Common in the financial industry, blockchain is a tamperproof digital ledger that records each player and action throughout a process, making transactions safe and trackable. The transparency inherent in the system also makes each entity involved more accountable.
The Seam, a commodities trading and agribusiness software provider, sees an application for this technology in cotton trading and tracking along the supply chain. The solution? IBM’s Hyperledger Fabric blockchain technology.
“This new technology will be transformational for the cotton industry,” said Mark Pryor, chairman and CEO of The Seam. “There are numerous organizations, processes, systems and transactions involved from field to fabric. Situated at the intersection of agriculture, finance and technology, The Seam with the help of IBM, is uniquely positioned to introduce blockchain technology to cotton-affiliated businesses worldwide.”
Initially used for digital currency like bitcoin, blockchain is gaining in popularity in other industries. Last month, Walmart announced it would test blockchain as well, specifically in the Chinese pork and U.S. produce markets. Recently, the U.S. Food and Drug Administration said it may use the technology to help securely transfer patient data between sources like researchers and developers.
For such a system to work though, it needs to be widely adopted; the more entities involved, the more robust and useful the system becomes. Seam is relying on IBM’s reputation and connections to build a consortium that spans cotton producing and consuming regions.
The ownership group of The Seam includes renowned cotton leaders Calcot, Cargill, ECOM Agroindustrial Corporation Ltd., EWR, Inc., Louis Dreyfus Company, Olam International, Parkdale Mills, Plains Cotton Cooperative Association and Staple Cotton Cooperative Association. In 2000, The Seam launched the first online, neutral trading exchange for cotton, and has since expanded into other industries.
François Girbaud shares with Rivet why he believes fit and function mean more to denim than ever and why he’s eager for newness.Read more
Nike launched Nike Circular Innovation Challenge, a two-part contest that challenges participants to turn grind waste materials into new products or propose innovative material-recovery solutions for footwear recycling.Read more
Nike is shifting its leadership following alleged internal conflict, J.Jill's CEO Paula Bennett is retiring, plus Hugo Boss extended its CEO contract.Read more
Adelante Shoe Co. aims to make footwear shopping more transparent by connecting craftsmen and consumers from point of sale to shoe delivery.Read more
So what's really going on with the retail apocalypse? It really depends on which retailers you're talking about, according to new research from Deloitte.Read more
Following up on its merger this month with the American Fiber Manufacturers, the National Council of Textile Organizations has launched Textiles in the News, a new website promoting the U.S. textile industry.Read more
The challenging retail environment has store executives re-evaluating every aspect of their businesses and Shop.org's “The State of Retailing Online” report highlights retailers' new directions and the areas they say still need improvement.Read more