Blockchain in Retail: Changing the Shopping Experience

From when the new eCommerce has come into existence, it has made easy for people who shop on the tip of their fingers. Not only has it become easy, but more convenient for sit at home shoppers. With all the convenience that it has offered, returning to the older method of shopping has become difficult. And returning to old cryptocurrency will be difficult will also be difficult after you visit this website The reason for people to go to a store for shopping is becoming less and less.  All thanks to the applications that are increasing every day which will allow the user to get their shopping list at their doorstep. Evolution has hit the retail industry equally and the latest development in the technology which is blockchain has made its way in the retails industry as well. This technology is believed to bring about a big change in everything.

Initially designed to enter the world of finance, blockchain entered the retail world virtually as well and the very first time it made its way in retail was when fiat value of bitcoin was introduced, where people were able to buy products and services by paying through bitcoin. As time passed, this method quickly went out of fashion and instead blockchain was used in benefiting the retail framework such as social media, healthcare and many more. As we know that blockchain was designed to enable trust, transparency and combining constituency. The way that it has changed the retail world is:

  • It has reduced the complexity of the supply chain and helped in managing inventories.
  • Blockchain has made it possible for people to buy products directly from the manufacturers for a low price.
  • It might have the potential to replace supermarket which is behaving like a middleman right now.
  • The technology of blockchain is helping the companies like Groupon.
  • To safeguard the food in the supply chain Walmart and Kroger are operating with blockchain of IBM.