"Launched by the Italian Ministry for Economic Development (MiSE) in collaboration with Sistema Moda Italia (SMI) and International Business Machines Corporation (IBM), an American IT company, the Textile Blockchain Project is currently facing a crisis as the time for its implementation is fast running out. The project is currently on a standby following a government crisis that led to the change of executive in the country."

Launched by the Italian Ministry for Economic Development (MiSE) in collaboration with Sistema Moda Italia (SMI) and International Business Machines Corporation (IBM), an American IT company, the Textile Blockchain Project is currently facing a crisis as the time for its implementation is fast running out. The project is currently on a standby following a government crisis that led to the change of executive in the country. However, prominent industrialists like the confindustria associations believe that the project is on the right tract although it is taking a lot of time.

In future, Blockchain technology is likely to play a vital role in mapping the entire fashion supply chain. It will help companies to map all their textile-fashion productions, starting from yarn through to the final product. Representing a starting point of a wide project, the Italian government plans to extend this technology to all other sectors of Italian manufacturing.

Other technologies to takeover Blockchain’s shine

The feasibility study for textile blockchain project, which focused on the entire supply chain, began in mid-April, and involved, in a first phase, some 30 giant Italian manufacturing firms. The study was concluded before the end of July, when a press conference was also scheduled to present the results. However, this was canceled later due to force majeure. This delay could prove to expensive as other blockchain and DLTs could enter the market soon.

Italian industrialists fear if European companies fail to launch the Blockchain project before other similar technologies are launched in the market, they will have no other option than to adapt to these new parameters.