The fashion industry has not been an early bird to embrace blockchain technology as compared to other industries, nevertheless, it is not too late. The industry has big as well as small players that are entering the blockchain space to stay ahead of the curve. The reason why blockchain is essential for the fashion industry is not only limited to the counterfeiting but also due to the environmental concerns it causes through the wastage. Many projects are implementing the disruptive technology to curb the concerns trending in the fashion industry. At this point, it is important for us to dive deep into the dynamics and understand how blockchain technology will bring a radical change in the industry.
Curate-A style discovery DApp
A one of it’s kind, fashion discovery decentralized platform, Curate, has come up with an ingenious idea to efficiently use blockchain to solve key concerns of the industry. Based on the Ethereum blockchain and smart contract, the platform also rewards its users in Bitcoin, Ethereum and CUR8 (an ERC-20 utility token of the platform). It is a decentralized, open-source and web 3.0 platform.
How does this platform work? Luxury brands and retailers post their unique fashion styles on the platform, which are curated by users for others to easily discover the curated styles. The discoverers upvote or provide their genuine feedback on the quality of the product. The fashion items that receive the most upvotes and positive feedbacks, trend on the platform. In order to encourage such participation and contribution, Curate rewards all the users in cryptocurrencies.
Fake Reviews Kept At Bay!
This is where Artificial Intelligence (AI) enters the scene. AI efficiently monitors the comments and feedback made by users before they are posted and verifies the user accounts with the unique ID attached to each account. Additionally, the platform doesn’t allow any user to post any defaming comments or derogatory words, thereby protecting the users. The use of AI on the platform thus enables trustworthy comments that all users can rely on.
Enhanced Safety and Security
The platform prioritizes the safety and security of the users’ data and therefore implements the KYC protocol along with a recognized form of identification. Implementing a high level of verification with KYC will safeguard the financial data of users, prevent the creation of multiple accounts from one user and mitigates the risk of crypto-asset thefts. All transactions will be done on a P2P level and therefore, the user information stored on the blockchain network will not be accessible by anyone other than the technical department.
The platform also implements AML so as to report any fraudulent activities and any accounts found to be undertaking such activities will be frozen. Additionally, upon registration and verification, users will also have to agree to CFT rules and FATF recommendations affecting crypto-assets.
The Curate Dashboard
Curate’s dashboard is a decentralized app (DApp) and the transactions are backed by smart contracts. The rewards to be received by users will be calculated by a smart contract code based on the user’s level of contribution and recognition gained on the platform. Smart contracts also ensure that the transactions go through a 2-way confirmation process before they are recorded on the distributed ledger. The CUR8 token is compatible with smart contracts and exchangeable with other utility Ethereum based tokens.
Tracking the Authenticity of Materials
Curate integrates a remote frequency identification (RFID) protocol in its system that enables users to track the history of the clothing they purchase. The materials on the platform will come with RFID smart tags that can be scanned with mobile devices. This will help both retailers and customers to identify the authenticity and genuineness of the clothing and prevent them from falling prey to fraud and buying counterfeit products with an uncanny resemblance to the original brand.
Curate has embarked on a mission to transform the luxury apparel industry by integrating blockchain, AI and smart contracts with fashion. With the mission intact, it is all set to launch its IEO on the 9th of August on P2PB2B exchange and has also partnered with whiteBIT, Coin Exchange, ExMarkets and Airswap for future IEO events.