Renowned blockchain firm IBM has announced that it is currently making moves to encourage and foster sustainable fashion. The firm plans to venture deeper into the blockchain ecosystem after its new partnership will allow it to track supply chains in the textile-making and fashion industry.
In this regard, a new york tech company, The Armonk has announced that it is collaborating with Kaya&Kato, a textile manufacturing company based in Germany, to create a blockchain platform used to track the origin of fabrics that makes their way into the fashion industry.
Customers to track their fabrics with new blockchain platform
According to a statement from Kaya&Kato, the new blockchain-based application will afford their customers, investors, and suppliers to track the locations that their fabrics are processed. The firm also mentioned that the new platform was created to allow customers and clients to follow every step and process that the material undergoes before they eventually get into the market.
“This new network was developed to enable transparency about where the fabrics that are used to make garments originate from and show consumers that their wears are produced sustainably,” Kaya&Kato said.
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Notably, this idea was fully backed and supported by the German Federal Ministry For Economic Development. On its part, IBM noted that sustainable clothing is seen as the most promising venture, especially among the younger generations across Europe.
According to a survey carried out by the blockchain consultancy firm, 75% of the respondents claim that they are deeply worried about the rate at which waste is generated in the fashion industry. Another 65% of the respondents also claimed that they were ready to buy clothing that has been verified by new technologies to be very sustainable.
Survey shows that people prefer sustainable fabrics
According to recent findings in the blockchain sector, most users have leveraged the technology to create supply chain logistics. Another aspect that technology has been booming in the food and medicine section is its use to improve traceability.
Presently, it has been projected that 20% of the global grocery producers will leverage blockchain technology to enable food safety and traceability come 2025. Although VeChain is currently in the lead when it comes to leveraging blockchain technology to facilitate supply chain management, other platforms such as WantonChain, Wabi, and Ambrosus have rivaled Vechain in that aspect.
Taking a cursory look through the market cap and price movements of supply chain tokens in the crypto market, one would notice that supply chain tokens are very small compared to coins in other sectors such as DeFi, smart contracts as well as oracles.
As far as the global population is concerned, IBM has cemented its position as one of the biggest blockchain enterprises globally, judging by its numerous achievements. According to present statistics from IDC, IBM is currently leading the global market for blockchain-related services, with Accenture and Infosys coming near in second and third place.