There’s no denying it, the fashion and retail world will become one with technology. The line between these two industries is blurring and is reflected in trends such
as chatbots, change in the Brick and Mortar structures, virtual realities, artificial intelligence, robots, 3D printing, Internet of Things and blockchain.
One of the most cutting-edge developments is the incorporation of blockchain technology. Blockchain is a global online database that anyone with an internet connection can use, but it doesn’t belong to anyone.
A blockchain is a distributed database maintaining a constantly-growing list of data records secured from tampering and revision. The data are recorded in a blocks structure, with each block holding batches of individual transactions. Meaning the database is secure, open, auditable and what makes it unique is that it runs without a single centralized operator. The defining feature of a blockchain is that it cannot be modified by any party, it is coded in a way that prevents fudging the data, whether that data is bitcoin quantities or the origin of a piece of clothing. That means information can be transmitted through huge networks, such as supply chains, and be added to by users on those networks without compromising security.
Conceived in 2008, it is mostly used in the banking sector for the moment, because the technology easily helps tracing transactions and it happens to be the main technical innovation of the bitcoin. The idea was to create a decentralized digital property that keeps track of who owns what. Today it is not bitcoin, but blockchain that everyone is buzzing about…
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