The prominent auditing company Deloitte is seeing a big role for the blockchain in the consumer packaged goods (CPG) and retail industries in the near future.
The auditing firm has conducted a study on 50 blockchain use cases in two sectors namely payments and contracts and consumer and supply chain businesses. According to the research, blockchain is likely to ease the pain points in various industries such as flexibility, compliance, traceability, as well as stakeholder management. Therefore, blockchain finds a big role in the CPG and retail industry.
The company has explained the role of blockchain in the industries under the report “Know your customer”. The industries can make use of the “Know Your Customer” solution to store the data on vendors. The innovative solution also helps to execute the contracts and make payments. It is the number one opportunity for the businesses.
The Deloitte’s technology consulting partner, Steve Larke is seeing the next big thing in blockchain for consumer businesses and retailers. Blockchain has the ability to track, authenticate and record the transactions.
However, it all depends on how the decision makers will understand the blockchain and where to implement to benefit most.
The firms that do not use the blockchain in their businesses in the near future will stay behind with respect to their competitors.
Deloitte research team has identified the benefits of using blockchain as well as the complexities involved in implementing the new solution. The team advised the businesses to identify the potential areas for blockchain implementation before deciding to pump in funds in the new technology.
According to Steve Larke, blockchain will see a large scale adoption in the near future. It is time now for the CPG and retail industries to act and plan for implementing blockchain to benefit most.
The decentralized, digital and distributed ledger technology Blockchain paves the way for recording, sharing and maintaining the information by the communities. So, it will have a great impact on the CPG and retail industry.
The businesses can make use of this innovative technology and pass on the benefits to the customers in the form of trust, savings and in offering good quality products.