An investigation conducted by the fintech specialist Monica Eaton-Cardone found that approximately 78% of retailers will have joined the blockchain revolution by 2023. The market value of the blockchain in the retail sector could grow to more than $ 2.3 billion with a compound annual growth rate of 96.4 percent, the study suggests.
78% of retailers will adopt Blockchain over the next five years, the results of the study
Eaton-Cardone, who is COO of the risk reduction company Chargebacks911, CIO of Global Risk Technologies and member of the Forbes Technology Council, found that only 6% of companies are ready to accept the blockchain now. Another 9 percent is located less than a year away and a further 43 percent will join in three years. By 2023, 78% of retailers will integrate the blockchain for payments.
Currently, the market value of blockchain in retail is about $ 80 million, but the next five years should completely change the paradigm. With a compound annual growth rate of 96.4 percent, the economics of the distributed ledger will only reach $ 2.3 billion in the retail trade, Eaton-Cardone said.
"Bitcoin has suffered from high-profile hacks and prices that have been wildly fluctuating in recent years, so the caution of cryptocurrency has led some to be wary of blockchain by association, but technology is starting to spread throughout the retail industry now that first users are demonstrating its real potential ".
The fintech specialist noted that the retail sector will change significantly when it adopts different types of distributed accounting applications, including supply chain management (traceability of data that can track a product from its origin to the shelves), 39; inventory (track the position of goods), verification of authenticity (detection of product diversion and trademark infringement), automatic renewal and subscription services, customer data and loyalty programs.
The valuable applications of distributed accounting technology in the retail sector include platforms such as Provenance, IBM Food Trust and TrustChain, which have leveraged their capabilities and partnerships with industry giants such as Walmart, Carrefour, De Beers, Amazon and American Express.
"Today's retail applications are proving that blockchain is definitely at the height of its hype.The distributed ledger technology has shifted from theoretical possibilities to practical uses, and the implementations we're seeing now are just the tip of the iceberg in terms of what the blockchain can do for retailers I think blockchain has the ability to completely remodel the retail landscape within the next five years. "
There are, on the other hand, some challenges that the blockchain space must overcome before being implemented on a mass scale. Eaton-Cardone highlighted the debate on the confidentiality of data stored on peer-to-peer networks and the need for a common platform for emerging legal and regulatory developments.
Eaton-Cardone expects the distributed ledger to reduce or eliminate the need for intermediaries while providing real-time processing, lower commission and infrastructure costs, greater transparency, efficiency and security. Distributed ledger technology has the ability to virtually revolutionize every modern industry around the world.