Blockchains will be in heavy use by early adopters by 2025
Blockchain has been bandied around for quite a while but still considered a fairly new technology. Subir Ghosh spoke to experts in the field to know their views on how blockchain has been functioning till now and the challenges involved in adopting it in the fashion industry.
An effort is made in the fashion industry to address changing consumer attitudes while creating ways to be more transparent about the environmental impact caused by the materials they use. Blockchain is well suited to help garment manufacturers and their suppliers in working together to create a permanent, constant record of the origin of all materials used in production and build trust.
We are definitely in the early stages. Blockchain itself is a rather new technology. It came into the scene around 2008 during the financial crisis when we saw the early green shoots. The technology becoming mainstream is not more than ten years. So, it is a relatively new technology, and it was largely confined for the first 6-7 years to the cryptocurrencies space. No one wanted to touch it. It was seen as something very fancy and only for replacing your cash. Slowly people started exploring and realised that certain ideas, aspects of that technology could be used in industrial applications. So, we are definitely in the early stages yet. It depends on the innovator to ensure that clear business benefits are being delivered. That is the only way to drive adoption. This is not a regulatory environment wherein you can pass a regulation one day and ask the whole technology to be adopted. It has to go hand in hand with the value that is being delivered to the players who use the system/technology.
Yes, we are in the very early days of blockchain. No, it will not take decades. I anticipate that blockchains will be in heavy use by early adopters in 2025. By 2030, blockchain will be as pervasive as the iPhone. The next stage for blockchain would be tracking the environmental impact, such as greenhouse gas emissions, from fibre origin to final delivery to the consumer.
Published on: 21/12/2020
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.