Five Application of Blockchain in Retail SectorNovember 27, 2018
In the past, you are already aware that blockchain can facilitate digital voting, making smart contracts, cross-border payments and a lot more. In this post, we will discuss how blockchain technology will have an influence on retail and facilitate the retailers. Similar to AI Chatbots and Internet of Things have transformed the retail sector upside down, blockchain technology is no exception.
The blockchain is considered a digital record of transactions and data which are linked chronologically. That data is accessible in real time that can be seen across networks and make it possible to view the history of products as well as its components.
If you wish to understand the real value of the technology in the present and future case, look at this statistic.
- According to a market research, blockchain could obtain critical adoption by 2020 and acquire general acceptance from consumers in 2025.
- According to Stacy Sohoo, the worldwide spending on blockchain technology solutions in 2018 will be approximately $2.1 billion.
- Netscribes foresee as much as eight percent of the expansion of blockchain space each year to 2022.
- The worldwide blockchain market is anticipated to be worth $20 billion in 2024.
With this statistics, what are the use cases of blockchain in retail and what are potential benefits connected with the retailers?
- AUTOMATED CUSTOMER SERVICES
Blockchain enables the usage of smart contracts. It would benefit consumers in the event of settling conflicts or claims without the support of documentation or court proceedings.
You see: smart contracts are kept in a digital ledger that needs no warranty documents, insurance papers, and receipts on behalf of consumers. Thus, the blockchain provides automated customer services without the help of any document or receipt.
- E-COMMERCE AND PAYMENTS
The blockchain is a trusted mode of payments. Most retailers have incorporated bitcoin as a way of payment processing. You see, the major benefit of incorporating bitcoin payment mode is that it’s quite affordable to process the transaction compared to credit cards.
Blockchain will enable retailers to accept cryptocurrencies together with digital keywords which will help optimize the return and refund processes. Further, purchasing stuff which needs huge cash like car or property can track the ownership and confirm the resale of stolen items. Corporations such as Newegg, Overstock, and Expedia are now accepting cryptocurrencies as a mode of payment.
- INVENTORY MANAGEMENT & SUPPLY CHAIN
Blockchain could handle inventory and supply chain management for retailers with no problem. The capability to handle long archives of any sequence of events, every retailer can keep track of items from dispatching to final shipment as well as delivery.
You see: the data recorded once can’t be influenced by any means, thus eliminating the likelihood of con or fraud. Further, retailers will understand exactly when the product shipment will arrive at their shop.
XinFin is a rising blockchain technology platform and a non-profit organization based in Singapore which collaborates with the government to connect the global $5 trillion infrastructure deficit. The platform was created because of the need to aid governments to finance infrastructure projects with the help of XDC tokens.