Unlocking the Potential of Blockchain Technology in the Textile and Fashion Industry

Sunhilde Cuc ()
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Sunhilde Cuc: Department of Textiles, Leather and Industrial Management, University of Oradea, 1 Universitatii Street, 410087 Oradea, Romania

FinTech, 2023, vol. 2, issue 2, 1-16

Abstract: The textile and fashion industry is on the brink of a major disruption, and blockchain technology (BT) presents a promising solution that could transform the industry by facilitating supply chain transparency, traceability, and sustainability. This article explores the potential of BT in the textile and fashion industry, with a focus on its current applications and potential impact. Using case studies and analyzing all announced blockchain projects from January 2017 to January 2023, we examine the diversity of blockchain applications across different aspects of the textile and fashion industry, including smart contracts and payment processing, supply chain tracking, sustainability applications, and customer engagement. The findings suggest an increasing number of companies are adopting BT, and that BT has the potential to revolutionize the T and F industry by creating a more transparent and efficient supply chain, reducing fraud and counterfeiting, and increasing customer confidence in products. We also identified the challenges and difficulties that may arise during the implementation of BT. This article contributes to the literature on BT in the textile and fashion industry, providing critical insights into its potential impact.

Keywords: blockchain technology (BT); textile and fashion industry; smart contracts; supply chain traceability; sustainability (search for similar items in EconPapers)
JEL-codes: C6 F3 G O3 (search for similar items in EconPapers)
Date: 2023
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