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Blockchain technology is combining Made in Italy fashion and other sectors

December 28, 2018 at 09:46 // News

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A lot of people think that the blockchain technology only affects Bitcoin (BTC) – which is identified as an encrypted transaction database strongly associated with the use of encrypted and that is still evolving in a significant area. Each "chain block" contains data that is verified and that can not be manipulated or modified without being tracked in real time by anyone with access to it. The technology of distributed ledger (DLT) is compared to a communication protocol that will largely cause a revolution in several areas, such as how the Internet has changed everything since the mid-1990s.

The traceability, monosomy, transparency and disintermediation of each exchange in the chain are what make this technology superior and exceptional. Statistical forecasts indicate that the market now stands at $ 584.2 million and is expected to reach $ 2.3 billion three years from today, according to a
relationship from Tech Economy.

The fashion industry, a noble exponent of creativity and the originality of Made in Italy, is among the sectors that positively stimulate a massive interest.

Counterfeit remedy

The advantages of DLT in the Italian fashion industry are now known to many people, including non-professionals. The
Lanieri Fashion Tech Insights 2018, a study on e-commerce based on custom-made men's suits, shows that about 1 in 5 people believes that DLT will guarantee the creativity of a garment and will stop duplicating almost 18% and will allow also the verification of the origin of the materials of about 19%.

The uses of DLT in the fashion industry derive from its special characteristic of establishing an offline connection between the raw materials and their digital owners, recording them effectively in a ledger compared to a shared excel sheet where everyone is clear and able to see any changes done. In this case, a serial number acts as an identifier that links each individual commodity to its "digital twin". So, the fake products that will not hold this physical-digital connection, which will make it very easy to be detected, and even any attempt to steal the product will be easily noticed.

Transparency in the supply chain

The online-offline connection offers enormous opportunities to have a more reliable and transparent supply chain to the point of even registering the passage on blockchain every time the goods change hands. This makes it possible to know the origin of the product and the raw materials used to produce it. So, this will play an important role in ascertaining products designed and made 100% in Italy – but not those that are just assembled there.

Defense of intellectual property

DLT has the ability to improve intellectual property protection, especially for developers and trademark owners. In addition, it will allow designers and other designers to properly document each stage of the creative process, thus providing a non-modifiable proof in the event of a dispute.

Censis-Mise data show that only in 2014 the counterfeiting of raw materials and Made in Italy fashion caused an unfavorable turnover of over 6.5 billion euros and deducted around 105,000 jobs, with a deficit of around 5 billions plus 300 million euros in revenue.

BTC luxury and Made in Italy

It is not true that DLT focuses only on BTC, but it is extremely correct that innovation in payment methods is an important factor in elevating the sales process and exports as both online and offline sales platforms they are highly integrated into a more effective omnichannel key. Cryptomnets are still nascent in the online Italian shopper world.

However, according to the Fintech and Insurtech report, there is now an increasing number of blockchain technology projects conducted by Italian financial institutions, according to the recent
relationship of Coinidol. This shows that the DLT is widely adopted in various sectors in Italy.

Read more about blockchain and the Italian cryptocurrency industry in Italian a
www.it.coinidol.com

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