- What you will discover...
- If blockchain was a panacea, then all retailers would have adopted it already – but only a few have already done so.
- Blockchain and its cost limitations – Retailers are advised to be cautious and ensure that they estimate ROI and cost savings appropriately to avoid running over budget.
- While blockchain is useful to ensure data accuracy as timestamps are amended, there needs to be trust in the data that is created or fed into the blockchain based system from other databases to avoid creating a false sense of accuracy and reliability.
- One of the most widespread uses of blockchain technology will be to convince consumers of the authenticity of their products, to combat the sale of counterfeit versions of branded products on marketplace websites. This will especially impact luxury branded goods, such as fashion, jewelry, and accessories. It also has great potential in concert/sports ticketing, where counterfeiting is rife.