What is Block-Chain Technology?
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Can Block-Chain Technology revolutionize the garment industry? Check out my new article to know the answer.
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What is Block-Chain Technology?
- 2. What is Block-Chain technology? • Cryptocurrencies work on the block-chain technology, and this technology is being seen as the way of the future transactions. • Block-chain technology is simply a digital ledger created for transactions. • It was originally written for Bitcoin. • This technology distributes transactional data transparently through a series of interconnected systems or computers.
- 3. How does this technology work? (Image Source: http://netsend.com)
- 4. How does this technology work? • Instead of relying on a third party controller, transactions in this technology are mediated by participants using a consensus protocol on ledger content (pre-agreed rules). • They transaction integrity is maintained by using cryptographic hashes and digital signatures. • The shared ledgers here are identical, based on the established consensus, which lowers the risk of fraudulent transactions.
- 5. Why use Blockchain technology? • There are two big changes this technology promises to bring in the online transactions avenue. – Firstly, it lowers the risk of information theft or misuse, owing to its structure of the peer-to-peer network. – Secondly, in case of an error in a certain transaction, the remaining computers in the network can easily overrule the faulty one preventing the probability of fraudulent transactions considerably.
- 6. Why use Blockchain technology? • Unlike traditional technologies, where a central server manages or stores all the data, becoming highly vulnerable to security attacks, block-chain technology actually distributes the data using cryptography, which in turn secures sensitive information. • Hence, with block-chain technology, all the data is being stored on a series or a network of computers connected to each other, rather than on a single central server. • So if one computer from the whole network is corrupted or attacked, a timestamp stored on another computer in the chain or network can counteract its effect. • Beyond security benefits, this technology also offers a more democratic and transparent, data distribution method across supply chains.
- 7. Can Blockchain revolutionize garment industry? • Blockchain has already laid its course for disrupting garment industry. • A Transparent Company, founded by Neliana Fuenmayor, is already using this technology. • They have developed a project where they track end-to-end supply chain of UK Alpaca, right from the farm to the finished product.
- 8. Can Blockchain revolutionize garment industry? • Recent hashtag revolutions like #whomademyclothes have shown millennial consumers are keen to know where their clothes are coming from. • Moreover, every garment supply chain is highly complex tangled web of players. Transparency in this complex supply chain transactions and data management is a huge advantage that can truly profit the industry.
- 9. Can Blockchain revolutionize garment industry? • This technology can ensure real-time product tracking across the garment supply chain, making them much more cost-efficient, along with building consumer trust on the brand. • Currently, transparency in the garment industry is limited to the “Made in” labels used on the garment. • It will offer full transparency and traceability to every piece of garment that sits on the shelf. It will also wipe out fake products and counterfeits from the market.
- 10. Can Blockchain revolutionize garment industry? • In long term, this technology can also make the garment industry sustainable. This technology is predicted to build a stronger bond between the consumer and the garments they purchase owing to the story every piece can tell. • Also, it will force manufacturers and garment brands to chose sustainable options and reduce their environmental impacts to save themselves from customer ire. • Embracing this technology by garment industry will still take time. In order to completely implement this technology, the industry needs to responsibly align all their practices to sustainable alternatives.
- 11. For more insight into this topic, visit www.stitchdiary.com