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Blockchain Applications In Retail

Blockchain And Retail: Four Opportunities

Blockchain And Retail: Four Opportunities

Blockchain and Retail: Four Opportunities I focus on the digital consumers impact on retail. Opinions expressed by Forbes Contributors are their own. Blockchain's opportunity in retail goes beyond Bitcoin Bitcoin, blockchain, distributed ledgers, cryptocurrencies you could almost forget about IoT and big data, with the way people are talking about blockchain these days. The developments around the technology are proceeding at a breath-taking pace, and for retailers, if you were ignoring it or thinking youd wait until later to start paying attention, well, later has arrived. While blockchain is not going to revolutionize retail tomorrow, there are enough changes coming and enough real players involved in innovation and investment, that retailers need to pay attention to how it will impact their industry. Im not going to define blockchain or how it works. If you want that, I recommend this series of articles , as I found them to be extremely helpful (and basic). But whether you understand how it works or not, here are four big changes, in order from closest to coming to fruition, to farthest away. When your in-laws start talking about buying Bitcoins, its fair to say it has hit a level of general consumer awareness. Crypto-currencies have the potential to solve some real problems in the consumer financial world. In a McKinsey interview , Liana Douillet Guzman, the senior vice president for growth at Blockchain, said 2.5 billion people are currently outside of a financial system, including 1 in 12 Americans. The transaction costs of being outside that system can be very high, especially when youre talking about immigrants sending money back home. Douillet Guzman cited an example of someone sending $200 to the Philippines, where the transaction fee might be as high as $12 Continue reading >>

Blockchain In Retailretail Use Case One: The Supply Chainledger

Blockchain In Retailretail Use Case One: The Supply Chainledger

Retail/Digital/Omnichannel Consultant | Author | Speaker | Blockchain and Future tech enthusiast | #Ecommerce #Retail #Omnichannel #blockchain #etherum Blockchain In Retail Retail use case one: The supply chainledger Over the last few months I have been researching, the very exciting world of Blockchain and learning about this technology. I believe that Blockchain can lead to an entirely new eco-system of commerce and transacting across the world, and across all industries. I am looking at blockchain through the eyes of a retailer, and looking at how this new world can shape the future business model for retailing. A decentralised, open ledger of information (open to participants allowed access) Data is held on many distributed ledgers around the world All ledgers hold the same information for the data in question All ledgers carry the same copy of this data Blockchain leads to transparency and trust across the network This leads to many different applications of blockchain within our lives and within our businesses, and we will look at three possible use cases for a new retail business: Three possible retail use cases for blockchain We will base our explanation around an example retail business: Let us assume we are starting with a new way to operate a retail business which we have no previous business or systems in place. We will call the business Antony Stores or AS for ease of understanding AS is going to sell luxury, branded clothing via its physical stores, website, mobile site and through social media across the whole of Europe. Retail use case one: The supply chain ledger Lets explore a luxury product journey on blockchain and we will start with the Product which will be a jumper. We will call this Blockchain AS Blockchain and all of our data will be shared on Continue reading >>

Deep Dive: Blockchain Mini-seriesretail Applications

Deep Dive: Blockchain Mini-seriesretail Applications

Deep Dive: Blockchain Mini-SeriesRetail Applications Deep Dive: Blockchain Mini-SeriesRetail Applications This is the second report of our Blockchain Mini-Series, in which we cover the potential applications of blockchain technology in retail and supply-chain management: Blockchain technology creates a secure ledger that stores transaction records over a decentralized network. This eliminates the need for third-party verification and enables real-time information exchange. The application of blockchain technology can solve some of the following challenges for retailers: the risks associated with operating centralized databases, the risk of third parties counterfeiting branded goods, supply-chain opaqueness and incompatible databases across different supply-chain nodes. Since blockchain technology is still in its infancy stage, companies will likely face significant adoption challenges, which is why we believe it will have a mid- to long-term impact on the industry rather than in the immediate future. While mass adoption is still far off, companies would be wise to start preparing for the shift today. This is the second report of our Blockchain Mini-Series, in which we discuss the potential applications of blockchain technology in retail and supply-chain management. For a more detailed explanation of how blockchain technology works, you can refer to our report Blockchain Technology: The Worlds Game Changer?, and for our views on the impact of the rise of cryptocurrencies on the retail industry, you can read our first report of the Blockchain Mini-Series: Cryptocurrencies . Blockchain is a distributed and decentralized database that keeps digital records of historical transactions. We believe this new technology has the potential to revamp legacy supply-chain management Continue reading >>

Blockchain For Retailers: What Are The Blockchain Applications And Blockchain Uses In Retail?

