Blockchain can solve problems in the apparel supply chain. Though consumers are increasingly becoming wary of pay inequality and are forcing brands to be accountable, there are not many effective ways to ensure businesses do not continue exploiting their vulnerable workforce. Blockchain can help solve this predicament, as it can throw fashion supply chains open to all relevant stakeholders within its network, letting them gather information on essential parameters concerning operations, while having a window-seat view to the manufacturing, packing and distribution of products.
Fake goods are a debilitating problem within the fashion industry. With the visibility that blockchain ushers into the landscape, stakeholders can now have more trust in the system and can help reduce excessive red tape at nodal points – leading to significantly improved customer satisfaction.
Waste is another problem. The industry grapples with excessive waste during the manufacturing phase. Brands routinely destroy unsold but completely well-made fashion products by the end of the season. Blockchain can also be extremely effective in solving waste in the fashion industry. With the greater visibility brought about by blockchain, consumers can understand the amount of waste within the fashion industry and can question the conscience of brands. Reducing waste not only makes brands more sustainable, but redirecting unsold items to the secondary market could also help trickle-down fashion to other sections of society.