The Future Of Blockchain In Retail 

The Future Of Blockchain In Retail 

It’s already been years since blockchain was first introduced. Because of its success, lots of business entities from different industries are now utilizing the blockchain technology. Today, there are already innumerable success stories that blockchain resulted in

One of the many industries that already established blockchain is the retail industry. Implementing blockchain would help retailers have a decentralized sequence of records that can never be tampered by any third-party source. The qualities of blockchain are actually ideal for retail networks. In some ways, blockchain will be able to help the retail industry to achieve seamless procedures.

Everyone knows the promises that blockchain gives – but, how can it really help the retail industry?

  1. Transparency

The supply chain is increasing incessantly. The complex procedures in supply chain sometimes become a problem – especially the records and inventory. But with the help of blockchain technology, the records will be unalterable and the stage by stage recording of the supply chain will be retained in a precise manner.

  1. Safety of Products

Since the tracking of the inventory will be monitored accordingly, retailers will be updated with the real-time traces of the supply chain. This also allows retailers to trace the origin and end point of a certain product.

  1. Avoiding Counterfeits

Popular brands, especially in cosmetics, luxury, and clothing lines, are all burdened by the problem of counterfeits. And with the use of blockchain and its transparency and immutable network, retailers will be able to link all points of the source, supply, and delivery of the product – effectively avoiding counterfeit and knowing easily if a product is authentic or not.

  1. Boosting Customer Experience

Retailers would actually benefit from increased customer loyalty because through blockchain technology, retailers will have an idea on how they can treat their customers, right. With the convenience and incessant possibilities that the blockchain technology offers, retailers will also let their customers feel the same thing through their seamless services rendered. In result, customers would be loyal to the retailers.

  1. Payments and Accounts

Smart contracts are now available through the help of blockchain technology. Aside from this, an instant collection of payments, automated refunds, insurance settlement and payouts, and other financial burdens are solved drastically.

Indeed, blockchain can make the lives of retailers better. So, if you are a retailer and if you want to know more about blockchain, you can look for the blockchain course and blockchain training around you.

At mylearningKey, however, you can apply for our Certified blockchain professional course. We offer the best IT courses – check our site anytime to know more about all of our courses.

Sources:

https://www.bookingbug.com/blog/5-ways-blockchain-will-change-the-face-of-retail/

https://smartereum.com/39152/blockchain-in-retail-7-ways-blockchain-technology-benefits-the-retail-sector/

https://medium.com/nrf-events/4-ways-retailers-can-use-blockchain-to-their-advantage-1b4139a0b57d

 

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