Auditing company Deloitte has introduced a new report which concluded that the blockchain technology might radically change the retail and sales of consumer goods. According to experts, the integration of technology in the supply chain in the industry will happen sooner or later, but to begin to plan and develop programs better now.
For the report, titled “New tech on the block”, the researchers analyzed 50 cases of application of the blockchain in the trade and appreciated what added value has been obtained using the technology. So the study delineated four areas in retail trade and selling goods of daily demand, where the blockchain has the potential to fix these “pressure points” as the traceability paths product, compliance, flexibility and management of interest groups.
Researchers have considered the future use of technology in more detail and suggested that the solution to the “know your supplier” will become the key for enterprises. With its help company will be able to store data about suppliers, make payments and sign contracts.
Steve Lark, partner, technology consulting Deloitte believes that blockchain technology is the next step for retailers and consumer business on the path to authentication, tracking and recording of transactions. He also notes:
“It is critical that decision makers understand which parts of the chain adding value will win more all with the use of new technology, and how easy it is to implement it.”
Lark added that companies that do not intend to use the blockchain in business processes, risk hopelessly behind their competitors. However, they should carefully assess in what areas technology can bring the greatest benefit, before investing in it.
And major retailers are already experimenting. Recently, the company Signet Jewels that sells jewelry with diamonds, joined blockchain project of diamond digger De Beers Group. System on the basis of a common distributed registry is to track the movement of each mined diamond that will ensure full transparency of the supply chain.