Rome wasn’t built in a day, and the same is true for the infrastructure necessary for blockchain technology to alter the retail landscape.
The union between blockchain technology and the retail sector is trending in the right direction, but it’s not done yet. Walmart is steadily weaving the technology into its daily operations. As such a massive retail player, they could set a pace that forces other retailers to keep up.
Those watching Walmart’s use of blockchain technology for supply chain management see progress. Though it seems that blockchain adoption in retail is moving at a snail’s pace, there are undeniable signs of gaining momentum. This is a positive trend for those who want to see how blockchain will increase efficiency and accountability in the retail space.
1. Kristen Howell, Partner at Fox Rothschild
“2019 is shaping up to be a year of advances in transparency and authenticity using blockchain. For example, LMVH has been developing a blockchain-based platform to authenticate their luxury brand goods (such as Louis Vuitton and Dior) with tracking from raw material, to retail point of sale, to resale markets. Another innovative company, Onda Origins, uses a blockchain solution to enhance ethical sourcing in the coffee industry by enabling coffee purchases to identify the small-scale farmer who grew their coffee and increase returns to the growers.”
2. Dr. Lucas Lu, Founder of CyberMiles
“Much of the developing world today lacks the financial infrastructure that we enjoy in the west (and parts of the east). What this means is that traditional payment methods, such as fiat currency or even barter, exist to a large degree and are highly localized (i.e. within villages and small, insular communities). However, mobile technology already has penetrated much of even sub-Saharan Africa to a significant degree (80-90 percent), opening up opportunities to connect people mobily and let them transact with each other more widely and broadly, geographically. One need to look only at the rise of digital wallets, micro lending, online banking, etc. to get a glimpse of what crypto payments could have in store.”
3. Morvareed Z. Salehpour, Esq., Managing Partner of Salehpour Legal Consulting
“2019 will continue to see increased adoption of supply chain blockchains by retailers, especially given that Walmart has announced that it is requiring all its suppliers of greens to use their supply blockchain by September 2019. This will allow other retailers to see in action usage of a supply chain blockchain on a widespread scale by a retail business and thus, promote other retail businesses to move into the space after they see how it works out for Walmart.”
4. Michael Dobak, CMO of BLOCKv
“The blockchain can provide decentralized asset exchanges for shoppers, which will prevent many issues such as fraud and data security challenges. More often than not, retailers are not able to identify who used their coupons. With that lack of verification came a Wild West of coupon fraud, with recent estimates of US$ 500,000,000 lost annually. Coupons as digital objects on the blockchain, however, are virtually fraud-proof.”
5. Abhishek Biswas, Content Writer at Orderhive
Major retail industries now need not only to think about e-commerce for high business, but also the next layer of the internet– blockchain.”
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