What’s going on?
The global retail industry will be revolutionised by blockchain technology, according to findings from a new Deloitte report.
Why does it matter?
Deloitte’s report – New Tech On The Block: Planning For Blockchain In The Retail And Consumer Packaged Goods Industries – draws on the analysis of 16 blockchain groups and additional research into 50 case studies.
The research identified four areas in the retail industry where blockchain can help with immediate challenges and problems: traceability, compliance, flexibility and stakeholder management, reported CoinDesk.
How Important Are The Opportunities?
Steve Larke, Technology Consulting Partner at Deloitte, said: “It is crucial for decision makers to understand which areas of the value chain will benefit most from the new technology, and how easy it is to implement. It is technology that has the ability to track, trace, and authenticate products, record contracts and transactions and guarantee the movement of information.”
Larke explained the benefits can then be passed on to the consumer in the form of savings, increased trust and better-quality products.
“As we enter the ‘age of blockchain’ the retail and CPG sectors are particularly well placed to capitalise on this technology and revolutionise the way many processes are conducted. Businesses that do not consider how blockchain could help are at risk of falling behind competitors.”