As per a new report submitted by Deloitte the Blockchain technology is gearing to transform the retail industry. The report claims that some very strong changes can be brought in practice because of this technology.
The auditing firm has released snippets of a research conducted and which predicts clearly that if blockchain is used at high levels then all suppliers and vendors stand to benefit out of it.
The report has looked at nearly 50 different uses of blockchain in retail and consumer goods sector. These uses include supply chain, payments etc. and the end conclusion is that this technology can reduce all issues faced till now.
The report also talks about the 4 major banes which continuously cause this industry damage namely, flexibility, stakeholder control, traceability, and compliance.
According to the report Deloitte has clearly mentioned that Blockchain is going to become “a standard operational technology across the financial, manufacturing and consumer industries.” It also states that in the next five years more and more businesses will understand the potential of this technology and hence the preference for it would increase.
In the report, the company also shows some recent figures of Gartner which estimate that the business of blockchain would increase to $176billion by the year 2025 and to $3.1 trillion by 2030.
Steve Larke Partner, technology consulting at Deloitte has this to say; “As with any new technology, there are a number of potential pitfalls associated with the deployment of the blockchain, “It is therefore important for businesses to have a carefully planned strategy in place before pursuing opportunities at scale.”
“While we fully expect blockchain technology to achieve widespread, mainstream adoption in the retail and consumer packaged goods industries, we firmly believe that long-term, sustainable success is only possible through careful planning.”