Blockchain Will Severely Disrupt Retail and E-Commerce

Following the boom of cryptocurrencies in late 2017, blockchain is anticipated to surface as one of the hottest technologies of 2018. It’s no wonder so many companies are jumping on the bandwagon to try and use this new technology to change the way we view the retail and e-commerce industry.

One industry ripe for disruption is the worldwide retail e-commerce industry whose sales are anticipated to top $4 trillion by 2020.

How Can Blockchain Improve the Retail Industry?

There are many ways we can apply blockchain technology to the retail industry to create improvements.

Some of the main ways the blockchain can have a positive impact on the retail industry include:

  • Improved product tracking to reduce the number of damaged products and ensure products have been handled safely
  • Increased transparency to give customers more awareness about what they are buying
  • Increased authenticity and anti-counterfeiting solutions to ensure customers know exactly what they are buying and that they are not scammed out of their money
  • Enabling proof of ownership for products and allowing artists to register themselves as creators for pieces of digital artwork so they can track sales

Look at some of the most discussed up-and-coming blockchain startups promising to change the retail industry.

1. Shping Simplifies Shopping, Provides Transparency, & Rewards You

Shping is a blockchain platform designed to combine e-commerce with retail shopping to create a brand new user experience. It combines many of the features from the above platforms into a single neat, compact solution.

2. Connectius Increases Transparency in E-Commerce Transactions

Connectius is a blockchain-based SaaS solution specifically for the e-commerce industry. It is designed to increase transparency in the e-commerce industry and make the process smoother for both sellers and customers through the implementation of smart contracts.

For one, the platform will decrease lost profits that companies often experience as a result of dishonest customers who commit fraudulent activities through charge-backs or card-less transactions.

The platform will also decrease costs and increase security for customers who place orders within the system.

3. Provenance Provides Greater Transparency About What You’re Buying

Provenance is a blockchain platform that documents the supply chain of materials, ingredients, and products in order to provide customers with much greater transparency about the actual authenticity and origin of the products they’re interested in.

This will be especially beneficial for producers who want to tell a unique story about the origin of their products.

The end user will now have the ability to see every single step of the product’s journey – from where it has been, who has owned it, and how long they had it for. It is hoped that this update will increase product authenticity.

4. BlockVerify Is an Anti-Counterfeiting Solution

BlockVerify is an anti-counterfeiting blockchain platform designed especially for pharmaceuticals, luxury items, diamonds, and electronics. It is designed to ensure that customers receive authentic products. It does this by working closely with manufacturers to verify and certify products.

This recording mechanism also enables the platform to locate stolen items, while reducing the chance of fraudulent or counterfeit items reaching the marketplace.

The platform simply requires users to download the app on their phone and use it to scan product bar-codes when they’re out shopping. From this, they can find out everything they need to know about the product – from what’s in it, where it’s from, and whether or not it is authentic.

Users can even read other reviews and ratings for the product they’re looking at.

Essentially, this app combines all the best parts of e-commerce shopping (the ability to instantly find out everything you need to know about the product) with all the best parts of retail shopping (the ability to access the product immediately without having to wait for delivery).

The best part is that users will even be rewarded with Shping coins for scanning bar-codes. These tokens can then be traded on an exchange for fiat currency.

The Future of the Retail & E-Commerce Industries

Blockchain is now making its way into almost every industry imaginable and transforming the way we function as a society.

It’s still early for many industries, but one thing has quickly become clear: blockchain technology is here to stay.

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