You’ve probably heard that cryptocurrency is the next big thing. But while most people only think about it as being something that involves money, the revolution of blockchain is actually something that will touch even more industries than anyone ever could have imagined. Any industry that involves the storage of data and transfer of value is ripe for disruption thanks to this new technology.
This means that, yes, even the fashion industry will be changed by crypto and blockchain. How, you say? Let us run through a few things you will likely see over the coming years:
Cryptocurrency Based Clothing
The spike in popularity of Bitcoin and other altcoins such as Ethereum, Litecoin, Dogecoin, and more have pulled in a huge amount of interest from people around the world. As these people have come to learn and understand the different coins, many have chosen favorites that they support. Investors become attached to coins much in the same way that fans become attached to different sports teams. Just like in sports, many of these fans want to show off their affiliations, and that is where cryptocurrency clothing comes into play.
Take for example the product offerings available at Cryptocurrency Posters and other blockchain merchandise stores. While their site obviously focuses on posters first, there’s no shortage of socks, tank tops, throw pillows, and more. This is because digital currency fans are looking to show off their favorite coins to the world.
Supply Chain Management
If you’ve read about how blockchains work you’ve come to understand that, at their most basic level, they are data storage systems. This means that they hold huge potential for the apparel industry. As this Forbes article points out, it is becoming more and more important to fashion designers and manufacturers to prove to consumers that they are using fair trade and high-quality labor standards.
The explanation is thus: blockchain solutions allow producers to create a digital link between the physical products they create and an online, immutable, ledger. This means that it is possible to track all the steps in the process of making clothing so consumers can be certain that the products they are buying were made in the manner they expected.
Maybe the biggest impact that cryptocurrencies will have on the fashion industry is that they will allow for seamless payments across borders. The production of clothing is truly a global undertaking, with hands in many countries touching different items before they reach the end-user. Since all these countries use different currencies, payment for services can become a hassle.
Crypto offers a solution by giving the option for a liquid asset that can move globally without the need for a trusted third party. Payments can be routed from country to country without the need for the slow payment verifications of banks. They can even be automated via smart contracts! In the end, these savings get passed on to consumers since less time will need to be spent in production.
We hope you’ve learned more about the promise that crypto holds for the fashion industry. This is exciting new technology, so we encourage you to research even more if possible! The possibilities are endless and you could very well find a new use case that saves people around the world time and money.