities through mentoring programs, cultural experiences, and scholarship opportunities. In an exclusive chat, the designer — who is known for his own creations, especially bandhgala — talked about her business venture, the future of fashion, and how the pandemic has caused a shift in the way people interact with lifestyle products. I will also work very closely with design schools to help young people learn the nuances of creating valuable assets that can have a favorable impact in their early careers. In addition, my love of technology, gadgets and computers gives me the added advantage of trying to penetrate the blockchain frontier with the growth of the company. Can you tell us about the works that have been converted into non-fungible tokens?
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- Decentraland and UNXD to Host Metaverse Fashion Week
- How is Blockchain Technology bringing transparency to Fashion Industry?
- Digital Fashion House
- The Devil Wears Pixels: 8 landmark moments in fashion’s NFT revolution—and what comes next
- Blockchain events in Milan, Italy
- FDCI x Lakmé Fashion Week partners with WazirX NFT Marketplace to launch fashion NFTs
- Blockchain Technology in Fashion Industry: Challenges and Opportunities
- Virtual Cryptofashion Events
- Fashion’s New Demand Chain? NFTs, Blockchain and Made-in-America Microfactories
- Blockchain: powerful applications for fashion
Decentraland and UNXD to Host Metaverse Fashion Week
You may now be wondering who is behind the development of blockchain technology then. Referring to some articles, blockchain was originally created by Satoshi Nakamoto, which turned out to be a pseudonym of a person or group of people.
This invention became the backbone of a new type of Internet, with the newly added possibility of sharing digital information without having to worry about being copied. Indeed, blockchain technology is a synonym for more secure transactions. What are the features that make it so bulletproof? On the other hand, the records are public and easily verifiable for each user who has access to the system.
This decentralised way of managing data is a secure system that prevents any ill-intentioned individual from corrupting or stealing the information stored or the database itself. Therefore, the mechanism would turn out to be very useful if adopted in industries like financial services, healthcare, supply chain management, and so on. Here are some of the blockchain functionalities with practical examples you may find advantageous for your company. In the luxury goods industry, counterfeiting has always been one of the most urgent issues.
Today, many companies in the luxury arena are still struggling to find a solution to this persistent problem. Some technological attempts that have commonly been deployed to solve it are:.
However, the tactics mentioned above did not result in having a lasting effect in the fight against counterfeiting. To successfully face these cybersecurity issues , fashion and luxury companies could complement the technologies already in use with blockchain platforms.
This would lead to a great improvement in the level of security. A brand that made a relevant step in this direction is BabyGhost. The firm launched its product and collaboration with Vechain at the Shanghai Fashion Week in Prior to that, a sneaker manufacturer has enacted the transformation. The Greats x Beastmode 2. The Royale 2.
Users could also interact with exclusive content and other buyers. Focusing on more renowned high-end fashion brands, three important companies of the luxury sector, Prada Group, LVMH, and Richemont, have eventually joined their forces against counterfeiting last April They set up the Aura Blockchain Consortium against counterfeiting last April , a non-profit NGO open to all businesses in the luxury sector that aims at exploiting blockchain technology to address common issues across the luxury industry, from authenticity to responsible sourcing and sustainability.
The Aura Blockchain Consortium allows consumers to access both the history and proof of authenticity of luxury goods, from the initial production phase to second-hand markets. To do so, the tech platform operated by the Aura Blockchain Consortium exploits the functionalities of blockchain technology, giving access to all partners irrespective of size, while maintaining the flexibility to tackle the needs of each specific brand. A relevant example is the Highland Scotch whisky distillery Ardnamurchan , which has partnered with the digital tech firm Arc-Net.
The latter provided scannable QR codes to be associated with each bottle. The great quantity of supply chain information that can be obtained and stored via blockchain technology may represent a powerful asset for those companies that focus on sustainable products. For instance, the fashion brands involved in the WhoMadeMyClothes campaign by Fashion Revolution could gain authenticity by sharing the data concerning their sourcing and production processes.
