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Impact of Blockchain on Retail Industry
The blockchain, an open and distributed ledger, records transaction between parties. The information is unhackable and can be accessed by anyone with the right key. The technology protects data by analyzing data cryptographically and makes it possible to shift the intellectual property and contracts online with safety, minimizes manual works and speeds up transactions. Following are some of the applications of blockchain in the retail industry:
Authenticity: The authenticity of products is always an issue for businesses and customers. Blockchain tracks data from the sourcing of materials to the purchases. It enables customers to track and check the records for an item and stop the purchase in the middle in the case of counterfeit. Many industries as pharmaceuticals, electronic, or luxury retail and diamonds are introducing the technology to maintain transparency in their businesses.
Offering loyalty: Instant and accurate data integrity is applicable to data-reliant customer loyalty schemes. The tech ensures that the data is captured at every stage can be interactive by the customers. Retailers nowadays are exploring the capabilities of the technology within customer loyalty programs. Expanding the utility of technology attracts customers to engage with the programs.
Increasing logistics efficiencies: The technology makes tracking shipments easy. Every logistical stage of the journey of the products has now real-time information on the handlers, places, and lost or damaged goods. Retailers can trace unsafe products or the source of food-borne illnesses to prevent high expensive mass recalls. The tech makes sharing and distributing data easy and reduces operational costs with increasing efficiency.
Payments and e-commerce: Blockchain makes it possible for retailers to accept crypto-currency payments which bring advantages within cross-border and micro-payments. Also, the digital records that are created in the process streamline the returns and refunds. Using smart contracts with technology offers instant payments and automated refunds.
Protecting consumer privacy: Blockchain can be used to store the information in a single and unhackable ledger. It allows consumers to control the level of information they chose to share with retailers.
Blockchain ensures the retail industry with quicker and frictionless events and transactions to the customers.