Blockchain For Retailers: What Are The Blockchain Applications And Blockchain Uses In Retail?

Blockchain for retailers: What are the Blockchain applications and Blockchain uses in retail? Can retailers use blockchain? The hype around blockchain is refusing to die down. Each and every day, we hear about more and more companies using blockchain technology. Blockchain technology is not just limited to a single industry. It is spread across various different industries. One industry which it is definitely revolutionizing is the retail industry. You might think how blockchain technology can help the retailers. The truth is that blockchain technology is helping retailers increase customer engagement. This would ensure that the sales of the retailers are able to increase as well. Blockchain technology is the decentralized ledger which is processed with the help of various users who lend their processing power. The main advantage of blockchain technology is that the data is secure and it can be processed in real-time. This reduces the requirement of a significant amount of IT infrastructure. The scaling up is quite easy as well. The only downside is that the transactions are irrevocable and cannot be reversed at any cost. Blockchain technology can enable retailers to process millions of transactions without having to invest in IT infrastructure. Moreover, it can significantly reduce the transaction processing cost for the retailers. This would ultimately benefit the consumers as the retailers would pass on the benefits to the consumers. This is just one of the advantages of the blockchain technology being used by retailers. The main opportunity of blockchain technology for retailers is in the customer engagement field. There are plenty of start-ups in the blockchain technology which upload information about the consumers as well as consumer buying habits on the blockch Continue reading >>

The Complete Guide To Blockchain And Retail

The Complete Guide To Blockchain And Retail

Insider Trends is the retail trends specialist we deliver retail trend tours, retail innovation presentations, retail industry trend reports and more. The complete guide to blockchain and retail Its almost ten years since you first heard the word blockchain. Conceived in 2008, the blockchain is among those much talked about new developments, but one that you may not have felt the effects of. Yet. Uptake of this disruptive technology is growing and major brands and tech companies are starting to explore what this means for retail. Read on for everything you need to know about blockchain and the future of retail. Blockchain is a way of digitally recording data and transactions. Each record is a block linked chronologically together in a chain, which shows all activity. There are two main types of blockchain unpermissioned and permissioned. Unpermissioned uses open distributed ledger technology, which means that the information isnt owned by any one person or database. Instead it is shared across all the different computers in the network. Anyone can join the network and view the transaction records it holds. Once a transaction has been recorded the data stored is timestamped, so it cant be deleted or edited in any way. Any subsequent additions to the ledger or new records are tracked and updated in real-time for everyone with access. Because of its distributed nature blockchain is difficult to hack as all of the copies are located in different places. Permissioned blockchains work in exactly the same way, but offers the ability to restrict who in the network can authorise transactions. This makes it a better option for tracking house sales for example as it means only approved parties like estate agents can validate a sale. The most well-known use of blockchain is the di Continue reading >>

Blockchain For Retailers: Producing Real Business Benefits

Blockchain For Retailers: Producing Real Business Benefits

Blockchain for Retailers: Producing Real Business Benefits Blockchain for Retailers: Producing Real Business Benefits Posted by Paul McMeekin to Merchant Retail , Payments and Industry Trends When I read about blockchain, I typically come across three use cases: cross-border payments, security issuance and digital currency. These have all been proven to workand they are also finance-related. But the payments ecosystem includes a lot more than just financial institutions. This post explores the potential impact that blockchain will have on retailers and their value chain. For those new to blockchain, I will give a simple definition (for those who understand it, feel free to skip this paragraph). A blockchain is essentially a record, or ledger, of digital events one that is distributed, or shared between many different parties. A blockchain can only be updated by consensus. It is a distributed database that maintains a continuously growing list of data records. The industry has coalesced around four groups of use cases. Within each group, there are many different use cases. My intent is to describe each use and give a practical example of how this use case has been deployed by a retailer. Smart contract code is code that is stored, verified and executed on a blockchain. Smart legal contracts is the use of the smart contract code that can be used as a complement, or substitute, for legal contracts. In its simplest form, this is about "if X happens, do Y," without any human intervention. Use cases include anything from rental cars or apartments, through to complex machine-to-machine transactions involving advanced analytics. In October 2015, it was announced that Visa was working on a smart contract proof of concept (PoC) for car leases and rentals. Visa worked with DocuSi Continue reading >>

