Consumer Goods and Retail Industry

Abstract

Blockchain technology has large-scale implications and the capacity to greatly improve efficiencies for a range of activities in the retail industry. As discussed earlier, the most logical advantage of blockchain is expediting the transfer of funds between two parties. Blockchain makes it possible for retailers to accept cryptocurrency payments. The technology could remove excessive fees from banks by acting as third parties during transactions. It would also drastically speed up lengthy processing and settlement times, especially in situations where a payment is moving across borders. With banks removed from the equation, most customer transactions processed over a blockchain can be settled within a matter of seconds saving time and money for retailers. Finally, using smart contracts with blockchain could also mean instant payments, automated refunds, and more (Hodges 2017).