Blockchain in Retail Will Soon Become a Universal Concept- Explore the Scenario

On Nov 16, 2022

By Koyel Ghosh, Sr. Specialist Content Writer, Allied Market Research, India

In the last few years, there’s been a steep rise in consumer demand for fast, easy, and hassle-free transactions, which in turn has given way to surge in cases of mobile & online e-commerce fraud. This is the main reason that has compelled a number of industry verticals adopt blockchain technology with a full sway. Scalability is one of the prime factors required for the adoption of blockchain. And, the retail industry has left no stone unturned to use the technology in the best possible manner.

According to Allied Market research, the global Blockchain in retail market is anticipated to cite a whopping CAGR from 2019 to 2026. In the retail industry, the blockchain technology is expected to experience a substantial adoption since it offers huge scope for automation in their internal operations, such as proper management of inventory & supply chain, billing, and many more.

A number of smart contracts to shore up-

The smart contracts on board would help in systematizing payment process for both the online and offline transactions. It can aid in saving huge cost and time for companies by confiscating the middleman, who charges additional amount for substantiating the transaction. Moreover, in doing so, organizations can also save a significant amount of money by expending less on assessing and bookkeeping, as the method is automated.

A group of financial service companies in Australia teamed up with IBM and a renowned shopping center operator Scentre Group so as to introduce a pilot that sets all the retail lease bank agreements on a private blockchain.

Nestle, on the other hand, associated with a blockchain platform, namely OpenSC, to come up with a distributed ledger structure which will be discrete and different from Nestlé’s ongoing input with the blockchain of IBM Food Trust.

One of the top food retail firms in Russia, Dixy, at the same time, instigated blockchain technology in its corporate finance solution. The retailer has set up blockchain in collaboration between the factoring ventures and the suppliers, which epitomize third parties that procure invoices of businesses at a cut rate in order to aid those businesses in elevating funds.

BNY Mellon, an investment bank in the United States has affiliated with BAS to join forces on advancing blockchain system. The groups anticipate that this procedure will be giving way to institutional digital possessions, and adoption of DeFi across the province. BNY has proclaimed plans to unveil a digital asset custody solution in the last quarter of 2022. The investment bank is helping out both the institutional stakeholders and the retail investors to achieve crypto exposure.

BNY Mellon Blockchain Innovation Fund has been launched by the organization in Singapore. This fund tends to target the retail capitalists and is also available to institutional investors in European nations including the United Kingdom, Spain, Switzerland, France, and others.

Cryptos to be accepted universally –

A lot of surveys have been conducted and it’s expected that cryptos will be widely acknowledged within ten years and surpass traditional investments. Bitstamp examined more than twenty-eight thousand investors from almost twenty-three countries across Asia-Pacific, Middle East, Africa, Europe, Latin America, and North America. It obtained the fact that around eighty-eight percent of institutional defendants and about seventy-five percent of retail stockholders happen to believe that crypto will experience huge adoption within a decade. The survey also revealed that an additional eighty percent of institutional nominees recounted that cryptos will outdo the conventional investment mediums too.

Height of trust in the numeral currency as an asset standard is high, with seventy-one percent of investment specialists and sixty-five percent of the average stakeholders affirming that they trust crypto. However, the trust on a broad line is generally fueled by the developing economies.

In 2021, Bitcoin was officially adopted as a legal currency in El Salvador. When some welcomed the move, there were also protests and backlashes owing to the volatile nature of crypto currency prices. Here, it’s worth stating that Bitcoin experienced its last high in October, 2021 at dollar sixty0one thousand and has been on a sturdy sliding spiral since then, fluttering around dollar thirty-none thousand. The other investment platforms in the DeFi system also show resilient levels of trust, as per the surveys, counting up the fact that NFTs, blockchain, and stable coins are gaining trust across the retail industry.

About the Author

Koyel Ghosh is a blogger with a strong passion and enjoys writing on miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest for creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last four years.