Usage Of Blockchain In Retail: Making Supply Chain More Transparent -- Eurocis

Usage Of Blockchain In Retail: Making Supply Chain More Transparent -- Eurocis

Blockchain has great potential for global retail Transparency and security are the crucial advantages of blockchain technology Blockchain technology has been around for eight years. Whats new is that more and more industry sectors discover the advantages of this technology, as is now the case with food retailing. It is designed to optimize economic processes and grant all stakeholders real-time insights. Simply put, a blockchain is a decentralized database. It facilitates secure, verifiable and tamper-proof transaction processing on the Internet. In essence, a blockchain can be envisioned as a ledger where transactions are being recorded. These can be reviewed by all parties since every participant has a digital copy of the ledger. Once a page of the ledger is full, a block has been generated, explains Stephan Zimprich,Leader of the Competence Group Blockchain at the eco Association of the Internet Industry. To ensure that a block has not been tampered with, network participants have to validate it. Validation of the public Bitcoin blockchain is performed via the proof-of-work algorithm. To do this, a very complex mathematical problem needs to be solved. The one who solves the problem first, confirms the validity of the block. During the course of this validation, a so-called hash value, a type of identifier is subsequently generated. If you want to change a block later on, this hash value no longer matches the content. These validation mechanisms make the blockchain tamper-proof. The hash value of a block is adopted by the next block and a link is created. This is also why it is called a blockchain (originally block chain). Unlike public blockchains such as the Bitcoin blockchain, only selected participants are allowed in the network of private or permission-based blo Continue reading >>

Blockchain Applications For Retail

Blockchain Applications For Retail

Blockchain transactions make trades indisputable and guarantee information payload integrity. Counterfeiting risk is thus mitigated and final consumers are able to verify in each moment all product characteristics (e.g. provenance, material and components specifications, etc.). As blockchain redefines contract instruments and negotiation processes, it could streamline authenticity verification mechanisms for supply chain actors. Possible impact could be registered on trade instruments such as Incoterms, custom declaration of goods and international trade registries. Beyond enabling trade processes and facilitate funds transfer, blockchain programmability and smart contract logic could empower traditional loyalty programs with smart incentive mechanisms, leveraging both user experience and brand equity. Via tracking and proof of authenticity mechanisms, blockchain allows customer to understand and discover the story behind a product. Moreover, frictionless payment and mobile services could enrich in-store purchasing experience. Blockchain payments streamline Person to Merchants transactions, allowing both customers and retailers to benefit from cost-cutting payments technologies and enhancing trusted relationships between both parties. Property: a Blockchain accelerator manages the change of property ownership, in other words the transfer of ownership of any digital or physical asset (e.g. vehicles, equity, houses, etc.). Through the registration of a transaction in the Blockchain register, the identity of the seller and the buyer, the unique identifier of the asset and the time stamp associated with the transaction are guaranteed and cannot be modified. CloudchainTicketing for after-sales services and coupons/vouchers Ticketing: ticketing and couponing systems are high Continue reading >>

Blockchain Wave Headed Toward Cpg And Retail Industries | Accenture

Blockchain Wave Headed Toward Cpg And Retail Industries | Accenture

Blockchain wave headed toward CPG and Retail industries Hailed as a financial technology, blockchain is about so much more for the consumer goods and retail industries. Consumer trust is hard earned and easily lost. In an era where more and more transactions are happening in the Internet ether, finding a way to further legitimize that trust is a godsend. Blockchain offers promise in this area. A shared ledger where all financial transactions are recordedeliminating the errors that can occur when each party participating in a transaction maintains its own data set for that transactionblockchain has a growing following even in its nascency. Despite the flurry of coverage around its implications for the financial industry, blockchain is not a one-trick pony. Providing the retail and consumer goods industries an opportunity for trustless transactions may sound counterintuitive, but in doing so it actually engenders consumer trust. Read below for just a few of the areas in which blockchain is already moving the needle for retailers and manufacturers. Transparency is of increasing importance to consumers. Provenance is a platform that helps brands provide that transparency by tracing the origins and histories of products. Consumers could trace the seafood they eat from boat to plate. Or, verify that the wool sweater they just bought came from sheep that are humanely treated. Blockchain underlies this transparency, allowing all partiessupplier, manufacturer, retailer and end consumerto trace a products journey. Counterfeit goods have plagued manufacturers and retailers for years. Block Verify is a blockchain-based anti-counterfeiting solution for pharmaceuticals, luxury items, diamonds, and electronics. Goods can be certified with blockchains digital ledger record, which mean Continue reading >>

