Blockchain, IoT and Resale 3
A scaling of fashion resale requires traceability of individual garments and technology for locating and disseminating one-offs on the secondary market, as well as a deeper understanding of value creation and market mechanisms. This project aims at aligning and validating state-of-art of blockchain and IoT technology, as well as investigating user behaviour and economic flows on the current resale market.
The effective use of blockchain, IoT and integration into existing systems requires significant technological knowledge, making the transition into using blockchain hard for small and medium sized enterprises.
Furthermore, resale is contradicting current linear trend- and seasonal logics of the fashion sector which is one of the primary barriers for scaling of resale and take-back schemes both in terms of mindset and logistics.
By being proactive Danish companies can lead the development of solutions that incorporate Danish and European preferences into the standardization process rather than being subjected to the systems of Chinese or American companies or the global Internet giants such as Amazon or Alibaba. DK currently has a stronghold of resale in EU as 9% of DK clothing purchases are resale against 5% in other EU countries. The resale market is immature globally but is estimated to take over fast fashion by 2030. DK could be lead in this through clever implementation of IoT and blockchain technology combined with deep consumer- and market insights. Digital prototypes created with blockchain and IoT technology can decouple resources in the design phase which can save 10-20% textile waste during production. Tracking devices can help inform valid LCA measurements and design practices for longevity and can thereby support legislation and policy making for circularity of the fashion market, currently the most linear sector in the world due to the prevalent trends- and seasonal mindset. Scaling of resale can push for longer use phases of clothing which is vital to ensure climate goals.
Resale is estimated to generate $64B by 2024 and is the only viable way of reducing waste of clothing, pushing for better quality garments, and reducing poor quality textile waste.
Education in IoT, Blockchain & Resale market for the lifestyle industry.
CBS, the Royal Academy, the Alexandra Institute and LDC are investigating how the circular design principles of the future can meet new technology and support a sustainable scaling of the resale market.
You can join the journey when we open up an exciting training course over four online meetings. Here you get the latest knowledge from research, hear interesting cases and insight into how Blockchain, IoT, design principles and the resale market interact, and how your company gets started with the implementation.
We invite brands, consultants and tech providers curious about how technology can catalyse a more robust resale market for the lifestyle industry.
Over four courses, you will go through technologies, supply chain, data and trends in the resale market. Remember, there is a small homework task after each session.
- 1. Educational day: 31. August 10:00-12:00 Blockchain IoT for scaling resale market.
- 2. Educational day: 3. November 10:00-12:00 Industry Standard of the Global supply chain.
- 3. Educational day: 4. April 2024 10:00-12:00 Trends from the resale platform
- 4. Educational day: 16. Maj 2024 10:00-12:00 Value creation in the resale market.
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