The blockchain technology offers the retail industry
an opportunity to accept cryptocurrencies for payments, enabling cross-border
payments and micro-payments. Several retail companies such as Walmart Inc.,
Amazon.com Inc., Alibaba Group Holding Limited, and Shopify are leading the way
by adopting Bitcoin transactions.
Blockchain has immense potential to streamline
transport and logistics processes to track every stage of a product’s journey
with real-time information resulting in the reduction of stolen, lost, or
damaged goods. Walmart Inc., an American multinational retail corporation, has
already adopted the blockchain technology to keep track of each piece of pork
sourced from China with detailed information regarding origin, processing and
storage of the product.
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With the help of blockchain technology retailers are
implementing transparency in the supply chain management. Wave, an Isreali
company, provides blockchain technology to retailers to assist them in tracking
their supply chains with the secured and paperless process. Blockchain allows
retailers to capture data at every stage of customer interaction to assess
customer buying patterns and trends. Retailers are proactively exploring
blockchain’s capabilities along with artificial intelligence and big data
analysis for customer loyalty schemes to store loyalty points within a single
wallet making it easier to track and redeem the reward points.
Regional Analysis
The global Blockchain In Retail Market is estimated to grow at a
significant rate during the forecast period from 2018 to 2024. The geographic
analysis of the blockchain in retail market has been conducted for North
America, Europe, Asia-Pacific, and the rest of the world.
North America region dominates the market due to the
presence of key market players of blockchain technology solutions that drives
the market growth in this region. Many retail companies in the US, Canada, and
Mexico have adopted blockchain technology to streamline critical business
processes such as payments, supply chain, transportation, logistics, auditing
and consumer loyalty schemes.
The market is witnessing a substantial growth in
European countries, namely Germany, France, the UK, Spain, and Russia. European
retailers are adopting cyptocurrencies to promote cross-border trade. For
instance, a French retail giant, Carrefour SA has adopted blockchain ledger
technology solution— IBM Food Trust—developed by IBM Corporation, to track and trace chicken, eggs, and
tomatoes shipped from farms to stores.
The market in Asia-Pacific region is expected to
grow at a higher rate owing to the wide-scale adoption of blockchain solutions
by retail enterprises in China, Japan, India, Australia, and Singapore.
Adoption of blockchain by e-commerce enterprises and fashion brands is also
expected to drive the market growth in this region.
The Middle East and Africa region presents immense
opportunities for key market players as the retail and e-commerce enterprises
in this region highly adopt blockchain
technology.
Key players
The prominent players in the market of Global
Blockchain in Retail are IBM
Corporation, Microsoft Corporation, SAP SE, Amazon Web Services,Oracle
Corporation, Bitfury USA Inc., Cisco Systems Inc., Cegeka, Auxesis Group,
Blockpoint Systems, BlockApps, R3, Tata Consultancy Services Limited, Coin
Sciences Ltd., and Cognizant.
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