Blockchain in the Retail Industry – Digital Identity, Supply Chain, Loyalty Programs
Another article in our “Blockchain series” provided by Category Consultants MLG Blockchain – check out their “What Blockchain for business” comparison & leader-board.
IntroEnterprises want more out of a new technology than simply a niche application. To drive tangible business value, blockchain adoption must be use-case driven, results oriented and involve minimal barriers to implement. Creating a flexible platform that will support both legacy systems like SAP, Oracle and future technologies such as IoT, AI, Big Data paves an easy route to adoption that provides returns in the long run.
The retail industry’s total sales are expected to reach $27 trillion by 2020, making it one of the largest industries in the world. With fierce competition and thin profit margins, retailers must take advantage of both back-end cost savings as well as more accurate customer targeting and product/service alignment. Current methods of tracking customer data can be expensive to implement and require specialized software to draw meaningful insights. In order to successfully adopt an emerging technology like blockchain, businesses need to uncover their most applicable use case. This is one that’s simple enough to implement at a low cost, but can also provide meaningful insights on the organization overall which will prove the technology’s value and spur further adoption.
Digital IdentityIn the world of retail, the customer is king. Amazon’s monumental success didn’t come from an unrelenting desire for consumers to order books online, but from the organization’s meticulous approach to understanding their customers’ behaviours and purchasing habits. To this end, Amazon structured their platform to allow for clean and structured data collection. As a result, their team of data scientists can spend their time analyzing statistical models rather than tediously cleaning rows of data.Maintaining a network to consolidate every point of contact by a consumer is difficult, as it requires a unique identifier to draw all information back to the user. Enter Blockchain.Images from DIID – Distributed ID: https://www.diid.io/
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