The retail industry has driven substantial change thanks to the growing demand of customers shifting to online shopping. This causes the need of creating systems and protocols which ensures complete safety and transparency through the steps of each process to reach the end user.
Benefits of Blockchain for Retail Industry:
Customers’ demands are rapidly evolving and their expectations around delivery time, sourcing, transparency, and authenticity are changing, and blockchain is likely to play an important role in helping retailers deliver on those expectations, especially when it comes to mobile payments, supply chain, and finance applications.
Blockchain Use cases for Retail Industry:
- Product provenance – Blockchain technology has the ability to provide end-to-end transparency on the source and origin of ingredients and goods, boosting retailers’ reliability.
- Fraud prevention – The ability to assign unique identifiers to each product is expected to provide unprecedented security in identifying counterfeit items in the supply chain, as well as catching and rejecting fraudulent returns on time.
- Accepting payments with cryptocurrencies – Blockchain enables retailers to accept cryptocurrency payments, which is advantageous for cross-border payments and micropayments. The use of smart contracts contributes to instant payments, automated refunds, and much more.