Indeed, by carrying out these transparency-led actions any brand would benefit in the eyes of the public opinion, gaining more legitimacy for their sustainability storytelling. A pioneer fashion house in this field is Martine Jarlgaard , a London-based designer brand. Through a partnership with Provenance in , they attached a unique digital token on each garment. Needless to say, all that was again possible thanks to blockchain technology. Another more recent instance is a partnership launched in late between the leading Austria-based sustainable fibre producer, Lenzing , the fashion brand Armed Angels and the wool producer Schneider Group.
Initiatives as the ones mentioned above aim at decreasing the high level of opacity characterising the supply chain of many fashion brands. This would lead to a higher shared value both for brands, which will gain in reputation and trust of their customer base, and all their stakeholders. As of now, the greatest challenge to tackle in the widespread quest for higher transparency in production processes is the supply chain system.
Indeed, it represents a complex and shady path, especially in the fashion industry. Not only by supporting supply chain information from upstream to downstream, but also by having that very information, fashion companies can create relevant branding and marketing strategies suitable for their target markets.
A sophisticated company that deserves to be mentioned on this is 1trueid , an Italy-based company focused on blockchain technology, that developed the MTM Shirt 4.
As for the company, these digital tags yielded real-time data , useful for a better understanding and planning of time offers and circumstantial pricing.
Blockchain allows quicker and efficient identity verification processes, with no third-party support needed. Each user can closely and securely monitor their personal data.
Have you ever heard of or performed an ownership change for luxury goods? With this technology, consumers can clearly see the change in the ownership of the goods. The provider of the technological means to operate this ownership swap is Everledger , a London-based company that has placed more than 1. The qualities of the diamonds listed in the system include the color, carat, and certificate number.
These are only four of the functions of blockchain technology already in use for the fashion retail and luxury goods industries. For sure, more companies will engage in this technological transformation, maybe when more of the infrastructures necessary to blockchain technology will be in place.
He manages the Acceleration Program , offers guidance in our Masterclasses , and is the first point of contact for promising startups through our Mentoring sessions. Blockchain for Fashion and Luxury: a future revolution?
Contents hide. Blockchain technology and its effectiveness against counterfeiting. Blockchain supports supply chain management for security, transparency and sustainability purposes. Blockchain for exchange-good transactions. A comparison between traditional and blockchain systems. Credits to: Conscious Company Media website.
About the author: Marco Filocamo. Related posts: Oola Sports: modest wear market Incubator vs. Female Empowerment in Fashion Tech: where are we? Search for:. Join the conversation.
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How is Blockchain Technology bringing transparency to Fashion Industry?
Blockchain, like the apparel industry, has evolved massively ever since it was ideated. Introduced in the fashion world for the first time in the Shanghai Fashion Week , the technology has today expanded its use cases in the direction of making the sector highly efficient and transparent. Blockchain, by being spread throughout the supply chain , helps customers obtain information about the product origin and the journey it has taken through the help of an embedded chip. This helps the customers with the necessary information required to reject counterfeit products or the ones that come from ethically questionable production units.
Digital Fashion House
Our increased use of online services over the past 18 months has no doubt accelerated the adoption of blockchain. Just like other global industries, the fashion world is waking up to the opportunities these technologies offer. From a new global payment form to enabling better sustainability reporting — not to mention the staggering rise of fashion NFTs — the possibilities seem endless. So, which blockchain applications can we expect to see the fashion world adopt? And what limitations still need to be overcome before blockchain can become mainstream? An increasing number of global retailers — including Microsoft, Starbucks and Tesla — are now accepting cryptocurrency as a payment form. However, in recent weeks, German luxury fashion house Philipp Plein made history by becoming the first fashion brand to accept 15 forms of cryptocurrency as payment. In many ways, luxury fashion is the perfect use case for cryptocurrency. Firstly, since most high-end fashion brands sell their goods worldwide, they already take on a degree of exchange rate risk by accepting payments in multiple global currencies.
