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Purpose/Impact

This study is a first-of-its kind look into a developing implementation of cryptocurrency on a national scale and how this affects the creative industries. Pomeranz’s research into the implementation of the eCNY will include collating, analyzing, and simplifying that information, documenting the readiness of the creative industries to adopt this system, and proposing ways in which it can become commercially viable. By recommending the prudent steps to be taken for adopting this payment method, such companies’ stakeholders could be persuaded to implement them before they become mainstream, gaining the advantage over the competition. The study is expected to impact multiple facets of digital currency, and help multinational companies comfortably accept eCNY as payment.

Outcomes/Accomplishments

To ensure viability of the research, Pomeranz will tap into the International Trade and Marketing Department’s advisory board members, such as PVH’s chief supply chain officer, Panjiva’s founder, Blue Cherry’s president, Komar Brand’s manufacturing and sourcing VP, Goldman Sachs’ managing director, etc., who can provide insights on and leads to the major impacted areas. ITM has further connections with the United States Fashion Industry Association (USFIA), American Apparel & Footwear Association (AAFA), Footwear Distributors and Retailers of America (FDRA), and other associations/providers. In addition, as vice chair of the New York Department of Environmental Conservation (NYDEC), Pomeranz has further access to understand the supply chain, government, and private sector, including financial institutions, and how they will be affected by this structural change. As it develops, the study is expected to impact strategic planning, marketing and sales, supply chain structuring, processing, payment mechanisms, financial forecasting, accounting, partnership dealings, and more.

STATUS UPDATE

The results of this study will bear critical information on how the development of cryptocurrency affects the creative industries, with the potential for additional FIT programs and departments to collaborate as research uncovers their relevance. With its wide scope and detailed lens centered on the creative sector, this research will place FIT at the forefront of the creative industries’ best practices.

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