Now ladies, I won’t lie before this I had no notion on what the hell a blockchain was. I was more concerned about what colour my next set of nails would be. But once I actually sat down and got all the tea spill on this, it’s been so interesting. It no Hailey and Selena beef, but the tea is just as complicated and long! 🤌🏻 The use of blockchains are relatively new and still emerging in the fashion industry. But more and more companies are using blockchain-based strategies to have one step ahead of everyone 🥂 How blockchains basically work is it a network in an ecosystem where the whole supply chain is connected and communicated throughout the entire process. So, in a nutshell, if I wanna check where my new handbag was made and how, I have access to that information to verify the ethical transactions. Data within the blockchains are traceable, recorded and legitimate. All information and data is accessible for anyone interested (Kapfunde, 2023). And that’s on period. This technology promotes the transparency and authenticity of brands. This was really pushed for more sustainable products from brands, as well as accountability and ethical practices. More transparency means more brand trust and loyalty. And us girlies always find out, some way or another. With this technology, we have so much access to how brands are operating with real time data. For the brand, it can also help financially by tracing and management of the entire process and relationships with suppliers and contracts. But still eat the rich! Blockchains can also help us see their carbon footprints from raw materials to product manufacturing (Kapfunde, 2023). Hashtag save the turtles 🐢🐠 With better understanding of the supply chain, thanks to blockchains and its voluntary transparency (Kapfunde, 2023), brands are building more brand trust, consumer relationships and loyalty. The public information is really pushing brands to challenge cancel culture and taking accountability. Tell that to sister James 🤭 According to a survery from 2020, 7 out of 10 consumers highlighted the importance of “clean” products for sustainability and environmentally friendly (Ledger, 2022). Also back to what Miss Rebecca said in an early blog post, blockchains can disrupt the counterfeit market. Blockchains can be used to verify the authenticity of luxury goods. Brands can use blockchains to prove their genuine products and uphold their reputations. ALYX took blockchains for supply chain transparency to pivot towards positive relationships and building better trust with consumers. So by using you own needs and wants, with all your heart’s desire, you can utilise these blockchains to see whose worthy of your stacks and energy. Your own personal morals and preferences will stir this to blockchain platforms like Ethereum, Ripple, IOTA (Kapfunde, 2023). Even if you are shopping drunk on a Wednesday night at 3am, you still should make use of these new technology for your own benefit and support the right businesses! Know where your hard earned money is going girlies 💸 What are your opinions about blockchains? Let your girl know!
Until next time I have some tea, Michelle xoxo References: Kapfunde, M. (2023) Blockchain in fashion: Is it ready?, The Interline. Available at:https://www.theinterline.com/2022/03/10/blockchain-in-fashion-is-it-ready/#:~:text=As%20one%20of%20the%20most,reach%20the%20in%2Dhouse%20or] (Accessed: March 24, 2023). Ledger, E. (2022) How fashion brands are taking advantage of Blockchain Apparel, Everledger. Available at: https://everledger.io/how-fashion-brands-are-taking-advantage-of-blockchain-apparel/ (Accessed: March 24, 2023).
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