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Consumer Goods and Retail Industry

  • Mohsen Attaran
  • Angappa Gunasekaran
Chapter
Part of the SpringerBriefs in Operations Management book series (BRIEFSOPERMAN)

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).

References

  1. Accenture (2019) Blockchain wave headed toward CPG and retail industries. Retrieved April 25, 2019, from https://www.accenture.com/us-en/insight-highlights-cgs-blockchain-cpg-and-retail-industries
  2. Hodges H (2017) 5 ways blockchain will change the face of retail. Bookingbug. Retrieved April 25, 2019, from https://www.bookingbug.com/blog/5-ways-blockchain-will-change-the-face-of-retail/
  3. Marr B (2018a) 35 Amazing real world examples of how Blockchain is changing your world. Forbes. September 25, Retrieved March 12, 2019, from https://bernardmarr.com/default.asp?contentID=1302
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  6. Williams S (2018) 8 Surprising business uses for Blockchain technology. March 02. The Motley Fool Online. Retrieved April 12, 2019, from https://www.fool.com/slideshow/8-surprising-business-uses-blockchain-technology/?slide=3

Copyright information

© The Author(s), under exclusive license to Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Mohsen Attaran
    • 1
  • Angappa Gunasekaran
    • 1
  1. 1.California State University, BakersfieldBakersfieldUSA

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