Manufacturing Industry to Benefit from Blockchain Transparency
Blockchain is in the news again! Experts at the Forbes Technology Council were asked to give their opinion on the different industries that could best utilize blockchain’s pro-transparency properties. The insights were published in the Forbes.com article, “13 Industries And Activities That Could Benefit from Blockchain’s Transparency”.
‘Chain’ Reaction: Manufacturing was listed as one of the key industries that could be helped with Blockchain Technology. Transparency between key stakeholders throughout the supply chain is vital to operational success. It is also instrumental in creating the accountability needed to encourage planet-friendly production practices – especially in the fashion industry!
“The manufacturing industry, which has implemented supply chain logistics, can leverage blockchain. A distributed ledger can be implemented between internal business stakeholders and external suppliers and their subcontractors. It optimizes approval processes, enabling transparencies between different groups.” – Naresh Soni, Tsunami XR
Purchasing. Power. At retraced, we believe that the catalyst for change in the fashion industry, are fashion consumers. Consumer demanded transparency (powered by blockchain) will help optimize global fashion manufacturing for the better, and will, ultimately, give the planet the competitive advantage it deserves.