How Blockchain Applies to Retail?

How Blockchain Applies to Retail?

Blockchain technology that has been mainly associated with the financial sector is now stretching beyond to the retail industry.

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Blockchain technology that has been mainly associated with the financial sector is now stretching beyond to the retail industry.

Nowadays, an increasing amount of transactions are being realized online. A distributed ledger where all financial transactions are recorded could potentially eliminate the errors that could arise in the process.

How Blockchain Could Change Retail?

As a recent publication by Accenture, a company providing services in strategy, consulting, digital, technology and operations, stated:

Blockchain offers promise in this area.”

“Consumer trust is hard earned and easily lost. In an era where more and more transactions are happening in the Internet ether, finding a way to further legitimize that trust is a godsend.”, as the company mentioned earlier in their statement.

According to the company, blockchain technology would possibly contibute to increasing transparency and reducing counterfeit goods. In addition, they point out to other advantages like the implications for emerging markets, warranties and shipping.

“A growing number of consumer-focused companies are already using Warranteer, a service that moves product warranties from paper onto the cloud via blockchain, keeping them up-to-date and easily transferable.”, as Accenture wrote.

“Consumers are able to maintain a virtual warranty wallet, saving retailers and manufacturers administrative work.”, as they added.

Giving another example, the company talked about blockchain`s deployment for reducing counterfeit goods:

“Counterfeit goods have plagued manufacturers and retailers for years. Block Verify is a blockchain-based anti-counterfeiting solution for pharmaceuticals, luxury items, diamonds, and electronics. Goods can be certified with blockchain’s digital ledger record, which mean that stolen merchandise can also be more easily recorded.”, as they wrote in their piece.

Blockchain is probably not even near to revolutionizing the retail industry, as Forbes (forbes.com) commented. Nevertheless, retails need to consider the possible impacts. They could present a bunch of opportunities (and challenges) that may change the way the industry works.

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