Decentralized architecture, verified transactions, and an immutable application- These are some attributes that come with blockchain integration with your business.
Every now and then, any business, no matter what industry it belongs to, grows. This growth is usually promoted by changing and forever-growing business environments and industry innovations. A significant part of this growth today is technology. And the biggest revolution that technology is bringing in recent times is blockchain.
It has become obligatory for businesses and organizations to be open to radical changes in order to have a sustainable strategy of doing business and stay relevant indefinitely. Blockchain is one such revolution that will bridge businesses and the future. Let’s see how the retail markets will benefit from this novel technology.
There is no doubt that today’s retail and eCommerce marketplace has evolved to function quite efficiently. But does it reach its full potential? Not without considering the blockchain applications for the retail industry. Since the internet came by, the global and not-so-gradual expansion of most retailers on the internet, retail has taken under its wings the eCommerce industry, with many businesses running without a brick and mortar store, only out of warehouses, cloud kitchens and even teenage bedrooms. Between the advent of the internet and today, Jeff Bezos became the richest human on the planet by banking on this shift and providing the retailers looking to expand, a platform on the web.
Without the consideration of blockchain integration, the retail industry has not had any breakthrough before and after the spike of eCommerce. The whole process was pretty standard for anyone to follow and reach a general amount of success. The retail market does not give enough room for the business to innovate and benefit from competitive ideas.
With the majority of retail processes having at least one dependency on a human element, the process becomes vulnerable to human error and puts a cap on capacity of functioning. Blockchain eliminates all these limitations and your imagination is only your limit.
In one jargon, blockchain development for retail markets will enable, simpler, omnichannel retailing without compromising on any functionality of the traditional system. In fact, there are multiple ways that it will be actually enhanced.
Blockchain has made its first move by eradicating intermediaries from almost every process it is integrated into. The biggest benefit of this provision is that the cost of transactions will also reduce drastically. The retailer can pass on the savings to the customer.
Again, lesser the intermediaries, lesser the stops before a transaction is complete. In blockchains, these transactions occur in a single network. The only variable that the speed of transaction now depends on is based on the network’s capacity.
A decentralized network means that the data is not stored in a single centralized server. Instead, it is distributed amongst a network of a million nodes, or computers making it highly immutable. Hacking is practically impossible because authorized actions will take place only after the consensus of all the parties is achieved.
Blockchain- the name it gets from the data it stores in a series of blocks that are connected like a chain with a unique key that it develops for each entry. This means that not only your data is safe, but you have access to the transaction’s history since inception.
To err is human and at every phase of a supply chain management system is an intermediary who makes your transaction prone to tactics and unethical practices to cut costs, or impose harm to your business. In a system with blockchain integration, meddling with becomes impossible.
Blockchain as a technology update was introduced after Bitcoin made it big. The history of this technology has money written all over it. With even wallets being designed with blockchain integration, there will be a plethora of payment methods that will drastically reduce transaction costs.
Decentralization will also open doors for new marketplaces to emerge and with more choice, more competition, the consumer has the most benefit. To avoid overlaps and to cut out competition, retailers will focus on specific categories of the provision making them stronger brands and giving a win-win.
Enabling loyalty programs, tracking transaction records, constructive criticism, and feedback through efficient systems- all these are a few of the many perks that come from blockchain development for retail and eCommerce business.
Buying.com, Ikea and Nordic Store, Home Depot, Walmart and IBM, Target and ConsenSource, etc. are just a few of the many global retailers who have already begun experimenting with blockchain retail solutions. Smart contracts, Ethereum based transactions, tracking supply chain, Hyperledger for record-keeping, managing inventory, better supplier relationships, and even better traceability of drugs like medical marijuana- all these are traditional retail industry hurdles that retailers have found answers for, from testing blockchain adoption in their processes.
Authentic Heroes came to us looking for a solution for the authenticity of their products. Authentic Heroes are in the business of dealing in handcrafted jerseys, which use a part of fibers taken from jerseys that once donned actual heroes in historic moments and otherwise. They deal in commissioned, fine art portraits of heroes that appear on each item, and the handcrafting process results in a product of exceptional quality. Their clothing is created in numbered series, have a signature cut, and are sometimes hand-signed.
We built a blockchain-based solution to add the element of trust, by actually authenticating the products coming off the bodies of heroes and onto the end consumer. We were enabling the rebirth of the collectible clothing of sports heroes via blockchain. The user can buy the replicas and verify their purchase and authenticate where the fiber came from. Blockchain is used for authenticity. The portal also supports the buying, selling, and trading of replica merchandise.
A 2020 Deloitte report crunched numbers as big as $4.5 trillion in revenue generated by the top 250 retail companies with an average of $18.1 billion for each of these organizations. Retail has been an industry that peeped into the world of crypto and blockchain since its inception, only to realize its potential and a huge variety of blockchain applications for the retail industry. And it’s is going to get bigger and bigger every time a new solution is attained by blockchain integration in both the retail and eCommerce industry.
This integration is bigger than just accepting Bitcoin form the customer, blockchain is way more beneficial for the retailing process than the end sale of the product.
Today, blockchain adoption, even fro small retailers is not just joining the bandwagon of the industry giants who could afford to experiment. Their success is proof enough to discover a custom solution for your business that can be a problem of yesterday and now gains immutability through the integration of blockchain technology. Omnichannel retailing, AI integration, etc is just in the near future, given the backing of this revolutionary technology.
Blockchain is the answer to most business challenges.Blockchain Development for Business Intelligence