Blockchain in Retail Sector

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.

Blockchain in Finance

In the finance sector, blockchain has proven to be a game changer.

The volume of daily transactions in this sector is massive and security, authenticity, and transparency are imperative in order to carry out these transactions and maintain accurate records of the same efficiently.
Blockchain is the perfect solution for the finance sector to capture as well as store numerous transactions.
Organisations like Bank of America, Master Card, and Western Union etc are exploring this technology to streamline their operations and make transactions swifter, cheaper and more secure.

Blockchain in Logistics and Supply Chain

Logistics and Supply Chain is the backbone of world trade and involves multiple parties. Besides intermediaries, there is the additional complexity of multiple records maintained by all parties. With the adoption of blockchain, manufacturers, suppliers, auditors as well as customers can track the movement of goods and store information about the same securely. Maersk and IBM’s much-talked-about joint venture is an example here, and there are many similar ventures around the corner.

A survey by PwC, a global consultancy firm, points out that India is all set to be a frontrunner in the blockchain ecosystem by 2023. Industry and government participation will obviously play a major role in shifting more business activity and influence towards blockchain in sectors like finance, banking, retail, healthcare, education, logistics, pharma, agriculture, and supply chain etc. Niti Aayog is building IndiaChain, the largest blockchain network in India to boost transparency of transactions and enforcement of contracts as well as cut down on the risk of frauds.

Blockchain is truly a disruptive technology that can transform the way goods are produced, sold, bought, marketed and consumed. With transparency and security at its core, blockchain promotes trust and prevents unwarranted and unethical glitches in business. Are you ready to be a part of this new growth wave?

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