The Devil Wears Pixels: 8 landmark moments in fashion’s NFT revolution—and what comes next
This novel technology is not only affecting the financial world but also many other sectors. The four industry sectors that currently blockchain are supply chain, corporate responsibility, fashion designing and digital advertising. The problem that large food companies face is trust issue because their customers are skeptical of many things such as where their food comes from and the factory conditions. It is the job of the marketer to build trust to be able to sell the product successfully.
Blockchain events in Milan, Italy
Transparency and sustainability remain two of the largest topics within the global fashion industry today. However, thanks to the emergence of new technologies, like blockchain, retailers can improve supply chain traceability while offering more transparency into their manufacturing streams. This remains problematic, as the lack of transparency into supply chains makes it more challenging to hold fashion companies accountable for the conditions under which their garments are made. Simultaneously, there is increasing demand from consumers and industry players alike for more sustainable, ethically made products. One latest technology, which lets retailers prove their sustainability claims while offering greater transparency, is blockchain. But how can the fashion industry make use of this technology?
FDCI x Lakmé Fashion Week partners with WazirX NFT Marketplace to launch fashion NFTs
Fashion companies are clamoring for ways to trace their products, whether to protect their reputation, to inform their customers, or to ensure the quality and authenticity of goods. Supply chain and inventory management are among the most promising blockchain applications for fashion and apparel companies. Their companies are increasingly interested in mapping their supply chain to gain business control: costs, risks and the impact of everything that happens from obtaining the raw material to the discarding of the old-fashioned product. The advantages for this industry are not limited to increased efficiency. With blockchain technology, you can track shipments of raw materials from source to factory, and track the finished product through the distribution chain all the way to the buyer. Customers have no way to check the authenticity of a product, especially when they are purchasing the items online; and will have no idea that they are buying fakes. The only thing they know is that they are on a website that offers to sell expensive items of branded products at affordable prices.
Blockchain Technology in Fashion Industry: Challenges and Opportunities
Blockchain disrupts this by changing how we track the journey of things, and powering a system that everyone in the supply chain can be part of. Blockchain technology and the Provenance platform is a step in the right direction, and will help make sense of the massively complex and often secretive processes which make up the supply chain. Full transparency and traceability becomes a stamp of approval allowing consumers to make informed choices with no extra effort. Blockchain for Transparency Blockchain.
Virtual Cryptofashion EventsRELATED VIDEO: Ethereum \u0026 Lukso - How Blockchain will change the Fashion Industry
In the past few years, digital fashion has made its way from the gaming world to the mainstream fashion industry. Virtual collections , avatar influencers , and more are becoming less of a one-off gimmick and, instead, part of a larger conversation on how we consume fashion in an increasingly digitized world. The emphasis then becomes on making it possible for digital designers not only to receive proper credit but also to be fairly compensated. This, says the organizers of the first-ever Crypto Fashion Week , which debuted at the end of February, is where blockchain technologies come in. Cryptofashion is digital fashion that can be traded and authenticated upon the blockchain a data structure that holds transactional records and ensures security and decentralization.
Fashion’s New Demand Chain? NFTs, Blockchain and Made-in-America Microfactories
The Y2K renaissance has given us a chance to reflect on the techno-utopianism of the late 90s and early s. And what felt like fantasy 20 years ago is today a burgeoning reality — albeit a virtual one. The word itself was created by Neal Stephenson, who first used it in his science fiction novel Snow Crash, which depicts a hypothetical future where avatars meet in virtual realities, within hyperreal 3D buildings. Historically the fashion industry has been reluctant to jump on the technological bandwagon. In , an international survey of luxury brands by Forrester Research found that only one-third of them actively sold online.
Blockchain: powerful applications for fashion
Between the shows in Milan and Paris, a new event emerged on the fashion calendar this season. While traditional runways had to be replaced by videos due to the pandemic, the first Crypto Fashion Week explored the potential future of fully digital fashion through workshops, speaker talks, and shows. From developing virtual sneakers for more sustainable consumption to people uploading and selling their designs on blockchain marketplaces and the infinite possibilities of digital couture, the event from February 22 till the 26 explored what future trends could look like online and offline. She also co-founded The Dematerialised, a Web3 marketplace for authenticated digital fashion.