3 Ways Blockchain In Retail Is Changing The Way We Buy

3 Ways Blockchain In Retail Is Changing The Way We Buy

3 Ways Blockchain in Retail is Changing the Way we Buy No doubt blockchain is a revolutionary technology. In a very short time, it has effectively given rise to not just a currency but a complete virtual financial market. The debate about the value of Bitcoin (or any other cryptocurrency) can go for years - trust me itll - but the entire tech community around the world is largely positive about blockchain. Though the tech attracts financial applications at its core, it offers scope in distinct non-financial sectors as well. One such sector where blockchain can prove to be groundbreaking is the retail. A market research suggests that blockchain could reach critical adoption by 2020 and attain general acceptance from consumers by 2025. An article in Retail Potential also suggests that the tech can improve the efficiency of processes from 40 to 60%. With so many researchers in favor, retailers are bound to explore the range of possibilities as it is their chance to stand out as an industry thought leader. Interest in modern technologies? Checkout our resources section and grab your free eBook today! In this article, we will explore some possible applications of blockchain in retail and how some tech companies and retailers are banking on the opportunity. Cryptocurrencies are yet to find their way into our daily transactions but if we go by the general trends, they might end becoming a medium of digital exchange. They need to have general accessibility and acceptance for this to hold true. Which calls for efforts from both retailers and consumers. Unfortunately for a tech-averse person, all this sounds like too much of work. The terms Bitcoin , ICO , Ethereum , Blockchain , Cryptocurrencies etc. all sound similar to them. Moreover, they would need to open a wallet, underst Continue reading >>

Blockchain Is Here: Retail Needs To Get Aboard Or Sink

Blockchain Is Here: Retail Needs To Get Aboard Or Sink

Blockchain is Here: Retail Needs to Get Aboard or Sink Facebook Facebook Twitter Twitter LinkedIn LinkedIn Email Email 0 Comments Comments Consumer loyalty reward programs across every facet of retail are antiquated and ineffective. Seventy-sevenpercent of adults in the United States participate in loyalty programs, however, more than $100 billion in loyalty points have gone unclaimed as trust in loyalty program benefits plummets. These rewards points go unused because consumers either dont know how to claim the points for tangible goods or dont want the goods they're able to redeem. This isn't a new trend. Since the advent of the mass implementation of rewards programs, roughly one-third of all loyalty rewards have consistently remained unused. The largest incentive for participation in any rewards programs is the end result i.e., what the consumer can gain from participation. Were now seeing a new solution to this challenge: blockchain technology and the creation of branded cryptocurrency. Blockchain technology finally allows for a more efficient and effective system for consumer loyalty programs. At an abstract level, blockchain technology works as a distributed and encrypted ledger of information, kept secure by a globally decentralized network of computers. Think of it as a literal chain, with each link being an encrypted store of information. The information being exchanged can also be used to document occurring processes, encrypting information for the different steps of any supply chain, rendering the process completely transparent. With blockchain technology, individual retailers can create their own branded currency. This transforms retailer silos into larger economic ecosystems that transform passive customers into active participants. This also allows loyal Continue reading >>

Chinese Retail Giant Jd.com Joins Blockchain In Transport Alliance

Chinese Retail Giant Jd.com Joins Blockchain In Transport Alliance

Chinese Retail Giant JD.com Joins Blockchain in Transport Alliance Feb 2, 2018 at 15:01 UTC|UpdatedFeb 2, 2018 at 15:07 UTC The logistics arm of Chinese retail and internet giant JD.com has joined the Blockchain in Transport Alliance (BiTA). The firm said in an announcement yesterday thatJD Logistics joins the alliance with the aim of sharing its knowledge and applications of blockchain technology with other international freight firms, including fellow BiTA members UPS, FedEx, Penske and more. BiTA was set up with the aim of developing and promoting blockchain standards for global freight and logistics companies. JD Logistics, formed in 2017, is the first Chinese logistics enterprise to join the alliance, the announcement states. The company said it plans use blockchain in the optimization of supply chains, cross-border logistics and communications, as well as to help improve collaboration on the tech within the industry. The news comes just a day after shipping giant FedEx announced its membership of BiTA. Blockchain tech is increasingly being viewed as a potential means to bring more efficiency, transparency and lower costs to the logistics industry. Just last month, blockchain technology startup Skuchain and NTT Data Corporation partnered to develop blockchain applications for supply chains. The partners said they will work to complete a system that integrates blockchain with the internet of things (IoT) to help solve problems with traditional supply chain methods. Global shipping giant Maersk has also indicated it is spinning off its blockchain work with IBM in an effort to foster collaboration between its competitors. The yet-to-be-named joint venture is aimed help ensure transparency and a level playing field among participants, the firm told CoinDesk on Jan. 16 Continue reading >>

