A FinTech executive who specializes in risk management and fraud prevention, Monica Eaton-Cardone discusses the future benefits of blockchain technology within the retail industry.
November 30, 2018 | AtoZ Markets - According to a survey conducted by fintech executive, Monica Eaton-Cardone, the market value of blockchain in global retail is set to increase 29-fold by 2023 as about 78 percent of retailers will have joined the blockchain revolution.
Blockchain in Retail to Grow in 5 Years
The study carried out by the fintech specialist suggests that the market value of blockchain in the retail sector could grow from $80 million to $2.3 billion with a compound annual growth rate of 96.4 percent. This figure, which was initially released in June, was taken from a market research report from MarketsandMarkets.
Eaton-Cardone, who is also the co-founder and Chief Information Officer (CIO) of Global Risk Technologies and Chief Operating Officer (COO) of Chargebacks911, has been quoted as saying:
“Bitcoin has suffered high-profile hacks and wildly fluctuating prices in recent years, so wariness of cryptocurrency has led some to be leery of blockchain by association. But the technology is starting to spread throughout the retail industry now that early adopters are proving its real-world potential”.
According to her analysis, Eaton-Cardone took a thorough examination at blockchain applications that are likely to facilitate business adoption of blockchain and different types of distributed ledger technologies (DLT) across the retail sector.
5 Blockchain Applications That Will Benefit Retail Industry
She pointed at five major retail applications which include: (1) supply chain management, (2) inventory management, (3) authenticity verification, (4) auto-renewal and subscription services, and (5) customer data and loyalty programs.
For supply chain management, for example, Eaton-Cardone cited the Walmart and IBM partnership on a blockchain-based Food Traceability Initiative. She noted that this retail application can be used to identify the origin of produce in just 2.2 seconds instead of taking nearly a week.
As for inventory management, this blockchain application makes it easier for merchants to track the location of goods right from the manufacturer to warehouse to the backroom and to check out.
Industry Giants Show Signs of Adoption
Eaton-Cardone acknowledges that for blockchain to be adopted industry-wide at a global scale, several key issues need to be addressed. For instance, the privacy of data stored on peer-to-peer networks to the need for a common platform to emerging legal and regulatory frameworks.
Nonetheless, she is encouraged by the growing presence and progress of blockchain in industry giants such as Walmart, Carrefour, De Beers, Amazon as well as American Express. She further added:
“Today’s retail applications are proving that blockchain definitely lives up to its hype. Distributed ledger technology has moved from theoretical possibilities to practical uses, and the implementations we’re seeing now are just the tip of the iceberg in terms of what blockchain can do for retailers. I believe blockchain has the capacity to completely reshape the retail landscape within the next five years.”
As AtoZMarkets reported yesterday, Amazon has just announced the launch of two new blockchain-based services, Amazon Quantum Ledger Database (QLDB) and Amazon Managed Blockchain.
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