The blockchain revolution would incorporate a major transformation to the existing ecosystem of retail stores. Right from the concept of decentralization to the point of transforming human interactions, blockchain has come a long way since its inception. Considering the modern environment of business, we understand that decentralized ledgers will play a major role in shaping the modern business ecosystem. Let us try to understand how blockchain-based solutions would take the businesses forward in a highly competitive environment. There are reasons to support blockchain as a technology owing to its inherent set of qualities or merits. Fundamentally speaking, this technology is all about decentralized ledger chains that continuously keep adding data right from the source. This maintains a continuous record of information being validated as time stamps. The timestamps are completely immutable and maintain highly accurate and tamper-proof data. Starting from the origin to the present, every transaction is validated and present in the continuous ledger. Well, if u think that this is the only plus point about blockchain, then you should know that this is just the tip of the ice-berg. Blockchain comes up with a large number of benefits for the participants within its distributed ledger-based ecosystem.
Blockchain promises to
- Streamline transactions with greater speed: The blockchain-based payment solutions would speed up the turn-around time of transactions. Today, most cross border transactions are validated and undertaken by remittance based systems. Here a third party conducts the transactions on behalf of the participating parties. This results in greater costs and increased dependence on external resources. Blockchain would eliminate the participation of third party remittance parties to validate transactions.
- Preventing frauds: The blockchain technology is one of the most secure and reliable platforms for day to day business transactions which filters unwanted entries or access. There are multiple ways in which blockchain prevents unauthorized entrants from hampering the smooth functioning of the payment ecosystems.
- Facilitating global payments in fraction seconds: The global payments ecosystem is facilitated by the prowess of the blockchain. Today, global transactions are taking place at lightning speed. Thanks to the power of blockchain-based payment solutions, global payments are now instantly processed with the help of blockchain. These payments will ensure further growth and development of long-distance communication and business deals.
The retail industry has a lot of promise in store from blockchain! The very nature of blockchain makes the retail ecosystem to benefit significantly.