Blockchain: Technology Transforming the Fashion Industry

Abstract

AbstractThe use of digital technology in the apparel industry has changed massively in recent years and given the growing social awareness of the public, much of this technology is being applied to support sustainability practices. In this chapter, we look at the challenges faced by industries and how they can be supported by the application of blockchain technology. In particular, as far as fashion industries are concerned, it is mainly used to demonstrate the environmental quality of fashion products to consumers, protect brand image, and secure digital identities. Furthermore, as in several other business areas that we will briefly discuss, blockchain can solve data protection problems, reduce information asymmetry, and avoid fraud, including in payments. Finally, we present some cases, including Aura, the consortium launched by LVMH, through which some luxury brands have overcome individualism to develop a blockchain-based platform.