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Last Updated on August 3, 2022 by Steal the Style
Despite experiencing many false starts, it’s become obvious that cryptocurrency led by Bitcoin is here to stay. While it’s untested water for the fashion industry, many are beginning to buy USDT and other digital currencies and are incorporating them into their system. Already, Amanda Razani predicts that lots of fashion brands will begin to produce more cryptocurrency-themed wear soon.
But beyond that, the cryptocurrency market can be a source of social tokens and help build customers’ loyalty to a brand. This article focuses on how blockchain technology can help fashion brands upscale their business and make it better.
In This Post:
How Digital Currency Is Being Adopted
Fraud is a major challenge faced by the fashion industry; this has resulted in many brands limiting the number of high-quality products they produce. They would rather stick to delivering cheaper products.
To help solve the problem of fraud, Martin Jarlgaard, a UK-based fashion designer, has partnered with a cryptocurrency startup with the intent of bringing more transparency into the industry.
Blockchain is also being adopted in many other ways, including:
Tracking of a Product’s Life Cycle
It is important for fashion brands to track the life cycle of their luxury products carefully. Some blockchains, such as Ariane (a validation and authentication solution provider), enable fashion brands to place their products on their blockchain and allow customers to catalog products bought. Bitcoin’s blockchain technology can also serve as a means of tracking changes in ownership.
Blockchain technology also offers companies the opportunity to include authenticated information about the identity, authenticity, and origin of a product. Thus, customers will have valuable information about goods they want to buy and be able to tell if it’s original. This is possible because most designer products come with a unique number that’s stored in a ledger.
With the implementation of blockchain technology, payment and monetary transactions between several parties in the supply chain will be faster and easier. Bitcoin can also serve large-scale businesses without the need for trust between parties; the process and technology will just have to be made simpler and safer. For instance, Lukos uses blockchain technology to authenticate every item, thus building trust between clients and fashion brands while enhancing payment through cryptocurrency.
Resolve Moral Issues in Fashion
Recently, the world has become more conscious about ethical issues revolving around wear and other fashion items, and most times, brands are usually unable to address the problems satisfactorily. But with blockchain technology, designers and manufacturers can fashionably address issues rather than ignore them.
This will encourage brands to be more sensitive to their production processes. Also, blockchain technology will help fashion brands authenticate persons producing their products, the materials being used, cost of production, and so on.
Bitcoin—the Revolution of the Fashion World
Bitcoin and other digital currencies such as Tether/USDT are capable of changing payment methods and processes in the retail industry, and this is according to Kirti Kabra, a statement she made at the Fashion enterprise. Kabra also says Cyankart, a Fashion brand recently revealed, will start accepting bitcoin as a payment method in its stores, making it one of the first fashion stores to do so in India.
Cryptocurrency Inspires Fashion
Besides being a mode of making payments for goods and services, the cryptocurrency market also inspires fashion. Just recently, Pacsun announced its readiness to start accepting crypto currency as a means of payment. Also, a model of Ovadia and Sons at a fashion show in New York walked the runway wearing Bitcoin-theme apparel that sent the crowd into frenzy. Furthermore, Leanne Luce, the owner of Omura fashion and lifestyle brand, now recognizes and accepts Bitcoin as a valid means of payment.
Blockchain technology has also become useful to the fashion world in many other ways, including:
- Brands that invest in cryptocurrency are able to simplify their supply chain and prevent fraud. This, in turn, boosts customers’ confidence and enhances their experience.
- There are now biometric rings that work together with the decentralized technology of cryptocurrencies to help clients manage their credit card payments and passwords more easily and effectively. This biometric ring was created by Bitcoin expert Melanie Shapiro.
Bitcoin, Tether/USDT and other digital currencies have found their way into every sphere and industry, including the Fashion industry. And with the incorporation of blockchain technology into the fashion industry, fraud and other dubious activities common before have been eradicated, paving the way for a more transparent system in the fashion and lifestyle industry.
Furthermore, the continued expansion of social media and the internet has also brought about several beneficial changes to businesses and customers.