SILKROAD, a blockchain-based fashion platform company, announced that it will carry out a project called ‘SILKROAD Fashion Platform’ that connects manufacturing, distribution, and consumers based on data and blockchain technologies.
SILKROAD plans to record key information on the blockchain, including the manufacture and distribution of numerous fashion companies, services, designers and fashion products in different areas, to connect to the ecosystem, and to quickly analyze the global fashion trends.
SILKROAD encourages participation in the ecosystem by creating a compensation scheme called Silk Point (SLP) for a large number of participants who record a part of fashion distribution. Participants can obtain Silk Coins (SLK) if they faithfully perform their respective roles such as demonstrating design prototype time, expressing intent to purchase, and discovering designers. Acquired Silk coins can be used as promotional tools or can be returned as an alternative.
Silk Coins are used for transactions between ecosystem participants and can also be used at sites operated by ecosystem participants. In addition, fashion blockchain records generated through the silk ecosystem can be used in design trend analysis transactions, fashion manufacturing and distribution industries, and the profits generated provide additional income to the owner of the data.
The fashion digital platform ecosystem that SILKROAD hopes to create will involve numerous “participants” who are engaged in fashion-related businesses such as fashion manufacturers, fashion companies, retailers, buyers, academies and consumers.
The fashion trends all over the world is currently changing. As fashion consumption moves from offline to online, the loss-incurred system of existing offline retailers is collapsing. As a result of these changes, off-based systems such as order-taxing exhibitions, runway collections, showroom businesses are being reduced. The world is interconnected, and by 2010, 940 million online shoppers are expected to spend 1 trillion dollars in electronic commerce across borders.
Consumers’ shopping patterns tend to decrease consumption as economic uncertainty increases. Consumers demand more customized and individualized fashion, and tend to prefer lower prices. This is an increasing that off-price showers account for 75% of clothing consumption through all channels in the North American market.
“To provide an alternative to the slow process of manufacturing and distribution based on existing odd-sale manufacturing and distribution and to overcome the limitations of fast fashion brands, we develop a brand based on feedback to create a fashion ecosystem based on reasonable prices,” said an official at SILKROAD.