The Armonk, New York-based tech giant announced Monday that it was partnering with German textile manufacturer Kaya & Kato to develop a blockchain network that would trace the origin of fabrics used in the fashion industry. IBM has identified sustainable clothing as a promising growth industry, especially among Europe's younger demographics.
Supply chain logistics has long been touted as one of the best use cases for blockchain technology. Enhanced traceability, especially in food and medicine supply, is one of the biggest value drivers of blockchain integration. It is estimated that 20% of global supermarkets will use blockchain technology for food safety and traceability by 2025.
As far as IBM is concerned, the multinational tech company has grown into one of the largest blockchain companies in the world. IDC research lists IBM as the global market leader in blockchain services, closely followed by Accenture and Infosys. In terms of market capitalization and price action, supply chain cryptocurrencies are relatively small compared to others in the industry like DeFi, smart contracts, and oracles.
