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INFLUENCE OF BITCOIN IN THE FASHION WORLD

by Kevin Bellah

INTRODUCTION:

Ever since the introduction of cryptocurrencies, several industries are incorporating them into their systems. The fashion industry has the potential to take Bitcoin to the masses in an attractive form. The fashion industry tries to include popular things into a fashion trend. Amanda Razani predicted that more fashion brands will produce cryptocurrency themed clothes in the future. 

HOW BLOCKCHAIN IS BEING ADOPTED:

 Martine Jarlgaard is a UK established fashion designer who has grouped up with a blockchain startup intending to add more transparency to the market. Fraud is a severe issue faced by the fashion industry with vendors imitating high-quality products but delivering cheap quality. 

  • Authenticating items – the potential to add authenticated information about the origin and identity of an item to the blockchain will permit customers to get true knowledge about the product as in whether the product is authentic or if it is a second-hand purchase. This can be done easily as designer products come with unique serial digits that can be stored on a ledger. An example of a blockchain enterprise that targets at confronting the replicated items by attesting them with a ‘crypto tag’ that registers an item’s past.
  • Tracking the life cycle of a product – people who design luxury goods should never understate the importance of tracking a product’s life cycle. Ariane one of the famous blockchain solutions for authentication and validation offers fashion brands the means to list their products on the blockchain while customers can catalogue their purchases. Blockchain technology of Bitcoin can also be used to keep a track of changes in ownership. Trading Bitcoin can be intimidating for many. Some apps can help customers to enhance their trading skills in a better way; get started.
  • Crypto payments – implementing blockchain will speed up and establish secured monetary exchanges between parties at different stages of the supply chain. Blockchain of Bitcoin can simplify and ensure safe payments on a large-scale scenario without the requirement of trust between parties. Lukso is an initiative that uses blockchain technology to verify items and rebuild trust between fashion brands and their customers but also a means to enhance payments through crypto.
  • Solving moral issues in fashion – with the rising consciousness of the public about the ethical issues related to their clothes, blockchain technology will permit the manufacturer and designers to direct these issues in an elegant way rather than running away from them. This will further encourage brands to be more sensitive about their manufacturing practices. Blockchain will enable brands to authenticate who is making their products, the cost, the materials used and so on.

BITCOIN CAN BRING A REVOLUTION:

Bitcoin has the potential to change the way payments are made in the retail industry, says Kirti Kabra at the Fashion Enterprise. She also says that Cyankart has recently announced that it will accept Bitcoin as a mode of payment making it one of the first fashion and lifestyle stores in India to do so. 

BITCOIN INSPIRES FASHION:

At a fashion show in New York, a model of Ovadia and Sons walked on a ramp wearing a bitcoin-themed outfit that has won the hearts of many. Leanne Luce, a fashion-oriented entrepreneur and her brand Omura have started accepting Bitcoin as a payment mode.

  • Melanie Shapiro, a Bitcoin veteran has created biometric rings that use the decentralized technology of Bitcoin to help the customer manage their passwords, credit card payments in a much easier way.
  • The blockchain is useful to prevent fraud and to simplify the supply chain, enhancing clients’ experience with fashion trends.

CONCLUSION:

The incorporation of Bitcoin into the fashion world has eradicated several fraud cases and implemented a more transparent system into the industry. With the further development of the internet and social media, the fashion world has encountered several changes that have been beneficial to customers.

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