IBM entered into a new blockchain-based partnership with the popular textile company KAYA&KATO in order to create a blockchain network to track sustainable clothing production as we are reading more in today’s blockchain news.
The technology giant IBM entered into a new blockchain partnership with the textile company KAYA&KATO to implement this technology in the industry and facilitate production process monitoring. The partnership is expected to bring transparency to the process of creating the products. The new partnership between these companies will be supported by the German Federal Ministry for Economic Development.
According to the official announcement, the technology pioneer will cooperate with the textile company in order to bring more transparency to the entire manufacturing process. The new platform is created to face a number of customers’ needs about the whole process of clothing production. The blockchain technology will bring transparency and will start with the origin of the garments to the final product. The network will let consumers know if their clothes are produced in a sustainable manner or not.
According to the publication, the new blockchain implementation will document and will also trace the entire textile supply chain and will allow suppliers and customers to keep track of the origin of the fabrics as well as to understand each production and distribution step. Another fundamental aim is to create more transparency in this part of the industry and to create a secure protocol for tracing the ecological materials. According to IBM, this will be led by the increasing consumers’ demand to try and understand the environmental impact of the products which the people will buy. The tech company conducted a survey where 77% of the consumers said that sustainability is important and that 57% said they are willing to change their purchasing habits to reduce the harmful impact on the environment. Christian Schultze Wolters, Director of Blockchain at IBM said:
“Blockchain technology is a catalyst for collaboration and transparency across industries and within supply chains. By creating shared visibility, the technology helps foster trust among companies and their suppliers, businesses and especially their consumers.”
The transaction data which will be recorded on the chain will be accessible to all parties. As many economies go via channels of the modern world, blockchain technology proves its applicability to a lot of industries among which car production, electronics, mining, and food cultivation. This technology continues to show more advantages in industries like aerospace as the aerospace giant Thales announced that it will use blockchain in order to develop its digital management system and improved connectivity between all applications which is why they comply with NATO standards as well.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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