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 distributed ledger technology (DLT) or Blockchain for the traceability of Made in Italy, is the project launched by the Ministry of Economic Development (MiSE) in collaboration with IBM and representatives of the Italian textile production chain. The aim is to defend the excellence of locally manufactured products and services on international markets, combat counterfeiting and support the competitiveness of manufacturing companies.
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.
A pilot blockchain project set to provide products of Italian textile industry with a traceability feature, which will defend the Italian brand, has been presented by the Ministry of Economic Development (MISE) on March 13. The fintech initiative is planned to become a role model for all other industries manufacturing Made in Italy products.
The first pilot project for the use of blockchain in SMEs in the textile industry was officially presented at the Italian Ministry of Economic Development (MISE) on March 13. Blockchain technology will support Made in Italy project, protect its uniqueness and quality such as certifying the supply chain thanks to the mechanism of the "shared register" which enables attaining maximum security regarding counterfeit stabs.