Fintech based on distributed ledgers is conquering textiles thanks to the Italian Ministry of Economic Development (MiSE) project. By making different parts of the supply chain communicate with certain and non-modifiable data, it provides an additional tool to the brand and a weapon against the counterfeiting market.
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.
One of the most state-of-the-art projects established by Italian fashion remains held in the shoals of politics. The blockchain project of the textile supply chain, rolled out last winter by the Ministry for Economic Development (MiSE), to which Sistema Moda Italia (SMI) is also collaborating together with International Business Machines Corporation (IBM), an American IT company, chosen as its technological partner, has actually hopped some strategic steps. And now it remains tentatively on standby, the time variable being a central factor for the success of this technological standard.
The MiSE has partnered with SMI and IBM to design a blockchain project that will trace a product through every phase of production. Initially, the trial project will be supported by 30 companies and this number is expected to grow. The fashion industry will benefit from using the new technology most of all.
A lot of people think that blockchain technology is only about Bitcoin (BTC) – which is identified as an encrypted transaction database greatly associated with the utilization of cryptos and is still evolving on a significant scope. Every ‘block of the chain’ has data which is verified and isn’t possible to manipulate or modify without being tracked in real-time, by anybody that has access to it. Distributed ledger technology (DLT) is compared to a communication protocol which will largely cause a revolution in several sectors, like how the internet has changed everything since the mid-90s.
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