{"id":3030,"date":"2020-03-26T04:29:24","date_gmt":"2020-03-26T04:29:24","guid":{"rendered":"https:\/\/www.indifi.com\/blog\/?p=3030"},"modified":"2020-05-13T15:41:31","modified_gmt":"2020-05-13T15:41:31","slug":"how-blockchain-can-help-the-retail-business","status":"publish","type":"post","link":"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/","title":{"rendered":"How Blockchain Can Help the Retail Business"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"500\" height=\"272\" src=\"https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2020\/03\/How-Blockchain-Can-Help-the-Retail-Business-500x272.jpg\" alt=\"How-Blockchain-Can-Help-the-Retail-Business\" class=\"wp-image-3031\" srcset=\"https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2020\/03\/How-Blockchain-Can-Help-the-Retail-Business-500x272.jpg 500w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2020\/03\/How-Blockchain-Can-Help-the-Retail-Business-768x418.jpg 768w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2020\/03\/How-Blockchain-Can-Help-the-Retail-Business-870x473.jpg 870w, https:\/\/www.indifi.com\/blog\/wp-content\/uploads\/2020\/03\/How-Blockchain-Can-Help-the-Retail-Business.jpg 960w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><figcaption>How-Blockchain-Can-Help-the-Retail-Business<\/figcaption><\/figure>\n\n\n\n<p>Blockchain is one of the most radical technologies in the contemporary world that will have an enormous impact on how we do business.&nbsp;<\/p>\n\n\n\n<p>As per market research report in 2018, the blockchain market is expected to grow from $1.2 billion in 2018 to $23.3 billion by 2023 at an impressive Compound Annual Growth Rate (CAGR) of 80.2% during the 2018\u20132023.<\/p>\n\n\n\n<p>There are several industries &#8211; both financial and non-financial &#8211; that will encounter blockchain\u2019s industry-disrupting capabilities. One such industry where blockchain is going to be leading-edge is the retail business.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read: <a href=\"https:\/\/www.indifi.com\/blog\/how-to-scale-the-retail-business-using-inventory-loans\/\">How To Scale The Retail Business Using Inventory Loans<\/a><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_67_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#What_is_blockchain_technology\" title=\"What is blockchain technology?\">What is blockchain technology?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#How_does_blockchain_work\" title=\"How does blockchain work?\">How does blockchain work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#How_Blockchain_technology_will_change_the_face_of_retail_business\" title=\"How Blockchain technology will change the face of retail business?\">How Blockchain technology will change the face of retail business?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#What_are_the_applications_of_blockchain_technology_in_the_retail_business\" title=\"What are the applications of blockchain technology in the retail business?\">What are the applications of blockchain technology in the retail business?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#Smart_contracts\" title=\" Smart contracts\"> Smart contracts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#Supply_chain_visibility\" title=\"Supply chain visibility\">Supply chain visibility<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#Transparency\" title=\"Transparency\">Transparency<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#Minimizing_fraud\" title=\"Minimizing fraud\">Minimizing fraud<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#Protecting_customers_personal_data\" title=\"Protecting customers\u2019 personal data\">Protecting customers\u2019 personal data<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#Avoidance_of_counterfeit_products\" title=\"Avoidance of counterfeit products\">Avoidance of counterfeit products<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#Traceability\" title=\"Traceability\">Traceability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#What_are_the_benefits_of_blockchain_technology_in_the_retail_business\" title=\"What are the benefits of blockchain technology in the retail business?\">What are the benefits of blockchain technology in the retail business?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.indifi.com\/blog\/how-blockchain-can-help-the-retail-business\/#Bottom_Line\" title=\"Bottom Line\">Bottom Line<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_blockchain_technology\"><\/span>What is blockchain technology?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Blockchain, which is also referred to as \u2018distributed ledger technology\u2019 (DLT), is a chain of a list of records called blocks that contain information.&nbsp;<\/p>\n\n\n\n<p>These blocks are linked using cryptography and contain a cryptographic hash of the previous block. Originally, blockchain was described in 1991 by a group of researchers who intended to timestamp digital documents so tempering or backdating the data won\u2019t be possible.&nbsp;<\/p>\n\n\n\n<p>In simple words, a blockchain simply&nbsp;records data in chronological order. It offers a shared ledger where all the transactions are recorded and both the parties can see these transactions.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read:&nbsp;<a href=\"https:\/\/www.indifi.com\/blog\/what-is-the-future-of-pos-technologies-in-the-retail-business\/\">What Is The Future Of POS Technologies In The Retail Business?<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_does_blockchain_work\"><\/span>How does blockchain work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The data on the web is never stored centrally, but it is distributed across multiple computer networks around the world. Blockchain shares and syncs data across multiple computers.<\/p>\n\n\n\n<p>Each block contains some data, the hash of the block and the hash of the previous block such as who is making the transaction, the total amount, dates, times, or any other relevant transaction information.<\/p>\n\n\n\n<p>And, because the database is distributed across multiple systems, it becomes impossible to make any changes, ergo it becomes permanent.&nbsp;<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read:&nbsp;<a href=\"https:\/\/www.indifi.com\/blog\/wireless-pos-solutions-are-remodeling-indias-retail-market\/\">How Smart, Wireless POS Solutions Are Remodeling India\u2019s Retail Market<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Blockchain_technology_will_change_the_face_of_retail_business\"><\/span>How Blockchain technology will change the face of retail business?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A traditional supply chain management application only allows interactions between the retailer and the supplier. Beyond that, the retailer doesn\u2019t have any visibility.&nbsp;<\/p>\n\n\n\n<p>Now, once an order is placed, the retailer will have to wait for updates from the supplier on where these products are and what the product status is.