Incorporating blockchain in the retail sector will help them track data right from the sourcing stage to customer purchase
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A well-known data analytics solutions provider, Quantzig, has announced the completion of their latest article on the applications of blockchain technology in retail.
Blockchain technology has proved its efficiency over the past couple of years. Blockchain technology has the potential to keep a digital record of transactions and data in a chronological format.
Moreover, it enables the user to view any changes made in the network. This increases the transparency of systems and makes it difficult to hack. All such applications are making blockchain technology a viable option for companies as blocks of data cannot be edited or deleted in any way.
Applications of blockchain technology in retail:
With the increasing competition, the exclusivity of items has reduced. Even popular items of big brands and fashion houses in the luxury segment are easily available at lower prices. This has become a major concern for retailers as they are not able to track their products.
Incorporating blockchain technology in the retail sector will help them track data right from the sourcing stage to customer purchase, and will assure authenticity for their customers.
Blockchain technology has the potential to boost visibility in the supply chain. With the implementation of blockchain technology, retailers can easily track the source of their products. This will improve the transparency between retailers and customers and ensure that products are responsibly and ethically sourced.
Transact using cryptocurrency
Introduction of cryptocurrencies like bitcoin in the market has been a major revolution for companies in the retail sector. Crypto-currency payments help in digitally monitoring the records by streamlining the returns and refunds processes. This reduces the resale of stolen goods in the market and creates a better market space for retailers.