How blockchain can help retail Supply Chain?

Blockchain: The newest technology here to conquer the world

We all are slowly stepping into the world of blockchains, whether we realize it or not. Gradually many big leading companies and conglomerates all over the world are adopting blockchain technology for the numerous benefits this technology brings for wide sectors in the industry.

Blockchain, known to us in association with Bitcoin, was first introduced in 2008 when the world witnessed the first-ever digital currency ever introduced to the digital financial ecosystem. Since Bitcoin made a more resounding launch, blockchain technology also wasn’t left behind much with its foundational platform over which bitcoins were transacted. 

There’s more to blockchains than just bitcoins and other digital currencies like Ethereum, Ripple, etc. Blockchain is the engine that runs the bitcoin ledger.

Blockchain technology, which majorly offers a solid bedrock for secure transactions over a safe peer-to-peer network first came into the digital world in 2008 with the white paper under the pseudonym Satoshi Nakamoto. 

After launching the seminal white paper in 2008, Nakamoto later implemented an initial code in 2009 with the advent of online cash currency- bitcoin. This formally established the implementation of the first blockchain as the public ledger of transactions. 

Another key feature of this technology is that there is no involvement of any central authority in the transactions over the network. All the transactions are in the form of blocks and are encrypted. Some of the most benefiting features of this revolutionary technology can be summarized as follows:

  • Outstanding Transparency

Transaction history, smooth and effective record-keeping, easy tracing of transactions are all easily taken care of by the blockchain solutions. This technology is bringing more visibility, accuracy, and efficiency when it comes to transaction handling in any enterprise or business.

  • Greater Security

Since every transaction is encrypted and is linked to previous transactions in a blockchain, it becomes impossible to tamper with any kind of transaction information over the peer-to-peer network-thereby making the transactions safe, secure, and free of cyberattacks. Also, the information in the blocks is stored on the entire network and not just on the central server; the security of every transaction is not compromised easily by the hackers.

  • Enhanced Traceability

This is one of the deciding factors that make blockchains the most secure network of transactions. With the seamless record-keeping structure offered by blockchains, it is easier to go back to any of the transaction history and take a record of any product or asset, preventing any type of fraud.

  • Superb efficiency and speed

More automated and streamlined solutions offered by blockchain in the traditional work systems are making it easier for businesses and enterprises to prevent human errors in the usual paper-heavy and time-consuming processes. As there are no intermediaries involved, the trust factor in the trading also becomes important in the operations.  

  • Reduced cost

One of the major concerns for a flourishing business is to reduce their costs. Blockchain offers many innovative solutions where the overall costs are reduced in the functioning of an enterprise. 

 

Retail Supply chain industry 

According to latest reports, over forty (and counting) of the world’s largest financial institutions, including JP Morgan and Credit Suisse, have formed a consortium to investigate the blockchain for faster and more secure transactions. 

It’s true that blockchain technology is making huge waves of transformation in various sectors alike. 

Need for Blockchain in Supply chain

Let’s discuss how blockchain can prove to be a needful technology when it comes to operating huge supply chains of products and assets. A Blockchain Supply Chain offers fair trade options with trust and visibility in the transactions of data or products. There’s also the authenticity of raw materials, sustainability, and ethical sourcing, which are guaranteed with a blockchain supply chain solution. Blockchain is a game-changer in the retail supply chain industry because of:

 

  • Provenance

Blockchains validate authenticity of raw materials and component suppliers.

  • Compliance

The proof of certification of regulatory conditions is also ensured with blockchain supply chain.

  • Transparency

As discussed above, visibility for all parties across the supply chain is another major advantage of implementing blockchain technology.

  • Faster Payments

Automated and self-executed smart contracts facilitate faster payment options, thereby reducing time for transactions. This also takes into consideration overall reduced costs in administration and operations.

  • Improved Accuracy

Another essential feature of blockchains makes digital transactions seamless and without human intervention, improving data accuracy.

 

Possibilities With Blockchain 

There is a huge number of possibilities laid before anyone who wants to step into the world of blockchains. 

It is evident that global leaders of business and technology are rapidly integrating blockchain technology into their systems, and blockchain is offering use case solutions not only to digital currency but also to finance, healthcare, education, entertainment, retail supply chain and many more industries.

If you also wish to become a certified blockchain developer and earn a blockchain certification, a suitable online blockchain course would be all that you need to begin. For an industry-approved certification program and blockchain training, you can trust Blockchain Council. 

This online platform serves all your learning needs in the field of blockchain, cryptocurrency, etc. With its plethora of blockchain courses, you can easily choose and pick a training program depending on your requirements. These courses will definitely boost your career goals in the blockchain industry.

Conclusion

The digital world of today is already feeling the waves of change caused by the revolutionary technology of blockchains. While the technology is slowly maturing towards a great future in industries and businesses, tech enthusiasts and individuals must take note of the great number of benefits offered by blockchain and make the people aware of this technology. Blockchain has the potential to change the way we work and the way we live.

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