Blockchain Tech For The Retail Sector: Transactions Made Easy

Hridkamal Roy | Thursday, 12 March 2020, 10:00 IST

                                 Blockchain Tech For The Retail Sector: Transactions Made Easy

Papa John’s was the first store in the world which first sold a pizza in exchange of 10,000 bitcoins. This incident was nine years ago and it gave rise to the sale of tangible items in exchange of digital currency. Since then, cryptocurrency transactions have come a long way and have brought about drastic changes to the economy. Incorporating every possible sector under its umbrella, blockchain is making digital currency capture the core markets of the industry.

Retail is one the sectors that have started making crypto transactions. A blockchain system being primary to a crypto ledger has gained importance in the sector over time. There have been the emergences of several blockchain platforms which provide customized blockchain systems to their clients. Crypto exchange proprietary platforms have also emerged through which could be used for the payments of any retail good.

Flexa is one such company that is trying to take every retail player under its database so that customers can pay with cryptocurrency on the purchase of any goods from the shops that are in the application. Research data from Kaspersky security labs shows that 13 percent of the retail transactions in the last financial year were done using cryptocurrency. It has also forecasted that there will be a growth in the percentage of transactions at the end of the next financial year owing to the increased acceptability of the blockchain technology in the retail sector.

Companies like Flexa are constantly trying to push the flexibility in crypto transactions and benefits of blockchain in retail market. With the rise in the number of new players in the market, the usage of advanced technology has also become compulsory. Most of new retail companies are going for a blockchain based system to go hand in hand with the modern technology. As far as the old players are concerned, a lot of them are concerned about implementation of completely new payment systems and replace the old ones completely. It is because a new payment method will pose new threats which can become problematic in the future which makes them a little dicey about the implementation of this technology.

Other than payments and transactions, blockchain technology can be used in retail in other areas as well. Supply management tracking and execution is one of the aspects that this technology can be implemented in. It will ensure that the needed measures are reported to the user company so that it can stock goods in case of any kind of emergency. Customer data sharing and management is another major blockchain implementation in the retail sector.

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