The Objective of the “Global Blockchain in Retail Market” report is to depict the trends and upcoming for the Blockchain in Retail industry over the forecast years. Blockchain in Retail Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2018 to 2026 mulling over 2017 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.
Blockchain entered in the world with one purpose: disrupt every sector in the way and revolutionize the way people manage their daily tasks. From renting a cab to transferring few bucks, blockchain is the most dominating technology present and the retail industry is not far away from riding on the wave of blockchain technology.
The equation of blockchain and cryptocurrency is well known. However, blockchain has proved its worth in several industries, including cybersecurity, online payments, supply chain management, and retail. The decentralized blockchain technology is poised to transform how people live their lives, from how to manage assets to transact businesses and to even rent a car. In fact, several manufacturers have been leveraging blockchain’s potential to kickstart their business. For instance, Alibaba, the Chinese multinational e-commerce company, has adopted blockchain solutions for its subsidiaries to efficiently tract its cross-border shipment and the retail giant, Walmart has invested big bucks on blockchain.
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The crypto company, Blockchain.com recently launched a new crypto exchange called PIT for retail investors. The company was founded in 2011 and has been a forefront of blockchain innovations. The Co-Founder, Peter Smith, stated the company was the first to develop block explorer for visualizing data and has also develop in-wallet retail brokerage service called Swap. However, about a year ago, the company decided to build its own crypto exchange as the exchange present in the market are extremely complex and users suffer to transfer funds from their wallets to exchanges. Smith mentioned that such shortcomings were the prime motivation for them to build a dedicated crypto exchange.
In other news, Russian banking is collaborating with retail giant to develop blockchain service, which is expected to be built on an authorized version of the Waves blockchain. The dominant private commercial bank in Russia, Alfa-Bank and X5 Retail Group, Russia’s leading food retailer together launched the country’s first liquidity management blockchain service. The service is named Distributed Treasury and Cash Management (DTCM) and is expected to offer corporate clients access to a “virtual treasurer workstation” to manage payments, deposits, loans, and liquidity pools. Moreover, DTCM is developed to ensure banking operations’ security and make it easier for corporations to manager banking services.
After building traction over the years, the blockchain technology has now finally caught public attention and is set to reap more benefits from the retail industry. Blockchain allows a participant in the distributed network to maintain copy of immutable ledger of transactions and enables to execute the transaction without the interference of third party. This means that the technology aids retailers to effectively track the origin of the stock and offers them better grip over what to sell as well as assures food safety. Moreover, blockchain can help manage supply chains as every little change such as manufacturing dates and locations can be accurately tracked, which would help them eradicate the use of unreliable suppliers and poor-quality ingredients and even major issues in the world such as child labor. The absolute transparency is the most attractive feature offered by blockchain, which would make day-to-day tasks of retailers much simpler and prevent any unforeseen financial losses.
It is clear that the blockchain can revolutionize the retail industry with its Midas touch, boosting the growth of the global blockchain in the retail market. Thus, retailers just have to wait and watch how blockchain becomes the new industry standard in the retail industry.
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Driving factors for the market
1. Increased transactions transparency
2. Increase in need to ensure quality, reliability, authenticity, and product safety
3. Increase in investment by retail industries in blockchain-based solutions
Market Restraints and Opportunities:
1. Scarcity of skilled experts
2. Quickly changing retail sector and international trade
Key Market Players Profiled In the Report
• Amazon Web Services, Inc. (AWS)
• Auxesis Services & Technologies (P) Ltd.
• Bitfury Group Limited
• Cognizant
• Infosys Limited
• International Business Machines Corporation (IBM)
• Microsoft Corporation
• Oracle Corporation
• SAP SE
• Tata Consultancy Services Limited.
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