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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