The retail industry is on the verge of transformation and with disruptive and innovative technologies like Blockchain, the day isn’t far. While leading market players like Walmart and Starbucks have already integrated Blockchain within their supply chain ecosystem, other retailers will soon follow suit and will integrated Blockchain within their processes.
With a distributed ledger technology in place, retail companies can bring greater collaboration between all the supply chain participants including distributors, retailers, importers, etc. Rather than every participant maintaining their databases, Blockchain offers a single view for all the parties regarding the state of hearing. Apart from this, tracking of shipment right from the point of origin, who all handled it during the journey till the time it is delivered.
Blockchain also does away with the need for having intermediaries, which also eliminates the risk of counterfeiting. By using cryptocurrency for making transactions, retailers can reach an untapped audience while enjoying quicker and low transaction fees.