The word ‘blockchain’ has become synonymous with bitcoin and other cryptocurrencies. While it can be used for financial means, this decentralized and real-time ledger is not limited to monetary records. As blockchain can record nearly anything, this evolving technology looks to be the next big revolution in various industries—including fashion.
From inventory and supply-chain efficiency to copyright protection, customer satisfaction, and personalized customer data, this developing field shows the potential to create un-hackable and unalterable information that would protect businesses as much as consumers. With each brand having its own ‘block’ in the link, the industry could develop standardization.
Although the fashion industry stands to gain innumerable benefits, little has been seemingly done to utilize this digital phenomenon.
Steven Nam, managing editor of the Stanford Journal of Blockchain Law & Policy, predicts that the fashion industry will see new ways to acquire investment and sustained participation among brands and in new marketplaces where consumers are incentivized to share personal data with blockchain technology.
On November 9th, Steven Nam will visit Academy of Art University’s School of Fashion to elaborate on related technological advances and influences upon the fashion world with an hour-long lecture hosted by Beyond the Front Row (BtFR). According to Nam, academic institutions could play a pivotal role in ensuring that blockchain technology continues to evolve. He adds that the collaboration between academics and institutions often produces “unexpectedly creative solutions” for both parties.
“The blockchain space needs more mainstream use-cases, and what better use-case than something as omnipresent and important to human beings as fashion?” Nam says.
This informative and valuable talk will be at 3:30 PM at 625 Polk in M09. School of Fashion students, BtFR club members, faculty and staff are welcome to attend.