Global Fiber Maker Lenzing's TENCEL to Leverage Blockchain To Track Products with TextileGenesis

Lenzing, a major global fiber producer based in Australia, has decided to use the blockchain technology in order to make its fiber supply chain more transparent and easier to track. The announcement was unveiled last week on May 17.

The company is based in the homonymous town of Lenzing, Australia, and it has a partnership with TextileGenesis, a company based in Hong Kong. Another important partner is a fiber business company called TENCEL.

According to the official press release of Lenzing, the company affirms that the company expects to launch its next blockchain-based platform in 2020. The new platform will be focused on upgrading all aspects related to the traceability of the supply chain, which is expected to make the company save some money at the same time that it will increase its efficiency.

As soon as the product is ready to be launched, tests will start with all the involved actors in order to launch a platform that will be completely free of issues.

The decision to deploy the blockchain, which is also often called distributed ledger technology (DLT) is because several clients of the company have requested to get more information about the products that they were buying from the company.

However, without the blockchain, the company would end up lacking the tools necessary to do it, so they decided that it was the best suitable technology in order to cater to this new demand that their clients had. Officially, the technology will provide more traceability and transparency to the operations of the company.

This will certainly be a boost for the quality of Lenzing’s operations, but not only that. The blockchain sector will also benefit from having a company with an annual revenue of around $2.7 billion USD using this kind of solution since it will bring a lot of attention to a technology that is still in its infancy.

Other Companies Are Already Using The Blockchain

Several companies around the world are using the blockchain in order to track their products. Alyx, for instance, is a luxury fashion brand that decided to track one of its major projects using the Iota blockchain.

Not every company is that hyped about the prospects of using this kind of technology, though. FedEx, for instance, has officially expressed some level of skepticism about the blockchain technology and how it could be used within the company.

According to Dale Chrystie from FedEx, the most traditional shipping systems are actually better than the ones based on the blockchain technology. DLTs are simply too nascent, in the opinion of the company, so the more traditional choices are still superior and the company will continue to run its operations without using this innovation.

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Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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