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Lanjing company announces the implementation of blockchain Technology

Date: 2019-11-20
Views: 113

Lanjing company announces the implementation of blockchain Technology

Lenzing, a leading fiber manufacturer based in Austria, announced on May 17 that it will implement blockchain technology to bring more transparency to its fiber supply chain.

Lanjing cooperates with textilegenesis, a Hong Kong based blockchain company, to integrate the technology into its fiber business Tencel. According to the press release, Lenzing is expected to launch its supply chain traceability platform in 2020.

Consumers simply scan the QR code on the final garment to detect the source of the garment they intend to buy. 'Together with textilegenesis, our goal is to create unparalleled transparency for brands and consumers. Through this step, Lanjing will further help the textile industry to flourish. 'Said Stefan doboczky, CEO of Lanjing group.

Without blockchain, companies will lack the necessary tools, so they think it is the most appropriate technology to meet the new needs of customers. Lenzing decided to deploy distributed ledger Technology (DLT) according to customer requirements to obtain more information about its product ingredients and suppliers. Through the application of blockchain technology, the company intends to provide its customers with higher transparency and traceability.

This will definitely promote the operation quality of Lanjing, but not only that. The blockchain industry will also benefit from the use of this solution by a company with an annual revenue of about $2.7 billion, as it will draw a lot of attention to this technology, which is still in its infancy.

Several companies around the world are using blockchain to track their products. For example, Allie Dennison, a material science company, and evrythng, a supply chain company, worked with alyx, a luxury fashion brand of designer Matthew Williams, to decide to use iota blockchain to track one of the major projects and launch a blockchain solution for the fashion industry.

Not every company, however, trumpets the prospect of using the technology. FedEx, for example, has formally expressed some skepticism about blockchain technology and how it can be used within the company.

According to Dale chrystie of FedEx, the traditional transportation data system is better than the block chain based data system. The company believes that DLT is still in its infancy, so the traditional choice is still superior, and the company will continue its existing operation mode without using this innovative technology.

In the next few months, Lenzing plans to conduct a number of pilot tests involving partners throughout the value chain. It expects the platform to be fully operational next year.





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