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Homepage / News May 28, 2018 75 views

Blockchain Could &#039Revolutionize&#039 Retail and CPG Industries: Deloitte

Blockchain Could &#039Revolutionize&#039 Retail and CPG Industries: Deloitte

A new report from “Big 4” auditing firm Deloitte argues that blockchain integrations across retail and customer packaged goods (CPG) could “revolutionize” the industries.

The report, titled “New tech on the block,”&nbspexamined 50 blockchain use instances within the two sectors &ndash across three basic categories of business: customer, provide chain and payments and contracts &ndash and scoring them for the “added worth” they could develop, as per Deloitte’s criteria.

The analysis&nbspidentified four locations within retail and CPG exactly where blockchain has the possible to ease pain-points in the industries, including traceability, compliance, flexibility and stakeholder management &ndash with the supply chain use case possessing the most possible in the brief-term.

Deloitte also hones in on a lot more granular-level possibilities for the industries, saying in the report that a “know your supplier” solution with which firms can store information on suppliers and execute payments and contracts would be the “quantity a single opportunity” for organizations, a organization statement says.

Steve Larke, technology consulting partner at Deloitte, sees blockchain technologies as the “next huge point” for retailers and customer businesses, with its ability to authenticate, track and record transactions.

Nevertheless, Larke stressed:

“It is crucial for decision makers to realize which places of the value chain will benefit most from the new technologies, and how effortless it is to implement.”

As the “age of blockchain” approaches, firms that do not take into account blockchain inside their processes,&nbspare at “danger of falling behind competitors,” he added.

The study studied each the possible impact of blockchain, as well as the complexities involved with implementing the tech inside businesses. The report mentioned that businesses need to look closely at the regions that&nbspcould benefit most just before investing in blockchain.

Larke concluded that the firm expects blockchain technology to accomplish widespread, mainstream adoption “sooner rather than later.” Firms inside the retail and CPG industries “want to act now and plan for future blockchain adoption, or threat becoming left in the dust.”

Deloitte logo image by way of Shutterstock

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Published at Mon, 28 May 2018 14:30:43 +0000