Blockchain In The Retail Industry | RetailTechPodcast

Blockchain In The Retail Industry

While numerous articles have been written on the ways that blockchain technology can disrupt the retail industry by reducing transaction costs or increasing efficiency, many have overlooked the impact of regulation and compliance. Before diving into where blockchain technology could aid compliance, it is important to understand what we mean by blockchain technology. This article will focus on three specific applications where blockchain technology used in the retail industry could provide greater efficiency, effectiveness, transparency, and trust. One of the most promising applications of blockchain technology in the retail industry is in the area of supply chain management and tracing the provenance of goods. IBM and Walmart used blockchain technology to trace mangoes in Walmart's supply chain as they transit from Mexico to the U.S. Where it normally would take Walmart nearly seven days to track a package of sliced mangoes back to the source, with blockchain the same tracing can be done in 2.2 seconds. The second potential application of blockchain technology in the retail industry is in the resale market. In the retail industry, retailers should consider using blockchain technology to increase transparency of their supply chains, ease verification in the resale market, and create an auditable record of automatic renewals. Read more