International Women’s Federation of Commerce and Industry Malaysia (IWFCIM), Infinity Blockchain Ventures (IBV), organized Blockchain and Fashion: Growing Local Industry Through Sustainable Fashion in conjunction with the Malaysia Fashion Week 2019.
The event brought together iconic sustainable fashion women designers, business ethics professionals, sustainability advocates, technology providers and entrepreneurs in the same room to engage, network and showcase how blockchain’s transparency and traceability functions protect artisan works, culture, heritage, and rights.
“The advent of technology enables companies to seamlessly integrate complex capabilities that can trace the whole journey of their products from farm to garment. That represents a whole new meaning to sustainability as consumers can now make smart choices on their purchases based on the information that is available for them,” Dato’ Elaine Teh, President of IWFCIM,
Blockchain In Fashion Supply Chain
Consumers can use WOW Trace, a blockchain-based traceability solution that will enable consumers to check and validate the authenticity of the product starting from what it is made to how it is made during every stage of the supply chain.
Users can just scan the QR code on the product where the consumers can get access to instructions on how the product should be handled to the origin of the material.
Datuk Yasmin Mahmood, CEO of FutureReady Consulting Sdn Bhd, stated:
“The ABCD technology is embedded in our social fabric today. Specifically, with blockchain, we have arrived at an exciting time, where two-pronged goals are met. Firstly, we can have local industries and communities thrive as their artisan work, culture, heritage and rights can be protected. And secondly, it helps industries and SMEs immensely in integrating the Sustainable Development Goal as part of their strategic focus.”
“With the current global situation, sustainability is crucial in order to preserve the future for our children,” said Cris D. Tran, Regional Head and Managing Director, Infinity Blockchain Ventures Malaysia. “Through new technologies like blockchain, it can further enhance product traceability and bring a whole new meaning to the term ‘ethically sourced’.”
IBV To Provide Blockchain Solutions
IBV provides blockchain solution offerings to support local entrepreneurs by offering to learn on blockchain technology. Startups with great track records can try a demo version of a blockchain solution product where IBV has successfully implemented elsewhere.
Infinity Blockchain Ventures believes Malaysia with its diverse market and good infrastructure can successfully implement blockchain technology. IBV is currently working now with the local players to train more blockchain developers for the further growth of blockchain technology.