&nbsp;<\/p>\n\n\n\n<p>Blockchain<strong> <\/strong>technology not only provides retailers but also customers end-to-end invisibility. It provides better customer experience and for retailers, it streamlines the exchange of information.<\/p>\n\n\n\n<p>The potential for blockchain to help the retail business is huge. It helps in protecting consumers from fraudulent transactions and building consumer trust.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read:&nbsp;<a href=\"https:\/\/blog.indifi.com\/avoid-7-mistakes-while-choosing-pos\/\">Top 7 Mistakes Retailers Make When Choosing A POS<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_applications_of_blockchain_technology_in_the_retail_business\"><\/span>What are the applications of blockchain technology in the retail business?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Some potential uses blockchain in retail business includes:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Smart_contracts\"><\/span><strong> <\/strong>Smart contracts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Blockchain can be used to create a smart contract that holds back funds until everyone is satisfied. It can also be used to reduce other types of fraud and build consumer trust by settling disputes instantly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Supply_chain_visibility\"><\/span>Supply chain visibility<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It provides real-time information about the product to the customer. Companies will be able to recognize which stock of the product is causing issues and they will be easily able to rectify the problem. <\/p>\n\n\n\n<p>Since the chain is updated in real-time, the bad or damaged product can be identified and restricted from entering into the supply chain, thus reducing the product recall.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read:<a href=\"https:\/\/blog.indifi.com\/big-data-and-ai-the-promise-of-better-transformation-for-retailers\/\">Big Data And AI \u2013 The Promise Of Better Transformation For Retailers<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Transparency\"><\/span><strong>Transparency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In the blockchain, even a small change is registered in the ledger, and it is visible to both parties. The customer can also follow the product&#8217;s journey from date of manufacturing to the current location and other minute details.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Minimizing_fraud\"><\/span><strong>Minimizing fraud<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>It will improve customer loyalty programs by issuing loyalty coupons on the blockchain network. The customer will also be able to track gift card balances and manage loyalty rewards.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Protecting_customers_personal_data\"><\/span><strong>Protecting customers\u2019 personal data<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Blockchain puts the consumer in control of his data. They will be able to know who accessed their data and what type of data is being shared. It helps businesses with compliance to the EU\u2019s General Data Protection Regulation (GDPR).<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Avoidance_of_counterfeit_products\"><\/span><strong>Avoidance of counterfeit products<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Suppliers and retailers, with the help of data, will be able to avoid counterfeit products to enter into the inventory.<strong>\u00a0<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Traceability\"><\/span><strong>Traceability<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The consumer will be able to track the origin of the product as well as the current location.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\">Also Read:&nbsp;<a href=\"https:\/\/www.indifi.com\/blog\/artificial-intelligence-retail-client-experience\/\">Artificial Intelligence- Transform The Retail Client Experience<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_blockchain_technology_in_the_retail_business\"><\/span>What are the benefits of blockchain technology in the retail business?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Blockchain technology will change the future of the retail business landscape. This technology brings in customers&#8217; trust, minimizes fraud, and helps in conducting transactions in a transparent manner.<\/p>\n\n\n\n<p>Industry giants such as Amazon, Alibaba, Walmart as well as eBay have already taken the blockchain technology route to deal with the challenges of retail business.<\/p>\n\n\n\n<p class=\"has-text-color has-vivid-cyan-blue-color\"><a href=\"https:\/\/www.indifi.com\/business-loan-for-retail-store\">Apply For Business Loan For Retail Store<\/a><br><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Bottom_Line\"><\/span><strong>Bottom Line<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Even though blockchain technology is at a nascent stage in the retail business, it will play a huge role in the future.<\/p>\n\n\n\n<p>The blockchain technology in retail has the potential to store transaction information, execute contracts and payments, build consumers\u2019 trust by providing transparency, prevent counterfeiting of goods, and ensure product authenticity.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.indifi.com\/\">Indifi<\/a> believes in helping small businesses grow by offering loans to those that have potential and intent. Most such businesses have little or no access to financing from traditional institutions such as banks, or lack either collateral or finance data trail to access a loan. <br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blockchain is one of the most radical technologies in the contemporary world that will have an enormous impact on how we do business.&nbsp; As per market research report in 2018, the blockchain market is expected to grow from $1.2 billion in 2018 to $23.3 billion by 2023 at an impressive Compound Annual Growth Rate (CAGR) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3031,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[141],"tags":[705,706,703,625],"_links":{"self":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/3030"}],"collection":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/comments?post=3030"}],"version-history":[{"count":5,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/3030\/revisions"}],"predecessor-version":[{"id":3227,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/posts\/3030\/revisions\/3227"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media\/3031"}],"wp:attachment":[{"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/media?parent=3030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/categories?post=3030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.indifi.com\/blog\/wp-json\/wp\/v2\/tags?post=3030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}