With the increasing complexity of SKU (Stock Keeping Unit) management and shorter product life cycles, sales forecasting has become more difficult for apparel manufacturers.
Their retailers and supply chain partners can implement blockchain technology that can provide a single source of information and use smart contracts to enable the automated execution of various tasks for product management and supply.
Better visibility into the supply chain would increase operational efficiency and enable more accurate forecasting, preventing over-ordering and minimizing sales losses due to out-of-stocks. Blockchain more efficiently replaces all traditional technologies for organizations and corpoates that want to certify and monitor their supply chain.
Market research says that blockchain can reach a critical level of adoption and even gain consumer acceptance by 2025. Furthermore, with so much research and statistics in favor of blockchain, early adopters of the technology can distinguish themselves in their product sector.
Otichain is an all-inclusive, standardized environment that allows developers to focus their efforts on blockchain solutions.
This will promote the creation of DApps and smart contracts open to all. The blockchain offers enormous potential to reshape privacy and security and, ideally, transform the global economy.