Blockchain has been gradually marking its way in the Indian apparel manufacturing sector and rightly so as supply chain transparency and traceability is one of the key issues that companies have to deal with.
The most recent implementation is done by India’s renowned apparel manufacturer Arvind which has joined hands with Textile Genesis, a specialist of blockchain technology, in order to enhance process visibility and transparency in its supply chain.
The platform provided by Textile Genesis requires stakeholders/participants at each stage of the supply chain to input production data, which establishes oversight into proceedings.
The technology is said to be curated to fit the need of apparel industry through Fibercoins that create the ability to trace and manage the textile products across the apparel supply chain by creating a digital twin of the sustainable fibres at the point of origin.
As the manufacturer, Arvind also issues a digital ‘fibercoin’ per kg of fibre at the origin (in ginneries for cotton and production plants for man-made cellulosic fibres, etc.) to the buyer, which mirrors the transaction of a physical good in the supply chain that means these fibercoins will be virtually visible to all brands as well their customers.
These are blockchain-based digital tokens to digitise physical volume of sustainable materials and are not based on any crypto-currency (Bitcoin, Ethereum, etc.) to restrict any legal and financial risk for the businesses.
It’s worth noting here that Textile Genesis’s technology is an online distributed ledger that cannot be changed or altered or exchanged.