Fashion & Food Industry Update: More Companies Adopting Blockchain Solutions
While still an emerging technology, more companies are implementing blockchain technology to manage supply chains, track goods, prevent counterfeiting, increase security, and ensure traceability. In a recent survey of global leaders, by auditing and financial services company KPMG, 48% of respondents stated they believe it is highly likely that blockchain will change the way their companies do business over the next three years, and 41% stated their company intends to implement blockchain technology during the next three years.
Fashion and luxury brand owners are turning to blockchain technology to prove the authenticity of their goods. Recent reports state LVMH, which owns over 60 luxury brands, will soon use blockchain technology to secure its Louis Vuitton and Parfums Christian Dior goods, with other LVMH brands to follow. LVMH is collaborating with software technology Company ConsenSys to develop this blockchain technology and intends to promote its technology on a “white label” basis with the option for competitors to join.
VeChain has collaborated with fashion brands such as H&M, Babyghost, and Reebonz to develop digital tags that use blockchain technology to secure supply-chain tracking and help customers verify manufacturing information and authenticity.
Food traceability is another key use of blockchain technology. IBM’s blockchain-based food tracking network, Food Trust, has been joined by Nestle SA, Walmart, Unilever, and Carrefour. Carrefour, a French multinational retailer, initially used blockchain technology to ensure traceability of its line of chicken products, and recently announced that it would expand the technology to milk and other food products. In addition, South Korea has announced a pilot project to provide blockchain traceability of beef. Scottish whisky distiller William Grant also recently commenced a blockchain project to track its products.
Click here for more information: traceabilityblockchain.org.