The integration of blockchain in the retail sector will help them keep track of data from the procurement phase to the purchase of customers
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A well-known data analysis solutions provider, Quantzig, announced the completion of their latest article on blockchain technology applications in retail.
Blockchain technology has proven its efficiency in the last two years. Blockchain technology has the potential to maintain a digital record of transactions and data in a chronological format.
It also allows the user to view any changes made in the network. This increases the transparency of the systems and makes hacking difficult. All of these applications are making blockchain technology a viable option for companies as data blocks can not be changed or deleted in any way.
Blockchain technology applications in retail:
With the growing competition, the exclusivity of objects has diminished. Even popular items from big brands and fashion houses in the luxury segment are readily available at lower prices. This has become an important concern for retailers as they are not able to monitor their products.
The integration of blockchain technology in the retail sector will help them keep track of data from the procurement phase to the purchase of customers and ensure authenticity for their customers.
Blockchain technology has the potential to increase visibility in the supply chain. With the implementation of blockchain technology, retailers can easily track down the source of their products. This will improve transparency between resellers and customers and will ensure that the products are responsibly and ethically purchased.
Transaction using cryptocurrency
The introduction of cryptocurrencies like bitcoins into the market has been a major revolution for companies in the retail sector. Cryptocurrency payments help to monitor records digitally by streamlining the return and repayment processes. This reduces the resale of stolen goods on the market and creates a better market space for retailers.