Blockchain: Technology Transforming the Fashion Industry

The use of digital technology in the apparel industry has changed massively in recent years and given the growing social awareness of the public, much of this technology is being applied to support sustainability practices. In this chapter, we look at the challenges faced by industries and how they...

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Bibliographic Details
Published inDigital Transformation for Fashion and Luxury Brands pp. 27 - 46
Main Authors Cedrola, Elena, Kulaga, Barbara, Pomi, Grazia Li
Format Book Chapter
LanguageEnglish
Published Cham Springer International Publishing 2024
Subjects
Aura
Blockchain
Digital transformation
Fashion industry
NFT
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Summary:The use of digital technology in the apparel industry has changed massively in recent years and given the growing social awareness of the public, much of this technology is being applied to support sustainability practices. In this chapter, we look at the challenges faced by industries and how they can be supported by the application of blockchain technology. In particular, as far as fashion industries are concerned, it is mainly used to demonstrate the environmental quality of fashion products to consumers, protect brand image, and secure digital identities. Furthermore, as in several other business areas that we will briefly discuss, blockchain can solve data protection problems, reduce information asymmetry, and avoid fraud, including in payments. Finally, we present some cases, including Aura, the consortium launched by LVMH, through which some luxury brands have overcome individualism to develop a blockchain-based platform.
Bibliography:“This project has received funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie grant agreement No 101007820”. “This publication reflects only the author’s view and the REA is not responsible for any use that may be made of the information it contains”.
The original version of this chapter was previously published non-open access. A correction to this chapter is available at https://doi.org/10.1007/978-3-031-35589-9_22
ISBN:9783031355882
3031355881
DOI:10.1007/978-3-031-35589-9_2