Apr 5, 2023
Metaverse is revolutionizing the fashion industry with its blockchain platform and digital assets.
Time and again, the fashion industry has witnessed disruption caused by digital innovations. From e-commerce to mobile apps, new-age technologies have come in and transformed the apparel industry.
With the help of blockchain technology, Metaverse creates value for fashion brands by bringing together all stakeholders involved in the process from manufacturing to sales. Metaverse offers various services like Digital Identity (VID), Digital Assets (AD) as well as Token Registrar (TR) to create a trustworthy ecosystem for users and businesses.
Read on to know how Metaverse is revolutionizing the fashion industry with its blockchain platform and digital assets.
To ensure trustworthiness in all transactions, blockchain technology needs to create a trustworthy digital identity and ownership on the platform. However, most blockchain protocols are currently struggling to solve this problem due to privacy issues. Metaverse has come up with an innovative solution to address this problem by creating an identity that is accessible to all stakeholders of the ecosystem.
The Digital Identity feature of Metaverse allows users to share only their relevant information with other parties based on their consent. Based on the user’s selection, the system automatically filters the relevant information and sends it to the blockchain network.
Digital assets are nothing but digital representations or tokens of real-life assets. These tokens can be easily transferred via virtual wallets or other smart contracts. With this concept, blockchain creates a peer-to-peer digital marketplace where users can buy and sell anything.
Now, when it comes to fashion, blockchain-based digital assets can help brands to create and manage their digital inventory, thereby improving their supply chain management. For instance, if a fashion brand creates a token, representing a t-shirt, and sells it via a marketplace, the token is now available globally.
So, if someone in Australia wants to buy that particular t-shirt, the token can be transferred to the buyer’s account from the seller’s account via blockchain.
Supply Chain Management
The fashion industry is certainly one of the most fragmented industries where different stakeholders like designers, manufacturers, suppliers, and retailers operate in silos. The lack of a unified system has led to the emergence of an unorganized supply chain system. For instance, the unorganized supply chain has led to issues like delayed shipments, product recall, etc. The problems can be resolved by integrating the entire supply chain through blockchain technology.
When the supply chain is integrated with blockchain, it becomes easier for all stakeholders to track the product from manufacturing to end-customer. A transparent and decentralized blockchain is what fashion brands need to manage their supply chain.
Fashion brands should consider using blockchain to enhance their efficiency and growth. However, they should make sure to choose the right blockchain platform that provides seamless integration with other systems, unbreakable security, an easy-to-use interface, and scalability.
Metaverse is one such blockchain platform that offers various features like digital identity, digital assets, and supply chain management to fashion brands. Through its digital identity feature, users can share only relevant details with other parties. Meanwhile, the digital asset feature is used to create a digital representation of real-life assets. This helps brands to manage their supply chain better with the help of blockchain.