Blockchain technology has the potential to transform the retail industry by making it easy for retailers to store supplier information, execute contracts and payments in a glitch-free manner as well as prevent counterfeiting of goods and ensure product authenticity. Retail sale has been steadily moving to the digital platform and consumers are no longer searching or buying goods the conventional way.
Retailing giants like Amazon, Walmart and Alibaba have already taken the blockchain route to tackle the challenges in the retail industry. TrustChain by IBM is also a case in point. It helps to track diamonds, precious metals, and jewellery from mines to stores, ensuring the authenticity of gemstones and jewellery. American Express is all set to integrate blockchain into its loyalty rewards programme. The technology can help retailers centralise all loyalty programme data in a secure manner and prevent any chance of error or fraud.