IBM Announces the Development of Blockchain Network For Tracking Sustainability in Fashion Industry
IBM is forming a partnership agreement with KAYA&KATO a textile company based in Germany. This partnership will aim at developing a blockchain network for the fashion industry in a bid to track its sustainability. As per an official announcement made on the 16th of November, the German Federal Ministry for Economic Development (BMZ) will also provide its assistance and support to both of these firms in the development of this blockchain network.
Tracking sustainable clothing with blockchain technology
This newly-announced blockchain network has been designed in a way that it will develop transparency regarding the garments’ origin “from the fiber used to the completion of the final product, and to provide consumers with the knowledge that their clothes are sustainably produced.” The main mission of this network is to track sustainable clothing within the fashion industry.
Consumers now will be able to make sure of the sustainability of materials i.e. organic cotton by tracing their origin with the help of this blockchain network. They will also be able to get an understanding of each step involved in the distribution as well as in the production of these materials or products.
While commenting on this development, the director of blockchain at IBM Christian Schultze-Wolters said in a statement that the distributed ledger technology (DLT) will be serving as a catalyst for boosting emerging as well as existing industries. He said:
“Blockchain technology is a catalyst for collaboration and transparency across industries and within supply chains. Blockchain technology today is being used to help increase visibility and agility in supply chains in industries including automotive manufacturing, mining, electronics production and even the cultivation and distribution of many types of food.”
Adding more to it, he said that their plan is to set an example in the industry so that other companies can find the opportunity to take a part in the company’s mission of boosting development.
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