Blockchain, better known as the technology that supports cryptocurrency, its value extends well beyond that niche.
FREMONT, CA: Blockchain can be applied in any situation where events, inventory, and processes need to be tracked and accounted for. Starting from banking to insurance to government operations and beyond, blockchain helps to simplify disambiguates. Acknowledging the fact that it’s a daunting task to get the entire world on board in the short-term, still, industries such as retail, logistics, and manufacturing have embraced the opportunity. Blockchain also allows product traceability and authentication, which is currently a substantial and pressing issue in the retail realm.
This gives rise to a question of how retail operations benefit from blockchain. Retail operations derive incredible value from blockchain, from the warehouse to the store shelf and everything in the middle; it gives transparency, instills trust, and drives massive efficiencies.
Blockchain supports clarity in product authentication and traceability, checking the origins of products, eliminating fraud, and building trust for the consumer. It also ensures that companies are investing in ethically sourced products in the retail supply chain, helping them meet customer demand while enhancing their bottom line. Every process and transaction is recorded and available at every stage in the supply chain.
With counterfeit goods prevailing in the market, knock-offs the reputation of the biggest brands in the world. Blockchain verifies the origin of luxury goods to pharmaceuticals, electronics, diamonds, and more. Additionally, the stolen goods can be recorded, allowing the apprehension of valuable items.
Blockchain transports product warranties from a paper system into the cloud, making the process very simple for consumers and manufacturers both. Warranties are easily moved to new owners, who can maintain their warranties in a virtual wallet, saving on admin costs and excluding complexities for all concerned.
Shipping and Supply Chain
By shifting the shipping documentation to blockchain, third party complications are virtually eliminated, and the processes are simplified. For the retailers who deal with international suppliers, this is an attractive feature as it cuts down the time it usually takes to exchange and execute documents. The stakeholders have instant access to all necessary documentation and accelerating the customs procedure in the process.
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