Unleashing the Power of Blockchain in Retail Industry

1. 3/26/2021 Blockchain in Retail Industry HOME (/) ABOUT (/ABOUT) CONTACT (/CONTACT) BLOG (/BLOG) BLOCKCHAIN IN RETAIL SUPPLY CHAIN (/) Blockchain in Retail Industry (/entries/general/blockchain-in-retail-industry) March 26, 2021 Unleashing the Power of Blockchain in Retail Industry Blockchain in the retail industry- The retail industry is a boon to blockchain technology innovations as it opens the door to opportunities to reach customers directly. Any technology that aims to disrupt retail signi?cantly will grow into a household name in the short term. Amazon and eBay have brought shopping home and today e-commerce is a trillion-dollar industry worldwide. In 2018, the U.S. alone is projected to generate 3 5.3 trillion worth of retail sales, and these huge ?gures are being achieved because the technology has enabled retailers and consumers to connect seamlessly with physical or digital across multiple channels. The pace of growth of technology is so fast that those used to make headlines in 2016 as potential innovations are already in the mainstream in 2017. 2016 focuses on Arti?cial Intelligence, the Internet of Things, and Digital Transformation, and in 2017, we have mainstream applications that use these technologies to transform customer shops such as chatbot assistants, sensor- enabled proximity o?ers and recommendations, and more. The next wave of digital disruption is blockchain in retail, claiming it is the biggest innovation after the internet. A system that operates without the need for certi?cation by a central government or regulatory agency, uses the concept of a blockchain distributed ledger, which is secured by encryption and is available to all stakeholders in the value chain to be enforced. This paper talks about the key technical challenges facing retailers Data security Privacy - Terms applicationdeveelopmentservices.bravesites.com/entries/general/blockchain-in-retail-industry 1/5

2. 3/26/2021 Blockchain in Retail Industry Customer demand Increasing regulatory compliance is required Control of counterfeit goods Supply Chain & Logistics Visibility By exploring the use of blockchain in the retail industry, many solutions can be devised to solve the problems mentioned above. Authentic premium products with blockchain Costs are reduced with cryptocurrency transactions Automated and secure transactions with smart contracts Good customer trust with secure data and transactions Blockchain is becoming an integral part of modern retail. This white paper provides tips on the key challenges that blockchain solves, the opportunities for blockchain opening in the retail world, and how retailers should be prepared for a blockchain strategy in their organization. Applications of Blockchain in Retail Industry Some of these advantages are unique and only the industry may start using this technology. However, with the help of blockchain, the industry can overcome all obstacles in a short period. Let's see what the bene?ts are - Proper inventory management Privacy - Terms applicationdeveelopmentservices.bravesites.com/entries/general/blockchain-in-retail-industry 2/5

3. 3/26/2021 Blockchain in Retail Industry As you already know, retailers need appropriate inventory management if they want to increase their overall e?ciency. There is no downside to this. Companies can use this only because it will help them track inventory management products and time and consumer interests. Blockchain in the retail market can help companies manage their inventories more e?ectively. Also, it saves them a lot of money because they can automate the process of product shortage or product surplus based on the demand of the real-time consumer. We believe that this is a very favorable situation for the retail sector. Use as a crypto payment method Another major use of blockchain in the retail market is crypto payment methods. As you know, cryptocurrency markets are growing now. Also, various countries seem to want to work on digital currencies of the central bank, almost a crypto form of ?at money. Thus, cryptocurrencies are likely to become the currency of the future. Here, retailers can take a step forward using crypto, which is already available as an o?cial payment for their products. It’s a good strategy to excite consumers and help pay for the product by using reliable and digital money openly. Better customer identity management As you may already know, most retailers use the traditional customer-server network model, which is very weak. So it is very easy to manage this information and access the consumer’s credit card or bank account information. This is a public violation of privacy and a clear violation of state law. To address this, companies can use blockchain in the retail market to provide customer-related information. They can o?er online recognition and store all the information in a ?xed repository. Thus, the customer can only access their data and no third party can hack the network and misuse that information.   Privacy - Terms applicationdeveelopmentservices.bravesites.com/entries/general/blockchain-in-retail-industry 3/5

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