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CIO Applications Weekly Brief

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  • Blockchain
Editor's Pick (1 - 4 of 8)
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A Closer Look at Block Chain Technology

A Closer Look at Block Chain Technology
John Shea, CIO, Eaton Vance

Blockchain Community Leader, I am part of the Innovation & Digital Transformation team that runs innovation initiative for CACIB

Blockchain Community Leader, I am part of the Innovation & Digital...
Xavier Laurent, Blockchain Community Leader for Credit Agricole CIB

Blockchain: The Paradox

Blockchain: The Paradox
Sean Khozin, MD, MPH, Associate Director, FDA

Blockchain Is it Really Worth the Hype?

Blockchain Is it Really Worth the Hype?
Sheila Warren, Head of Blockchain and Distributed Ledger Technology, World Economic Forum

Why CXO's cannot ignore Blockchain?

Why CXO's cannot ignore Blockchain?
Jagruti Solanki, CPA, MBA, CGMA, and Assurance Partner, Aprio

Blockchain, the real benefit behind the technology

Blockchain, the real benefit behind the technology
Rebecca Hofmann, Manager of Innovation, Equinor Chairman, OOC Blockchain Consortium

Blockchain for Personalization, Opportunities and Challenges for the future

Blockchain for Personalization, Opportunities and Challenges for...
Giridhar Tatavarty, VP, Data Science at 84.51˚

Blockchain Rising: Have You Considered Blockchain for Your IoT Strategy?

Blockchain Rising: Have You Considered Blockchain for Your IoT...
Gavin Whitechurch, EVP Product & Strategy, KNect365 TMT

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Role of Blockchain in Retail and Finance Industry

By CIO Applications| Wednesday, February 27, 2019
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Blockchain, the technology that powers the cryptocurrency is now being implemented by numerous industries. Retail and finance are the sectors where transparency and tracking features of the blockchain can be of great use as they can eliminate the middle-men, help to make a robust framework injecting trust between the entities.

In the Retail

Retail sector currently faces the major issue of validation of goods provenance. All goods received at the end-point of the supply chain must have been validated and blockchain seems to be the solution to it. Data gathered in real-time from IoT devices in the supply chain can be stored in the immutable ledger of the blockchain disabling the chances of tampering. The ledger keeps track of all data activities automatically. Such a system of IoT devices and blockchain will be capable of proving the validation of goods provenance.

Check Out This: Top 10 Blockchain Solution Providers  

Moreover, blockchain use can be extended to other processes of the sector such as payments, shipment tracking, and customer data privacy. The efficiency of these processes can be enhanced by optimizing the distributed ledger. The retail sector will be able to maintain good customer data privacy with the distributed ledger as there will be no middle-men and customers will also have control over their data.

In the Finance

The advent of cryptocurrency is undoubtedly affecting the finance industry. Though crypto being the future of finance still intuitional investors, family offices, and hedge funds have not migrated towards crypto because of lack of clarity in regulations and volatility of cryptocurrencies. The cross-border transaction, for example, is a challenge for financial institutions; they strive to forge an infrastructure that has agility, transparency, accountability and complies with the regulations automatically.  The distributed ledger technology withholds all these properties can prove to be the panacea for cross border transactions.

Automated claim settlement and payments will soon become the ground reality with smart contracts that will automate claims and payments with algorithms. 

Blockchain companies:  BLOQ, Cognive, Global Debt Registry 

See Also Reviews Of CIOReview: Glassdoor, Crunchbase, Owler

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