Question

how important will blockchain technology be to retailers and other businesses in the next five years

Answer 1

Block chain is a technology which is going to affect the retail industry.

Bloch chain will help to minimize the Counterfeiting. The block chain technology will create a digital passport for the branded products and it will show the movement of branded products from the origin of manufacturing to the consumption. Currently the retailers are dependent on third party vendors and it totally depends on their integrity and honesty.

Block chain will increase the customer trust. Whenever the consumers purchase the branded products then they are doubtful about its authenticity. Block chain will minimize the Counterfeiting and make the customer trust about the authenticity of the product.

For next coming years Block chain will help the retail industry to get the loyal customers. Now day’s customers are very fickle. The block chain can be corporate in the loyalty programs and they can be rewarded the moment they perform a transaction.

The block chain will affect the payment technology as well. The block chain technology will lower the payment commissions going to those visa or maestro providers..

The other industries will be affected by the block chain technology as well. Payment, transaction and use of technology happen in all over the industries. So other industries will be affected in the same way as the retail industry is going to be affected.