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Wednesday, January 24, 2018

Blockchain for Retail

Had conversation on this space recently and received some eye-rolling about the hype the space has received.  Its not the same thing as the get rich quick world of 'BitCoin', just uses the same underlying tech., so deserves a closer look.   Reminds me of early reactions to the Web, claiming it was frivolous and dangerous.  Took a some time to convince management it could be an important future.  Worth reading the whole thing  and the expert comments.  There is interest and experimentation happening now.

How will blockchain disrupt retail?  by Tom Ryan in Retailwire
' .... “Blockchain can help retailers garner greater trust and brand loyalty throughout the product lifecycle, as it can tell consumers not just where an item was made, but also who it was made by, the conditions they worked in and how much they were paid,” wrote Kati Chitrakorn for Business of Fashion. It can also detect interruptions or bottlenecks so that retailers can re-route shipments or advise customers of delays.

A new IBM survey of 203 organizations in the consumer industry found only 18 percent currently using blockchain, but almost 70 percent expect to have a blockchain production network within three years. The top areas blockchain is expected to benefit: product safety and authenticity, supply chain optimization, finance/operational processes, regulatory compliance, promotional strategy management, customer engagement and co-creation. .... " 

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