Why You Really Need BlockChain In Retail
Blockchain is a digital record of data and transactions chronologically linked. Using distribution ledger technology, all data is available to view in real time, so that any updates or changes can be seen across the network and makes it possible to see the full history of a product and its components.
These blocks of data cannot be edited or deleted in anyway, making the technology difficult to hack and therefore a secure alternative to the current digital data. Blockchain can record any sort of data whilst minimising paperwork and speeding up transactions, in turn lowering costs. Blockchain will assist with accuracy, authenticity, logistics, payments & e-commerce and proof of ownership.
- Accuracy – With the chronological product story that blockchain provides, customers are able to see data and information from every point in the supply chain. For example, if a supermarket was selling a banana cake, the blockchain data would not only tell you exactly where and when that cake was made and by who, but the data from the individual ingredients would also be tracked. This means the retailer can ensure the confectionery company is using Fairtrade bananas and sugar and that these ingredients have been ethically sourced, and also that the products are fresh.
- Authenticity – Authenticity of luxury brands has always been an issue for popular fashion houses, with convincing knockoffs available at far lower prices, diminishing the exclusivity of the items. Data tracked from the sourcing of materials to customer purchase will guarantee customers that what they’re buying is genuine and confirm authenticity.
- Logistics – Tracking shipments is about to become a lot easier with the use of blockchain. Every logistical stage of a product’s journey will have information on who handled it, where and when in real time, resulting in fewer lost and damaged goods. This could also be used to monitor the health and safety requirements and contamination of food products by tracking temperature and air condition at all times through the shipping journey.
- Payments and E-Commerce – Blockchain will not only assist retailers move into accepting crypto-currency payments but the digital records created will also help streamline the returns and refunds process. Large purchases like cars, houses and other high-ticket items can also have their ownership tracked and verified to reduce the resale of stolen goods.
- Proof of Ownership – The ability to undoubtedly prove who made, owned or had contact with certain objects or goods will increase their value and ensure the buyers know exactly what they are purchasing beyond what they can see, an obvious benefit is a reduction in crime and counterfeiting.
Blockchain has emerged as an exciting new development across the retail industry, in this event we will explore how the Blockchain can improve your processes, gain trust from customers and ensure health and safety regulations are met.