Autify Network, an Indian supply chain startup, is looking to step into the luxury fashion industry to provide a better solution to the supply chain with the help of Blockchain. The team claim that their Blockchain based solution will ensure originality and maintain ethical factors in production.
The luxury fashion industry, known for its glamorous products and premium pricing, has been seeking solutions to the problems in its supply chain. From counterfeit goods to unethical labour practices, the issues have tarnished the reputation of some of the world's most famous fashion brands. Blockchain technology is said to be a promising solution to these problems.
Autify Network was originally started in 2021 by Nabarun Chakraborty, and has raised about $1.9 million in funding led by Loop Ventures, as well as grants and angel investments from Biconomy, NEAR Foundation, Filecoin, Dfinity and others. It now plans to establish a trust protocol that brings transparency to the global supply chains.
Chakraborty, founder and CEO of Autify Network, said, "Autify Network is committed to transforming the luxury fashion industry and bringing greater transparency to the supply chain. By integrating Blockchain into the supply chain, we will enable brands to securely track their products and ensure that they meet the highest standards of quality, sustainability and ethics."
A 2019 report stated that $500 billion is lost to counterfeiting every year globally, in which the number one product that was counterfeited was footwear, followed by the clothing industry. Luxury brands were the biggest target.
Autify plans to create a secure and decentralised ledger of transactions that'll give an accurate and tamper-proof record of the journey of a product from raw materials to the final retail version. This will help address the issues of unethical practices and exploitation in the supply chain, such as forced labour and environmental harm.
"With the brilliance of blockchain and the added help of AI, Autify Network will ensure the unique identification of physical products to ensure their originality. Throughout the lifecycle of the product, it will record, role, and specify the entitlements regarding the product," said Nabarun in a tweet.
Chakraborty also mentioned that Autify Network has the ability to simplify supply chain procedures, which could decrease inefficiencies and enhance effectiveness. This may lead to decreased expenses and increased profitability for companies, as well as more environmentally friendly and ethical practices.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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