Blockchain technology is revolutionizing the fashion and beauty industries, as consumers increasingly turn to mobile, wearable and smart-phone apps for fashion trends and products.
According to the fashion fashion tech startup DesignTrends, blockchain technology will change the way fashion brands are marketed to consumers and will help fashion companies and brands to innovate and improve on the performance of their products.
The startup said that its technology will be able to “reduce the time spent in the store by as much as 70 percent, reduce time spent shopping online by 50 percent and increase customer satisfaction by 50 to 70 percent.”
“Blockchain technology will make it possible to create a platform that will make the experience of shopping and purchasing a seamless experience,” DesignTrendes founder, Sami Alani, said in a statement.
“We are building a technology that will enable fashion to operate at a level where consumers want to be part of the experience.”
The company said that it was working with companies including Apple and Samsung to develop blockchain-based applications.
The company also said that designers will be required to be licensed by a blockchain registry, which is a virtual entity created by a cryptocurrency network to allow for the creation of blockchain-backed identity cards.
The registry will be run by the fashion brand itself.
Alani said that fashion will also benefit from the blockchain as it will allow for faster payments and better distribution of inventory, which could allow designers to more easily produce products at the right price point.