Autify Network, a blockchain-based start-up is all set to transform the luxury fashion industry’s supply chain management. The company aims to create a decentralised ecosystem that ensures transparency, efficiency, and trust for all stakeholders involved in the supply chain of luxury fashion products.
The luxury fashion industry faces a multitude of challenges, including supply chain complexity, counterfeiting, and high operating costs. These challenges are often amplified by the lack of transparency and trust among the stakeholders involved. Autify Network addresses these issues through the implementation of blockchain technology, which enables the creation of secure and transparent supply chain management systems.
Autify Network leverages blockchain technology to create a decentralized platform that connects all stakeholders in the luxury fashion industry, including manufacturers, suppliers, wholesalers, retailers, and consumers. The platform ensures transparency, enabling every party to access real-time data regarding the products’ origins, quality, and authenticity.
Autify has raised $1.9 million in funding across a pre-seed round led by Loop Ventures, as well as angel investments and grants from NEAR Foundation, Filecoin, Biconomy, Dfinity & others.
The platform also provides a secure and tamper-proof system for product tracking, ensuring that every step in the supply chain is recorded and verified. This system guarantees that all products are authentic, ethically sourced, and sustainably produced, which is essential for maintaining the industry’s high standards.
Moreover, the implementation of blockchain technology results in significant cost savings by eliminating the need for intermediaries and reducing administrative overheads. The platform’s smart contracts streamline payment processes, ensuring faster and secure payments for all stakeholders.
The Autify Network team, mentors and advisors consist of experienced professionals from the luxury fashion industry, blockchain, and supply chain management. Their expertise in these domains ensures that the platform is optimised to address the industry’s specific challenges effectively.
In conclusion, Autify Network’s blockchain-based platform is revolutionising the luxury fashion industry’s supply chain management by ensuring transparency, efficiency, and trust. Their solution is scalable, secure, and cost-effective, providing a competitive edge to the industry’s stakeholders. The Autify Network team is determined to continue pushing the boundaries of innovation, and their impact on the luxury fashion industry will undoubtedly be profound.
The company has partnered with companies like Filecoin and Biconomy that have been working on Web3 infrastructure/tooling. Other than that, Celo, Chainlink, the Graph and Hedera are also some of the prominent partners.