As we all know since 1956, modern shopping malls have been creating and this development has allowed to drive up the unnecessary cost of goods by the supply chain intermediaries. So it is the decision of the customer to pay the highest price for these products or live without these products such as televisions, AC, paper towels, perfumes, etc.
The main of writing this article is to create a focus on identifying ways in which blockchain technology can be integrated into the retail industry.
A single product moves to the various series of stages on the retain supply chain before a customer receives that product. With each step, the price of the product increases. Each step means warehouses, transportation channels, and end-stage retailers.
Necessary stages of the supply chain for the product to get delivered from seller to customer:
Block chain technology has changed the product purchasing system. In order to remove unnecessary stages in the supply chain, a new wave of retail tech has been created such as the use of smart contacts, public ledger system, etc. With the help of this new technology, a direct connection is created between sellers and potential customers which results in a serious change in the way that people can purchase goods.
How Block Chain Works:
For example, if bulk price deal for 1,000 TV units is created by the television manufacturers then this will automatically go on the blockchain and the deal gets unlocked if a minimum number of units are ordered. With the help of smart contracts, there are ways to eliminate the several stages in the supply chain by the blockchain.
A second way of integrating blockchain into retail technology is a public ledger. It provides all logistics and real-time tracking information uploaded on the decentralized public ledger. With more transparency, there is less chance of clandestine activity. Various information such as product location, product condition, price, etc. are uploaded by the block-chain. These are real-time information and can be uploaded permanently on to individual blocks and becomes unalterable and fully transparent.
The main benefit of the block chain is that the customer can buy products directly from suppliers and to eliminate the unnecessary stage of the supply chain. The way we purchase good is deconstructed by the intersection of both block – chain and retain. This makes the process easy and simple.