Blockchain Technology Applications Are Helping Retailers to Curb Malpractices - Request a Free Proposal to Know How!
LONDON--(BUSINESS WIRE)--Dec 19, 2018--A well-known data analytics solutions provider, Quantzig, has announced the completion of their latest article on the applications of blockchain technology in retail.
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Applications of blockchain technology in retail. (Graphic: Business Wire)
Blockchain technology has proved its efficiency over the past couple of years. Blockchain technology has the potential to keep a digital record of transactions and data in a chronological format. Moreover, it enables the user to view any changes made in the network. This increases the transparency of systems and makes it difficult to hack. All such applications are making blockchain technology a viable option for companies as blocks of data cannot be edited or deleted in any way.
“Blockchain technology is highly beneficial for monitoring the health and safety requirements of goods in real-time and many top players across industries are analyzing it to implement in their sector,” says a market expert from Quantzig.
Applications of blockchain technology in retail:
With the increasing competition, the exclusivity of items has reduced. Even popular items of big brands and fashion houses in the luxury segment are easily available at lower prices. This has become a major concern for retailers as they are not able to track their products. Incorporating blockchain technology in the retail sector will help them track data right from the sourcing stage to customer purchase and will assure authenticity for their customers.
Blockchain technology has the potential to boost visibility in the supply chain. With the implementation of blockchain technology, retailers can easily track the source of their products. This will improve the transparency between retailers and customers and ensure that products are responsibly and ethically sourced. Wondering how blockchain technology applications can help your business? .
Transact using cryptocurrency
Introduction of cryptocurrencies like bitcoin in the market has been a major revolution for companies in the retail sector. Crypto-currency payments help in digitally monitoring the records by streamlining the returns and refunds processes. This reduces the resale of stolen goods in the market and creates a better market space for retailers. To know more about the relevance of blockchain technology applications in the retail industry,!
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit:
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PUB: 12/19/2018 09:54 AM/DISC: 12/19/2018 09:53 AM