Recently, a new brand has been born in the fashion circle, which is different from previous high street, luxury or independent designer brands. This is the worlds first new-age fashion brand based entirely on blockchain, called MCQ.MCQ is part of British haute couture Alexander McQueen, designed by a dynamic group of creatives from around the world. Unlike previous fashion brands, MCQ is a technology-integrated fashion brand. Blockchain technology is embedded in the label of each MCQ item, and the authenticity can be confirmed by touching it with a mobile phone. This move ensures the traceability of merchandise resale and brings a longer life cycle to MCQ items in a circular and sustainable way.
Copycats are rampant in the fashion industry and collaboration is inefficient
The end result of technology is to empower the industry, and the same is true for blockchain. Blockchain technology is not a panacea. Every industry needs to create its own industry public chain based on industry characteristics. The same is true for the fashion industry. If you want to apply the highly disruptive blockchain technology to the fashion industry, you must first understand the pain points and difficulties that currently shackle the development of the industry.First of all, the profit distribution mechanism in the fashion industry chain is unreasonable, the phenomenon of infringement is rampant, there is no protection for the creators of fashion content, and there is no effective incentive; often a hot product appears, and several high imitation and counterfeit products spring up like mushrooms pop up.Secondly, the characteristics of the fashion industry determine that fashion is cross-border and global, requiring the cooperation of many industry participants around the world. However, the status quo of cross-border transactions is difficult settlement, high cost, cumbersome procedures, long time and low efficiency.Blockchain makes the fashion industry more transparent and efficient
The use of blockchain technology in the fashion industry can better prove the sustainability and authenticity of fashion products, ensure the transparency of the supply chain, and protect the property rights of creators and brands.1. Say goodbye to high imitation and A goods, so that every product is famous.As we all know, when a certain product of a certain brand becomes popular, many imitations will appear on the market, which minimizes the original premium of the brand. The use of blockchain can help brands protect the production process and ownership of products. This is especially important in the luxury and art sectors, which cost millions but have been plagued by sophisticated and rampant counterfeiting techniques. According to the Global Brand Counterfeiting Report, 2018 survey report released by the market research company Research and Markets, the total economic loss caused by counterfeit goods sold online in 2020 is as high as US$323 billion.By tracking branded items through blockchain, brand owners, retailers and consumers can easily verify their authenticity. For example, if the brand can use blockchain technology to cooperate with some sneaker resale platforms and second-hand luxury goods platforms to establish a traceability certification system for the goods consigned by customers, it can completely solve the trust problem of the entire circulation link in the secondary market. Just last year, star Hua Chenyus self-created fashion brand Mars Space Station also pioneered the introduction of NFC IoT chips and blockchain encryption technology, endowing each item with an unrepeatable identity certificate and unrepeatable user exclusive rights .Blockchain technology also enables designers to record every step of their design process, providing an immutable proof of creation in the event of a dispute over ownership. Brand owners who license their designs or trademarks can also use blockchain technology to track sales and royalties.2. Make the supply chain of the fashion industry more transparentWhen consumers consider buying a product, the traceability of the product is what we often call origin, which has always been one of the criteria for considering the authenticity of a product. But in fashion, where transparency is almost never there, the only tool consumers have to find out where a garment was made is a simple built-in label, which is entirely possible to fake. And blockchain technology is one of the few technologies that can improve the transparency of the production cycle.As a technology-driven decentralized business model, blockchain is changing the relationship between brands, consumers, and supply chains in the fashion industry. In the past, there were various information asymmetries in the upstream and downstream relationships among the three, which led to inequality and undemocracy.In the new business scenarios created based on blockchain technology, the permanent and immutable information in the system is highly symmetrical, making the relationship between all parties in the industry chain more equal and real. For brands, the use of blockchain technology can help improve transparency and gain the trust of consumers, so as to stand out in the fiercely competitive fashion market; for suppliers, the use of blockchain technology can be traceable and auditable. Reliable data to better verify and display the life journey of assets, and meet the ever-expanding and strict sustainable procurement needs of brands.By providing complete transparency, blockchain can also assist the fashion industry in tracking the production process from raw materials to finished products. In the process, blockchain will assign each piece of clothing (bag, shoe, etc.) a unique digital token, allowing the technology provider to create a digital history of every step of that product, including location, factory name and time and other specific data. This information is presented through the app, and anyone who later interacts with the garment can access each step about the product via a QR code or NFC-enabled tag and ensure the accuracy of the information.In fact, as early as 2017, London-based designer Martine Jarlgaard joined forces with blockchain company Provenance to use blockchain technology to provide smart labels on clothing products designed and produced. Consumers can scan the QR code to trace back from Every production step and procedure from raw material to final product.3. Accumulate user data assets and grasp the future of the industryIn the digital age, the importance of data assets is beyond doubt. Whoever masters data currency earlier will master the future of industry development. The previous one item, one code RFID technology was mainly used in upstream links such as production, circulation and inventory, and has not yet been applied to data collection of C-end users. As the earliest pioneer, Nike, a world-renowned sports brand, launched running shoes equipped with RFID chips many years ago to record the wearers physical fitness-related data in real time.The accumulation and application of data, as well as the final trend prediction, will affect the consumption decisions of brand consumers and product trend research. The direct application object of the blockchain is the database, which can obtain permanent and tamper-proof user data from specific application scenarios in which multiple transaction parties participate.4. Simplify the trade process and improve the quality and efficiency of the industryBecause the fashion industry often requires cross-border settlement and global trade, it requires the mutual cooperation of many participants around the world. However, in the previous transaction process, a large amount of collaboration and low transparency made it difficult for all parties to understand the real-time status of cargo transportation, which led to problems such as reduced resource utilization, prolonged transportation time, and increased potential damage to goods.Undoubtedly, the blockchain has opened a new track for the next round of competition. Under the empowerment of the blockchain, the traditional and trendy fashion industry is about to usher in a new imagination space. As a pioneer in the field of blockchain, Wanglian Technology has always adhered to the vision of empowering the physical industry with technology and accelerating the transformation and upgrading of the industry, so that the blockchain can benefit the future, connect with more traditional industries, and let the fashion industry The many real economies of the country are full of new vitality. 
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