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Generally, the authenticity of
information highly depends on trusting the centralized unit of a third-party
firm or a system. However, there exists an information asymmetry among the
individuals and organizations since centralized organization can become vulnerable
to hacking. Blockchain technology ensures that something like this doesn’t
happen. At present, fashion industry is facing similar type of challenges. For
instance, there is an issue of quality and an organization not being able to
track the delivery of products. The essence of blockchain technology is a
scheme of reliable database which is maintained collectively using the
trustless and decentralized method. This scheme is able to create block through
almost any number of nodes in a specific system using cryptography. Just as the
name suggests, it is like a chain composed of blocks. Each of the block
contains data of transactions in a system within a certain period of time. It
is also capable of creating digital fingerprinting that can be utilized for
verifying the authenticity of information while connecting with the next block.
In the blockchain, there can be
many blocks. The blocks are connected with each other in a chronological and
linear order with every block containing a correct hash of the previous one.
This technology can easily be visualized as a general term that includes
technical schemes are same like NoSQL. At present, there are various methods
for achieving it which include DPOS, POS, and POW. In accordance with the
definition of blockchain, a system that is based on this technology has various
features such as trustless, decentralized, collectively authentic databases,
and even anonymity
Problem Statement:
In the modern world; there are centralized
organizations that can become vulnerable to hacking due to use of block-chain
technology. However, with the use of technology there are also some issues of
quality and an organization not being able to track the delivery of products
Decentralized:
Fashion industry can take the advantage of the fact
that in the whole network, even with the crashing of a node, the overall system
will not fall. That is why, the system of blockchain is quite robust.
Trustless:
Considering the fact that the whole system is working
while being transparent, the system is open and there is no need to rely on
trust among nodes. It means that no node can hamper the progress of the other.
Collectively Maintain:
In the whole system, all the nodes maintain
the blocks and almost anyone can be a node of the system after online
registration.
Reliable Database:
In the network, every node could obtain a copy
of the database through the sub-database form. In addition, tampering with
database by a node is no valid and that couldn’t impact the data of other
nodes. Therefore, if there are numerous nodes in the network, it will become
even more secure.
Anonymity:
There is no need for the nodes to reveal anything about
their identities since there is no requirement in terms of trust among nodes.
It means that every node is anonymous in the network. The core issue resolved
by the blockchain technology is the development of a network that retains the
quality of products and brand image of an organization.
Governance Blockchain Technology in Fashion Industry
In blockchain technology, governance can be separated
broadly into two primary groups:
Off-Chain Governance
On-Chain Governance
Off-Chain Governance Blockchain Technology in Fashion Industry
Off-chain governance seems to resemble traditional structures of governing. Ethereum and Bitcoin use this governing model through a balanced power between business entities, users, and miners as a part of community.
On-Chain Governance Blockchain Technology in Fashion Industry
On-chain governance is actually more
of a recent iteration in blockchain technology and brings some polarizing and
fascinating concepts with it. Therefore, implementations regarding the on-chain
governance are still under-development.
Operations Blockchain
Technology in Fashion Industry
Two of the most important
operations of blockchain technology include the improvement of supply chain and
reducing the risk in category and sourcing management. Organizations can
leverage improved transparency and trust of the blockchain for extending the management
of supply chain. If blockchain is applied to logistics and transportation in
the Fashion Industry, it can help in enhancing the visibility of supply chain,
track the ownership or provenance of products, and streamline various
processes. Blockchain can offer mutualized data source to Fashion Industry for
decreasing risk and increasing transparency.
Technology Blockchain
Technology in Fashion Industry
Basically, a blockchain is a
distributed database or digital ledger. The whole network seems to contribute
to its maintenance and creation. It means that there is no central authority in
it. When 2 parties in the blockchain environment have a transaction, they
advertise it to a certain network. Various nodes of network pick multiple
transactions and organize them into blocks. That is when miners utilize their
computers for adding this block to the blockchain or ledger.
Ethical Considerations Blockchain
Technology in Fashion Industry
Since blockchain technology is
being adopted widely, it is possible that just like Fashion Industry, it can
cause positive changes for other industries as well. If society becomes used to
the decentralization concepts, it might observe a shift towards not conflict
but rather collaboration.
It is trust various projects are
concerned with the environmental considerations of the ethics of blockchain,
helping with the offsetting of carbon and making the management of waste more
efficient. However, it is also true that work consensus method of the Bitcoin
consumes a lot of energy. It has a significant effect on the environment.
There is a possibility that
opportunities regarding the creation of wealth can help reduce income
inequality. However, there is also a fact that such advantages are accessible
to only those who have an access to the technology
References of Blockchain
Technology in Fashion Industry
Ahram,
T., Sargolzaei, A., Sargolzaei, S., Daniels, J., & Amaba, B. (2017).
Blockchain technology innovations. 2017 IEEE Technology & Engineering
Management Conference (TEMSCON.
Cruise,
T. (2019). Global Blockchain Market growing at a maximum CAGR of 60.8%
during 2019-2025. Retrieved from
http://bigtimesnews.com/2019/05/06/global-blockchain-market-growing-at-a-maximum-cagr-of-60-8-during-2019-2025/
Neisse,
R., Steri, G., & Nai-Fovino, I. (2017). A blockchain-based approach for
data accountability and provenance tracking. Proceedings of the 12th
International Conference on Availability, Reliability and Security.
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