The decline in the value of decentralized digital currency bitcoins enables blockchain technology to step into the retail businesses. There are many out there who are taking this up to develop their businesses.
Blockchain technology helps the retail organisation to provide authenticity of their products at every point to their customers. 2.5% of faulty products amounting to $461 billion are supplied globally which have no authentic source.
This technology gives every minor information to the customer about the product which in turn builds customer trust for the organisation.
Sharing all this minor information with the customers helps the retail organisation to earn a premium on its products.
It helps the organisation to resolve disputes with the availability of strong evidence. This also restricts the product recall process as it monitors the supply chain system closely.
It will help the logistics department to keep a track on the shipment on each and every stage with the help of real-time monitoring location.
It enables the organisation to control the costs by eliminating the damages and losses and there will be flexibility in their supply chain management.
The main problem of blockchain is the implementation. Every organisation is strategizing to take this up in their businesses but at the time of implementation, they step back due to lack of understanding.
The need of the hour in blockchain is to identify the technology and its implied value and operations. Adoption of blockchain technology is limited but it will help retailers as well as supply chain and logistics department to keep an authentic database of products and goods.