Market research suggests that blockchain could reach critical adoption by 2020 and attain general acceptance from consumers by 2025. Retailers therefore must pay attention.
Most of the Blockchain-based retail pilots so far have focused on Product provenance. End-to-end transparency in the source of origin for ingredients, allowing consumers to track products from farm to table. But the potential of Blockchain is enormous, as it establishes new forms of trust between consumers and retailers throughout the entire retail supply chain including enhanced services such;
- Consumer payments
- Guaranteed product authenticity
- Supply chain and inventory management
- Digital advertising
- Automated customer service
- Management of loyalty points