Autify Network Uses Blockchain to Increase Transparency in Fashion Supply Chains

BANGALORE, India - Feb. 22, 2023 - PRLog -- For many years, the luxury fashion industry has been plagued by problems in its supply chain, ranging from counterfeit goods to unethical labor practices. These issues have damaged the reputation of some of the world's most renowned fashion brands, causing them to seek innovative solutions. Autify Network, a startup that utilizes blockchain and AI technology, is leading the charge to combat the criminals involved in the fashion supply chain. By creating a secure and decentralized ledger of transactions, Autify Network can significantly reduce the risk of counterfeit goods and improve labor standards, making the industry more ethical and trustworthy.

Autify network, uses a combination of blockchain and AI technology to ensure the unique identification of physical products, recording the roles and specifications of the entitlement regarding the product through the lifecycle of the product. This not only addresses issues of exploitation and unethical practices in the supply chain, such as forced labor and environmental harm but also streamlines supply chain processes, reducing inefficiencies and increasing efficiency.

Consumers can access this information, building trust in the brand and increasing transparency in the industry. Autify Network has partnered with companies like NEAR protocol, Filecoin, and Biconomy to ensure higher levels of data accuracy with detailed documentation and reduced costs. It also raised $1.9 million in funding across a pre-seed round led by Loop Ventures, as well as angel investments and grants.

"Autify Network is excited to bring our blockchain solution to the luxury fashion industry," said the company's CEO, Nabarun Chakroborty. "We believe that our technology can help address some of the industry's biggest challenges and create a more transparent and ethical supply chain. We are committed to transforming the industry and making it a better place for everyone."

Autify Network uses a secure and decentralized ledger of transactions to provide a tamper-proof record of a product's journey, from raw materials to the final retail product. Through the use of AI and advanced technology, the system ensures the unique identification of physical products to combat issues such as exploitation and unethical practices in the supply chain. This allows for greater visibility and accountability in each step of a product's journey, which consumers can access to build trust and increase transparency in the industry.

Additionally, Autify Network aims to streamline supply chain processes, reduce inefficiencies and increase efficiency. This can result in reduced costs and improved margins for businesses while practising sustainability.

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