- Angela Gonzalez-Rodriguez |
Blockchain has undoubtedly become one of this year’s most popular technology. From financial services to supply chains, the blockchain has changed the way we do business. A recent study identifies three ways this emerging technology is transforming retail worldwide.
Quantzig, a global analytics and advisory firm, recently published a paper identifying applications of blockchain technology in retail. “Blockchain technology is highly beneficial for monitoring the health and safety requirements of goods in real-time and many top players across industries are analyzing it to implement in their sector,” says a market expert from Quantzig in a corporate release issued in December.
Additionally, highlights the consultancy firm, incorporating blockchain technology will help retailers track data right from the sourcing stage to customer purchase.
Per Quantzig’s research, there are three major use cases for blockchain in the retail industry: ensuring authenticity, improving accuracy and using cryptocurrencies to make transactions.
Popular items of big brands and fashion houses in the luxury segment are easily available at lower prices, while counterfeit items are rapidly spreading worldwide. This has become a major concern for retailers as they are not able to track their products. Incorporating blockchain technology in the retail sector will help them track data right from the sourcing stage to customer purchase and will assure authenticity for their customers.
Blockchain technology has the potential to boost visibility in the supply chain. Retailers can apply this technology to easily track the source of their products, which in turn can help improve the transparency between retailers and customers and ensure that products are responsibly and ethically sourced.
Last but not least, the introduction of cryptocurrencies like bitcoin or ether payments is thought to help in digitally monitoring the records by streamlining the returns and refunds processes. This reduces the resale of stolen goods in the market and creates a better market space for retailers, explains Quantzig.