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- Angela Gonzalez-Rodriguez
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Blockchain has undoubtedly become the most popular technology of this year.
From financial services to the supply chain, the blockchain has changed the way
we do business. A recent study identity in three ways this emerging technology
is transforming retail worldwide.
Quantzig, a global analysis and consulting company, recently published a
paper that identifies blockchain technology applications in retail.
"Blockchain technology is extremely useful for monitoring health and
real-time goods security requirements and many top players all over
the industries are analyzing it to implement in their sector ", says a market
Quantzig expert in a corporate version released in December.
In addition, highlights the consulting company, which incorporates blockchain
the technology will help retailers keep track of data right from the acquisition stage up to
customer purchase.
For Quantzig research, there are three main use cases for blockchain
in the retail sector: ensuring authenticity, improving accuracy and use
cryptocurrency to make transactions.
Popular objects of big brands and fashion houses in the luxury segment are
easily available at lower prices, while counterfeit goods are quickly available
spread throughout the world. This has become an important concern for dealers like them
they are not able to track their products. Incorporating blockchain technology
in the retail sector it will help them keep track of data as soon as they are purchased
phase of the customer's purchase and will guarantee the authenticity for their own
customers.
Blockchain technology has the potential to increase visibility in the
supply chain. Retailers can apply this technology to easily track the
source of their products, which in turn can help improve transparency
between resellers and customers and ensure that the products are responsibly
and ethically provenance.
Last but not least, the introduction of cryptocurrencies like bitcoins
it is thought that the etheric payments help to monitor the records digitally
streamlining the return and repayment processes. This reduces the resale of
goods stolen in the market and creates a better market space for retailers,
explain from Quantzig.
