How block chain development helps in retail industry

Introduction

The society came to know about the Blockchain nine years back when Satoshi  Nakamoto conceptualized it in 2008; but it took implemented a year later, through Bitcoin, a cryptocurrency and digital payment system. The concept was later generalized to a distributed ledger that leverages the Blockchain to verify and store transactions without cryptocurrency.

The term Blockchain is widely used these days to draw a new disruptive technology poised to be the next big thing across industries from healthcare to finance to retail. According to Gartner, their client inquiries on Blockchain and related topics have magnified since August 2015.

The Blockchain is an emerging technology for decentralized and transactional data sharing over a wide system of untrusted members. It allows new forms of distributed software architectures. Although the technology was essentially selected in digital currency in beginning days, it is an assuring technology for other areas too. This provides an introduction to Blockchain technology in a simplified manner. It also explains how Blockchain technology can be used in some business processes in the retail sector to benefit the customers and the retailers to a great extent.

Blockchain Technology

A Blockchain is a public ledger consisting of organized and time-stamped reports of activities arranged in data blocks which will use cryptographic validation to link themselves together.

 The Blockchain application development companies in San Francisco are a process of record-keeping data and transactions digitally. Each record is a block linked chronologically together into a chain. A block of one or more new activities is collected into the transaction data part of a block.

Models of each transaction are hashed, and the hashes are then paired, hashed, paired again, and hashed again until a single hash remains there, the Merkle root of a Merkle tree which is stored in the block header.

BLOCKCHAIN IN RETAIL

Information is running the retail industry these days. The retailers are seeking to concentrate more on personalized retailing to improve their customer support and better services to the customer through Mobile Application. The blockchain technology will act as an enabler to help the retailers reach their objects efficiently.  In the retail region, the blockchain can contribute a lot to assist the retailers in developing their current business methods that instructions lead to their business extension and few such processes are explained here.

Supply Chain:

Purchase tracking plays an important role in the supply chain. Blockchain can be used to store data about the shipment at every stage of tracking including location, date and time, shipment handling person details, temperature, the condition of the package/product, etc.

 This command helps one check in real-time if the shipment has been manipulated accurately and it has arrived on time at any given location. It will also help the retailers in locating the lost or damaged products in the shipments. Through the product recall, an accurate record of the supply chain will allow the retailers to identify the source of the issue, the products that are affected, that contain the problems, etc. In addition, blockchain-based switches will allow the retailers to buy or sell from each other as well as sellers through the blockchain-shared ledger.

Customer Profiling:

Blockchain can be used to collect data related to customer buying pattern, order placement trend, etc. This data can be used to determine the location-specific demands, recommended a stock on hand to enhance their just-in-time inventory facility. Repeat, forward data warehousing systems can be developed for the retailers using Blockchain technology since the documents are permanent and a number of analytical tools can run on it. In the payment front, Blockchain application development companies in Detroit will reduce the risk of dishonest monetary transactions.

As Blockchain markets each and all transaction, it can help companies check for payment models in real-time when needed. Reward points, cash back, personalized retail price & promotions and other offers on customers’ payment forms can be estimated and various offers can be shared with them on a real-time basis.

Transparency:

The information collected in Blockchain will be noticeable to customers, retailers, suppliers and they will be able to see the product source, whether the products are manufactured by child labor or if any armed or hidden components are present; all these supporting the retailers/customers decide about the products. This Blockchain improved transparency will indicate customer behavior patterns more accurately.

Authenticity and anti-counterfeiting:

One can use Blockchain to verify the product authenticity so that customers can step through the records on the products and avoid duplication, thus improving the customer trust about the product quality.

 Loyalty:

Blockchain can repair the loyalty scheme by storing the encrypted customer data, coupons and discounts and making the data available to all the stores stocking deeper analytics on customer documents. A loyalty warranty on Blockchain will also let customers view all their loyalty data in one place across the retailers. The above-mentioned Blockchain enabled processes will lead to higher customer satisfaction, increased customer purchasing practices, more secured transactions and bigger profit margins for the retailers.

Conclusion:

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