The president of the Italian fashion system (SMI), Parla Marino Vago, has outlined the outlook for the sector and explained how innovations such as blockchain technology are meant to revolutionize this key asset of the Italian economy. The Blockchain and distributed ledger technology (DLT) will help to improve the traceability of fashion products that are Made in Italy.
In the absence of clear European rules, SMI in collaboration with IBM are trying to develop a project that uses the blockchain and that could be a solution to overcome the immobility of the EU. On the eve of Milan Fashion Week, that will be held from September 17 - 23, Vago wants to make the true voice of the industrialists, the initiatives of the sector, a key asset of the Italian economy. The initiative has just been developed with the Ministry of Economic Development ( MiSE) and is expected to start soon.
However, the environmental issue is of global importance. Around 32 big names in the Fashion System, from Zegna to Armani, from Hermes to Prada, have signed a pact that commits them to do more in terms of attention to the environment. Because manufacturing clothes, fabrics, pollutes the environment. And the responsible authorities need to find effective solutions to reduce the impact of this industry in Italy.
According to Parla, by telling the client the history of the products, those who do not use good production practices would be penalized. Here, the problem of traceability becomes crucial. Especially for Italian fashion, an asset that is worth about €100 billion and weighs almost 4% of gross domestic product (GDP).
This turnover could grow much more if only the need to provide information on the origin of cottons and various raw materials was regulated, rather than on the processes and coloring of fabrics.
Italian companies would certainly be rewarded because for years they have focused on quality and eco-sustainability. Saving water and electricity was also a way to cut costs. And those who have not invested in this sense, failing to be competitive, are no longer there.
Attention to the environment, craftsmanship, quality raw materials, have already been the cards that have made Italy gain an important slice of the international luxury market. But not all operators in the fashion industry are focusing on this segment. And, in any case, in the absence of rules, there are those who use low-cost products in the knowledge that the consumer does not have many tools to realize it, if not, sometimes, after having purchased.
Above all, traceability will protect citizens. The theme was declined in the European proposal on the indication of origin, the so-called "made in" which, however, experienced alternate phases in Brussels. After the initial euphoria ended up outside the institutional agendas of the European Union due to the lack of those Northern European countries that profess themselves so much supporters of the environment.
The president has appealed to the 32 important names in world fashion who have signed the Fashion Agreement. Great groups like Kering are also putting pressure on their governments to get the situation in Europe unblocked and traceability regulated. Without this there can be no real sustainability.
Looking beyond producing and distribution, blockchain tech also has the ability to improve intellectual property fortification for designers and brand owners, something that is predominantly important given the continuous saturation of markets across the world with fakes, infringing goods, and goods which are otherwise abominable or have been interfered-with. When proprietary products can be tracked via distributed ledger technology, their genuineness can be easily demonstrable by brand owners, retailers and clients, possibly assisting to decrease accidental purchases of fake products.
Blockchain technology is also trying to unit Made in Italy fashion and other major sectors including agriculture, supply chain and tourism. The technology is doing a great job in protecting the fashion products manufactured in the country. Therefore, with the use of these innovative technologies including DLT, will help to significantly transform the Italian textile-fashion sector in the near future.
Source text: https://it.coinidol.com/blockchain-moda-italia/