[ad_1]
The use of blockchain in retail is becoming imperative due to the added benefits it provides the industry. Over time, blockchain is going to have a massive impact on the retail industry.
Blockchain technology already has many uses in retail, with all the benefits to be.
Many businesses are now focusing on blockchain technology in order to reap the benefits, and there are many ways in which the blockchain is helping the retail sector. Let's take a look at some of them here.
Authenticity
The authenticity of luxury brands has been, and most likely will be, an issue for some businesses. Blockchain can help by tracking data from the sourcing of materials to the customer's purchases. This will allow the customer to confirm authenticity and know what they are buying is genuine.
Blockchain enables customers to track and look through the records for an item. Customers are confident when putting down a large amount of money for a product as they know it is genuine.
Block Verify is a blockchain-based, anti-counterfeit solutions company that introduces transparency for luxury and diamonds, pharmaceuticals, and electronics. The company allows goods to be tagged and verified at the point of manufacture through to purchase. They are able to check the authenticity of the product and they can be put down as the official owner.
Improving checkouts
Blockchain technology is precisely the sort of development that can change the face of the online shopping process. Consumers using a platform based on a decentralized ledger are privacy. With zero-knowledge storage, an individual can simply upload their payment details, encrypt them, and store them in a container visible only to themselves.
To check out. This ensures that they retain full ownership over their own data. It's a stretch to say anything is 'unhackable', but blockchain technology comes close. To compromise the network, and to consider these are spread across the globe, such a feat is technically impossible.
On the convenience front, when it comes to payment, there's no fiddling with a plastic card or squinting to read the various bits of information as you type them in. The user can not authorize payments without any of the traditional hassles.
Accuracy
Blockchain provides a chronological product story, which means a retailer's customers are now able to see data and information from every stage in the supply chain. For example, this can help consumers find out if the bananas in their cake were Fair trade or not, or if the sugar used was ethically sourced. This is because blockchain has the technology to track and source every single ingredient used in products.
WAVE is a company in Israel looking to use blockchain to help companies and consumers to track their supply chains. This makes the process not only paperless, but extremely secure and transparent.
How is blockchain already transforming the retail sector?
"2019 will see the rise of good goods," according to Manu Tyagi, Associate Partner for Retail and Consumer Goods at Infosys Consulting, and blockchain technology will have "a key role to play."
"Eaton-Cardone, who serves as CIO of Global Risk Technologies and COO of Chargebacks 911," says Eaton-Cardone, "The technology is starting to spread in the retail industry."
"Devery, a blockchain verification and provenance company, uses the immutable ledger to verify physical product authenticity. It allows e-commerce players and other businesses to secure their supply chains and create greater transparency for customers. "
