Forrester’s Brendan Wichter Disses Blockchain in New Post Regarding NRF 2019 Takeaway
Even though blockchain technology has seeped into a host of novel industrial areas such as healthcare, shipping, inventory management over the past couple of years, there are people like Brendan Witcher (of Forrester Research) who continue to slight the technology, calling it a “fad”.
Following this year’s iteration of the National Retail Federation (NRF) Big Show that took place in New York last week, Wechter posted a detailed article on his LinkedIn account stating that 2019 does not appear to be the year when blockchain technology finally disrupts the retail market.
As per the post:
“In 2019, tech that helps innovate the art and science of learning retail will have better business impact than retail learning the art and science of innovative tech. It’s time for retailers to stop dumping resources and money into trying to be tech firms – buy (don’t build) core technologies, and get back to focusing on customer connections (rather than custom tech connections).”
Many Experts Don't Agree With Witcher’s Assessment
While the naysayers continue to bash blockchain/crypto technology, at this point the advantages being offered by these aforementioned digital offerings have already started to impress the masses at large.
Not only that, many tech experts such as Consensys founder Andrew Keys have also been quoted as saying that these technologies are poised to change the world. In this regard, Keys recently posted the following message on Medium stating:
“Blockchain tracking will this year go from nice to have, to need to have. Vigilant shoppers are going to demand transparency in regards to where their food, clothes, and products come from,”.
On the matter, he went on to elaborate that owing to the use of blockchain tech, supply chain processes that have conventionally been quite “opaque and slow” have started to become more and more transparent.
For example, late last year, the US Food And Drug Administration recorded dozens of recalls for a host of items that had been contaminated with microscopic agents using this technology.
If that wasn't enough, even diamond producer DeBeers’ is now making use of a platform called ‘Tracr’ that uses blockchain tech to attest the veracity and quality of its freshly procured diamonds.
In rounding off this article, it is worth pointing out that big-name retail players have recently started to make use of crypto tech in order to make their internal processes more streamlined and hassle free.
On the subject, a well known blockchain expert was recently quoted as saying:
“Platforms like Viant are at the forefront of this technology, and enable consumers to know exactly what they’re buying. Even retail giants like Walmart have taken major strides towards reinforcing supply chains with blockchain-based tracking and tracing.”