Is Retail Leveraging Blockchain Benefits Yet? A Look into Where Things Stand in Today’s Climate
- A lot of the attention that the blockchain world gets is due to the volatile and often very interesting world of the cryptocurrency market.
- One of the biggest things that help push cryptocurrency is the fact that many retailers are beginning to accept them as a form of payment.
Retailers Increasingly Adopting Distributed Ledger Technology (DLT)
Retailers find themselves in a more unique condition than many others in the business world because they see both sides of the blockchain world in that they're beginning to navigate cryptocurrency for payments and also willing to make use of blockchain technology a large range of applications.
Blockchain is a form of technology that makes use of secure distributed ledgers which can help to store permanent records of transactions and so on. It is very interesting there are several developments which have taken place within the last few years that retailers should be aware of.
One of these is that cryptocurrency has seen rapid expansion and increased use and also the fact that large firms such as JP Morgan and Facebook are looking to create their own cryptocurrencies. A number of retailers accept the larger currencies such as bitcoin and ethereum but the introduction of one from Facebook and other big retailers could shake up the market in a big way.
Another development was the rise and fall of initial coin offerings popularly called ICOs. They were the method of choice for blockchain and crypto firms to raise funds but fell in popularity in the last year and also had many brushes with regulatory bodies who shut down several of them due to lack of registration.
It would also be interesting to look into Initial Exchange Offerings and STOs which have risen from the ashes of ICOs.
Blockchain Use Cases in Business
While there have been many developments that have helped to push the adoption of blockchain and cryptocurrency, it would be important for retail merchants to consider just how much blockchain has matured into the business world in the last few years.
One of these are pilots as well as a new blockchain innovation being launched every week with these experiments either proving successful or not successful.
Naturally, some pilots are a success and some get shut down rather than being expanded upon and it is important to know as a business owner which pilots are viable and which are mainly experimentation which is not too difficult with most experimental pilot are now shown to the public and as such, do not receive as much attention.
Giant Retailers Looking Into And Using Blockchain, Cryptos
A number of firms are even working towards creating their own custom blockchains such as Carrefour for who created their own for the tracking of their goods within the supply chain.
Then there is blockchain-as-a-service which has been embraced by companies like IBM, Microsoft and Amazon web services which would be a good option for retailers as they receive support and do not have to figure out blockchain and its applications out on their own. Consortiums are also a more mature aspect of the industry and are similar to blockchain-as-a-service that are configured for a specific use.
For the retail world, there is a need to keep up with not just cryptocurrencies and their fluctuating prices but also blockchain because there is a great deal of potential for the future of the supply chain industry and the retail industry within that space.
It is also important to look into which blockchain projects that are mature and relevant to their needs rather than simply applying for the sake of it