Precise Study on Blockchain in Retail Industry Revealing Key Trends and Attributes

Published on : Jun 21, 2018

Albany, New York, June 21, 2018: It is a fact that the retail industry has undergone a huge amount of change at the hands of technology over the last ten years. Recently, Blockchain has emerged as an exciting new development across the retail industry and it is playing a quiet but crucial role in the future of retail. To elaborate further, Market Research Hub (MRH) has publicized a fresh study titled “Blockchain in Retail - Thematic Research” to its massive repository, which offers in-depth and accurate insights on the impact of blockchain in retail in recent times. The report deliberates some of the key trends in blockchain technology, which is classified into three categories: blockchain industry trends, blockchain use case trends, and blockchain trends in the retail industry.

Key Highlights from the Study

First of all, the readers will infer the details of the clear scenario of blockchain technology and summarize the important trends in the retail sector. It has been well-recognized that retailers are already preparing for blockchain to impact their multi-trillion dollar industry by implementing new techniques and solutions. The role of blockchain can help retailers to better track the derivation of stock, give them greater control over what they sell, and provide guarantees for food safety. The technology is particularly useful for controlling supply chains since every change to data such as manufacturing dates and locations can be tracked.

Moreover, it is important to note that blockchain also allows organizations to transact business with one another without being subject to third-party control. The security is an important aspect for the consumer, in which blockchain plays a satisfied role. Blockchain will allow complete transparency between retailers and customers and will add a new level of trust to the brand-customer relationship. Furthermore, some retailers are trialing with blockchain-based cryptocurrencies for loyalty schemes, which are more efficient and appealing to customers than traditional points-based loyalty cards.

An important section of the report offers technology briefing of the blockchain theme; how it works and how it has developed over the last decade. Considering the future prospects, the study believes that 2018 will be a stifling year for blockchain technology, as the cost and complexity of implementing blockchain solutions become apparent.

Competitive Tracking

In the end, the competitive landscape offered in the report is a valuable resource for readers. The report analyses key players in the blockchain technology including Cognizant, Goldman Sachs, Citi, Microsoft, JP Morgan, Santander, IBM, Accenture, SAP, Amazon, Google, and Cap Gemini, as well as retailers experimenting with blockchain such as Carrefour, Alibaba, and Walmart.

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