ADAPT OR DIE. THE BLOCKCHAIN.

Companies in the fashion sector demand systems that guarantee the traceability of their products, either to protect their reputation, to inform their customers or to guarantee their quality and authenticity.

The blockchain technology (the platform on which virtual currencies are based) eliminates all the negative idiosyncrasies that arise in the relationship between the licensee, the brand, the point of sale and the consumer. Each sale of licensed products can be perfectly registered and the way it is produced and distributed can be verified without the need to invest in additional costs. Here's how:

Blockchain is a type of logbook distributed to maintain a permanent and tamper-proof record of transactional data that cannot be controlled or manipulated, as is protected with a system virtually impossible to hack.

A chain of blocks, or blockchain, functions as a decentralized database that is managed by computers, this means it does not require intermediaries (financial entities or the government). Each team in the distributed network maintains a copy of the logbook and all copies are updated and validated simultaneously.

Thanks to the traceability that allows building a blockchain system, two aspects that we consider to be extremely important will be affected by this system: counterfeits (which move about 500 billion dollars a year) could be limited as they would be evidenced by the veracity of the authorship of the original designs and furthermore, thanks to blockchain, consumers could ensure that brands develop their products sustainably, not only by confirming non-pollution but also by conducting fair trade and involving suppliers who guarantee the quality of the working environment of their employees and a fair wage, as all information would be left behind.

In conclusion, thanks to blockchain technology, we return to the origin of business relationships: trust. Consequently, the world of fashion is immersed in a clear revolution where only those who know how to adapt to the new impositions marked by technological advances will be able to make the most of existing opportunities.

And when does the "but" come?

But...there are obstacles in this millionaire dream. It turns out that this system can only be used by people who really want to use it. And who in the industry is absolutely sure that they can show all their data without the world judging their movements and condemning them for any jumped or unjustified movement?

Very few are those who can be completely transparent and survive in the fashion world but for those who want to keep everything in place ethically, this technology is an encrypted dream.

As far and heavenly as it may sound, this has already been achieved with specialized brands. We are still crossing our fingers to see it happens in the mass market.