IBM has established a new partnership to track the supply chain of the textile and fashion industries, and its attempt to enter the blockchain ecosystem is deepening.
New York technology giant Armonk announced on Monday that it will work with German textile manufacturer Kaya & Kato to develop a blockchain network to track the source of fabrics used in the fashion industry. The new application will allow Kaya&Kato’s suppliers and customers to know where their fabrics are processed, and to understand every step of the production and distribution process. IBM said:
“The purpose of designing this network is to make the source of clothing transparent, from the fiber used to the final product, and to let consumers know that their clothing is sustainably produced.”
It is worth noting that this plan is supported by the German Federal Ministry of Economic Development.
IBM sees the sustainable apparel industry as a promising growth project, especially among young people in Europe.
Morning Consult commissioned IBM to conduct a survey of European consumers and found that 75% of respondents said they were worried about waste in the fashion industry. 64% of people said that if the new technology can verify the statement of sustainable development, they are willing to buy clothing.
Supply chain logistics has long been regarded as one of the best use cases of blockchain technology. Improved traceability, especially in food and drug supply, is one of the biggest value drivers of integrated blockchain.
It is estimated that by 2025, 20% of global grocers will use blockchain technology for food safety verification and traceability.
Although VeChain may be the most well-known blockchain project for supply chain management, other agreements such as WaltonChain, Wabi and Ambrosus are also seeking to disrupt this area. In terms of market value and price trends, compared with other vertical industries such as DeFi, smart contracts, and oracles, supply chain cryptocurrencies are relatively small.
As far as the multinational technology company IBM is concerned, it has become one of the largest blockchain companies in the world. IDC research shows that IBM is the global market leader in blockchain services, followed by Accenture and Infosys.
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