Blockchain has been the powerhouse for many businesses including retail, manufacturing and supply chain. The technology is going to be the major disrupter for businesses in the future.
A report published by Deloitte, an audit and consulting firm has found that blockchain technology will become a critical asset to the retail and consumer packaged goods industry. Deloitte analyzed over fifty potential blockchain use cases in consumer packaged goods and retail and concluded that potential impact of emerging technology is huge.
According to the report “New Tech on the Block”, blockchain will become the “benchmark operational technology across consumer, financial and manufacturing industries”. The next five years will be the turning point as businesses came to know the potential of the blockchain. The report stresses that businesses should analyze whether their premeditated objectives authorize blockchain investment. While those who are not considering the possibilities are at risk of falling behind.
The report also holds the validation for blockchain across three major areas including payments and contracts, consumer and supply chain – considering each of them as value addition that blockchain technology could develop. The report emphasizes on business adoption; however, it also highlights that:
“The ultimate beneficiary will be the consumer. If blockchain can create efficiencies and save costs throughout the supply‐chain, these benefits can be passed on to the consumer in the form of lower prices. If blockchain provides more transparency across the supply‐chain, these benefits can also be passed onto the consumer in the form of safer products and higher quality.”
The report also cites statistics from Gartner, a market research firm that estimates the blockchain’s business value-add will increase to $176 billion by 2025 and exceed $3.1 trillion by 2030.
Talking about CPG supply chains and retail, Deloitte was of the view that technology can solve four pain points of the industry including compliance, flexibility, traceability and stakeholder management. The report recommends as a disintermediated, immutable and auditable system with smart contract operability to boot, blockchain can optimally address all of these areas. Blockchain development service company like webisoft has seen an increase of demand for blockchain-based project since this report.
Earlier this month, multinational delivery services FedEx’s CEO gave a speech confirming that blockchain is the next frontier that is going to completely change the worldwide supply chains.”
Meanwhile, Oracle, the second biggest software company announced that it would be offering blockchain products, suited for pharmaceutical companies and supply chain management. Earlier in April, Samsung revealed it aims to use blockchain in managing its global supply chain.
