Altcoin News: IOTA Steps Foot in the Supply Chain Business with Alyx

By May 29, 2019 Altcoins
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Altcoin News: IOTA Steps Foot in the Supply Chain Business with Alyx
  • IOTA’s Tangle and Origin trail’s ODN is being used by luxury fashion brand Alyx to track its garments supply chain
  • Alyx customer can use a mobile application to scan QR codes and access every information of their purchase
  • DLT solution backed by the blockchain aims to further enhance transparency between manufacturers and customers

Alyx, a colossal name in the luxury fashion industry, recently announced their partnership with IOTA and that they will be using IOTA’s very own blockchain called ‘Tangle” to track their opaque garments supply chain.

Previously IOTA was bound to the Internet of things and machine to machine (M2M) economy space. The company has already been collaborating with various industrial giants like Jaguar, Bosch, Audi but now the institution has carried its interest towards the supply chain industry with its motto of providing full transparency between businesses and their customers.

DLT and the Garments Industry

According to reports, IOTA has launched a DLT solution that enables a “more sustainable and ethically-sourced” fashion industry with Alyx and Avery Dennison. The partnership also includes major IoT SaaS platform EVRYTHING.

Alyx is said to be using this emerging technology to allow their customers to track the entire journey of any attire they purchase from the point of its creation until its very sale. All this will take place via an application which reads the QR codes on the garments. The DLT based application will be providing every information including the origins of the fabric itself. The app is accessible to all the customers and can be easily used on their smartphones.

IOTA’s Tangle chain sourced DLT technology will also allow clear visibility of a product’s supply chain voyage, along with “access to real-time data and statistics across different sales channels and consumer preferences.” This also completely removes the chances of customers coming across counterfeit products as they’ll be able to check the authenticity of every product with a few simple touches on their smart devices.

Recent reports state that Origin Trail, a blockchain-powered data sharing protocol that helps build better data integrity and validation is using their decentralized network (ODN) alongside Tangle chain from IOTA. This partnership has been heartily accepted by users all across the globe and is even being considered a “match made in heaven.”Debbie Shakespeare, senior director of sustainability and compliance at Avery Dennison commented on the development:

“Our innovative solution combines our Janela platform with a new blockchain layer, providing consumers and brands with fundamental uncompromisable data. Brands and consumers can know that the information they are being shown about the garment’s creation process is 100% accurate and can be trusted implicitly.”

Blockchain Has a Bright Future

Blockchain technology is being exploited by numerous industries to increase trust between consumers and manufacturers. IBM created the IBM Food Trust blockchain to strengthen food safety by tracking groceries from the farms to the stores. Other companies have also used blockchain technology for keeping everything transparent. Even mineral sourcing is being used for automotive and batteries by giants like Ford and Volkswagon.

IOTA Is Making Immense Progress

IOTA has been partnering with various major brands and thus promoting the uses of DLT and blockchain technology itself. There have been reports about institutional investments in the business.

The company stated via a Medium post earlier this year that they have started to engage with regulated custody services and liquidity partners in a efforts to provide safe and secure custodial services to institutional investors and thus in turn ring more liquidity to the emerging blockchain industry. The recent partnerships have pushed the tokens price by almost 50 percent in the last few months. Many consider this to be one of the biggest gainers in the future bull run.

Alyx customer can use a mobile application to […]

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