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Canada : Blockchain and Crypto’s impact on the retail industry

Blockchain on retail

Blockchain has great system transparency approving its technology to be perfect within the retail industry and the respective supply chains. Blockchain specialist, Dr Kamath highlights how blockchain provides “end-to-end monitoring, right from the source to the end consumer”. This allows consumers to know the exact origins of the products they purchase. This is achieved through QR codes linking them directly to the fully visible supply chain of the good. Furthermore, this boosts confidence in the companies and their respective products, improving overall brand loyalty. 

Retail companies utilising blockchain in 2020 include Walmart, Target as well as Canadian company, Shopper’s. Walmart uses IBM’s blockchain technology to improve seafood safety. The technology enables Walmart to track all their seafood supply chains. Seamlessly, tracking their seafood product’s all the way from India to the United States. Similarly, in 2018, Target trialled the ConsenSource blockchain platform to interact with their paper products and the forestry industry supply chains. Lastly, currently Canadian Drug company, Shoppers uses blockchain to trace its medical cannabis. The TruTrace blockchain technology allows Shoppers to test the drugs makeup and ensure the highest quality of each product in order to meet strict industry standards.

In conclusion, blockchain-based efforts are increasing customer and company visibility to the supply chains of more on more businesses every year. This creates an environment of greater trust, increased loyalty and overall a more efficient service.

Crypto on retail

Cryptocurrency payments are being implemented and accepted within more and more businesses by the day. Crypto gives people more payment options, increasing retailer’s customers base. Advantages of crypto payments include the reduced transaction speeds and fully eliminate costly payment processing fees. 

Most significant retail companies accepting cryptocurrency in 2020 include Microsoft and Overstock. In addition, countries such as France are ahead of the game, with their cryptocurrency payment option developed by Global POS and Easy2Play. This system is regulated and follows legal proceedings meaning estimated over 25000 new retailers such as Sephora will soon begin to accept cryptocurrency in France.

Conclusion

In conclusion, France and Canada specifically are increasingly employing blockchain and cryptocurrency to make the retail industry more efficient than ever. Therefore, the retail industry is becoming far more transparent, and customers can fully trust the products. Furthermore, those owning crypto will progressively be able to purchase goods/services within the retail industry, increasing the customer base as well as reducing overall transactions fees and speed. 

 

 

 

Image: Eduardo Davad

*Disclaimer : Fyggex, does not give any guidance, advice or recommendations to neither invest or not in any available cryptocurrency directly or indirectly via any trading platform, exchange or provider. Our sole purpose is to make you aware of the related real or potential risks and opportunities so that you can make your own research prior to any financial decisions you may want to take. Past performance and position are not a guarantee of risk-free future returns.

Sources

www.retailcouncil.org/community/technology/blockchain-and-the-coming-retail-revolution/

news.bitcoin.com/cyclebit-empowers-retailers-to-accept-crypto-payments/

www.bitrates.com/news/p/big-block-stores-five-retailers-that-are-adopting-blockchain-technology

www.retail-insider.com/retail-insider/2020/2/how-blockchain-and-crypto-is-impacting-retail

www.paymentssource.com/opinion/retailers-must-act-as-if-crypto-payments-are-inevitable