The Problem
The fashion industry has suffered and still suffers from the enormous counterfeit trade market. In 2016 trade in counterfeit and pirated products amounted to as much as USD 509 billion (rise from USD 461 billion in 2013)¹. Central parties have tried to resolve this by creating marketplaces that use a humanly verified system to identify whether the product is real.
The Solution
DIGIWEAR implements a decentralised system for product authentication where there is no need for a central party to manage verification. The blockchain tracks the transactional journey of products directly from the retailers and issues digital tokens to authenticate real products.
The Technology
Blockchain
Blockchain is a recent technology innovation that has surged over the recent years. Introduced in 2008 the first cryptocurrency Bitcoin replicated payments outside of traditional methods in banks harnessing this technology. It came after the financial crash where those methods were largely questioned, in turn developing a world wide solution.
Later in it’s development other cryptocurrencies such as Ethereum expanded its use case into smart contract systems that are able to handle more than just payments. More recently many different projects such as DeFi and NFTs have disrupted many industries and use cases of blockchain has expanded vastly.
Non-Fungible Tokens
Recently the development of Non-Fungible Tokens has created a gateway of opportunities into many sectors. NFTs are specific contracts on the blockchain that represent unique digital items, enabling tracking of ownership and transaction history. Common current use case of these contracts are for digital art and gaming assets.
The value of these tokens for the fashion industry is to digitalise real products to maintain better tracking of product journeys. Not only does this solve wide issues in the sector but it creates a platform for digital presence.
Overall
DIGIWEAR is initiating digital change for the fashion industry. Implementing digital tokens to represent real fashion products solves many different challenges and brings with it an opportunity to digitalise current marketplaces and provide full authenticity.
We have major plans to release our product in the future. For more information please find a link to our website and social media channels.
Website: https://digiwear.io
Twitter: https://twitter.com/DIGIWEARio
LinkedIn: https://www.linkedin.com/company/digiwear-io
References
[1]: OECD. https://www.oecd.org/newsroom/trade-in-fake-goods-is-now-33-of-world-trade-and-rising.htm
