The blockchain technology will be an important tool for the retail trade and the sphere of commodities, its “potential impact is enormous”. This is stated in the report of the audit firm Deloitte.
According to the report, New Tech On The Block, in which experts reviewed 50 potential applications of the distributed registry, the blockchain will become “standard operating technology in financial, industrial and consumer industries”.
The next five years will be a “tipping point” when the business starts to understand the potential of the blockchain, sure at Deloitte. The report also emphasizes that the business must evaluate, justify whether their strategic objectives investment in blockchain, and those who will not consider new possibilities, “risk falling behind”.
The report focuses on the justification of the additional value that can create a blockchain system, from the point of view of the consumer, logistics, payments and contracts.
“The consumer will be the ultimate beneficiary. If the blockchain could reduce costs in the supply chain, for the consumer it means lower prices. If the blockchain will provide more transparency of supply chains, for consumers, this means safer products and the best quality”, — experts believe.
The report cites data from research firm Gartner, according to the calculations which the added value of implementation of the blockchain in the supply chain could grow to $176 billion by 2025 and exceed $3.1 trillion by 2030.
The Deloitte report stresses that technology is a distributed registry to remove four major “pain points” in supply chains in the retail trade and the sphere of consumer goods – traceability, compliance, managing relationships with stakeholders and flexibility.
Earlier, the head of the Department of blockchain developments Deloitte Eric Pacini left the company and joined a startup Citizens Reserve, introducing the technology of distributed registry in a fragmented supply chain.