Blockchain Use Cases For Retail Industry

Blockchain Use Cases For Retail Industry

It wont be wrong to claim that technology is the most dynamic thing, and because of it, we are witnessing some significant transformations. One such change is the use of Blockchain in the retail business. The blockchain is a new concept which is just a few years old, but, it has managed to influence the operation of all the industries. Retail industry dynamism is unhidden. With the growing demand for customer and the mode of transaction shifting to the online medium, there is a dire need for the companies to come up with system and protocols which can ensure complete safety. We all know that Blockchain offers a shared ledger where all financial transaction gets recorded which is visible to both the parties. Despite the flurry of coverage around the implication of Blockchain for the commercial industry, its not a one-trick pony. Despite the flurry of coverage around its implications for the financial industry, Blockchain is not a one-trick pony. Its applications in the different sector make it have a multitude of benefits. When it comes to retail business, then companies look for provisions which can help in enhancing customers trust in the brand. Blockchain in the retail industry is one such aspect. Here we will discuss, How can Blockchain benefit retail sector? Blockchain in retail business- A force to reckon The blockchain is a debatable topic. Many people still question its application as a part of the mainstream business operation; its propagators strongly feel that it is the next big thing. Blockchain in local industry has different uses, although, we are using some of the best technologies, there is always a scope for improvement. When it comes to retail business, then its all about alluring the customer. The best way to achieve this is to enhance in the followin Continue reading >>

What Will Blockchain Mean For Retail Supply Chains?

What Will Blockchain Mean For Retail Supply Chains?

Blockchain, the underlying ledger technology for bitcoin, is being hyped as the way retailers can finally bring holistic visibility and control over their entire supply chains. A method of recording, safely storing and tracking complex digital transactions, Blockchains one major advantage is that once a record is made, it cannot be altered. The databases strength lies in its trustworthiness: the difficulty of reversing or changing whats been recorded, writes Bloomberg. The blockchain database can also hold much more data than what retailers get today, providing tools for more detailed analysis. Walmart, for instance, last fall in an ongoing trial partnered with IBM and Tsinghua University in Beijing to digitally track the movement of pork in China on a blockchain. Details related to farm origins, factory data, expiration dates, storage temperatures and shipping were tracked across producers, processors, distributors and grocers. In the event of a foodborne outbreak, Walmart should be able to receive the data and respond quicker, possibly even pinning down the issue to a single pallet or package. Speaking to Fortune, IBMs global supply chain expert, Paul Chang, said the process showed marked improvement over past projects that used barcodes and radio ID tags. Mr. Chang stated, The missing piece was a shared forum where companies could begin to see each others transactions and develop trust. At the NRF Show, Microsoft partner Mojix showed how the technology can be used to let retailers automate their supply chains. Speaking to Redmond Magazine, Scot Stelter, VP of Products for Mojix, said a grocer could designate what day an order of blueberries should be picked, the day theyll arrive and a desired temperature range throughout the stages of the shipping process. The tech Continue reading >>

Retail Blockchain Technology

Retail Blockchain Technology

The provenance of diamonds is verified using a paper based certification system. But now Blockchain technology is being used to give each stone an additional uniquer identifier, calculated using 40 data points in addition to the traditional 'Four Cs' of diamond classification - cut, colour, clarity, and carat. Diamonds over 0.16 carats also have a serial number inscribed on their girdles during the grading process. The platform is partially public all diamond certificates can be cross-referenced on Bitcoins Blockchain and partially private, with sensitive data (such as police reports and policy information) kept on the company's Eris-run platform. The internet can provide a great platform for artists and other content creators to publicise their work. But its openness also leaves them at risk of having their work plagiarised or used without permission or appropriate credit, resulting in a loss of income. A digital timestamp recorded using Blockchain technology allows artists and creators to establish ownership of their work on a decentralised database. Consumers are increasingly concerned with ensuring that the food they buy comes from responsibly-managed sources. They want to know, for example, that the fish in their fish and chips was sustainable caught. Blockchain technology allows for the transparent recording not only of how fish was caught (e.g., pole and line), but also its freshness, and whether it has been handled in compliance with social and environmental rules and regulations throughout the supply chain. This is obviously not just applicable to fish, but other consumables too, for instance organic fruit and vegetables. Provenance is one company spearheading such a system, helping to promote environmentally sustainable production and social good. Any retaile Continue reading >>

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