29 May, AtoZ Markets – The consulting firm Deloitte has issued a new report that addresses Blockchain technology. The report states that this technology will become a significant asset for the retail and consumer packaged goods (CPG) industry. The report has also studied more than 50 potential Blockchain use cases.
Deloitte Blockchain Technology Research Highlights
Deloitte Blockchain report has suggested that the “potential impact” of the phenomenal technology is “huge.” As per the report “New Tech On The Block”, this technology will become “a standard operational technology across the financial, manufacturing and consumer industries.” The analysts have added that the next five years will appear as a “tipping point” since firms are starting to grasp Blockchain’s potential. The report has also highlighted that businesses should evaluate whether their strategic objectives merit Blockchain investment.
Deloitte has added that those businesses that do not consider possibilities of Blockchain are “at risk of falling behind.” Furthermore, the report addresses the basis for Blockchain across three areas: consumer, supply chains, and payments and contracts.
Blockchain business value-add
Deloitte analysts further write in the report:
“The ultimate beneficiary will be the consumer. If blockchain can create efficiencies and save costs throughout the supply‐chain, these benefits can be passed on to the consumer in the form of lower prices. If blockchain provides more transparency across the supply‐chain, these benefits can also be passed onto the consumer in the form of safer products and higher quality.”
The consulting firm also refers to the figures from the market research company Gartner. The latter estimates that Blockchain business value-add will advance to $176 billion by 2025 and surpass $3.1 trillion by 2030.
As per the retail and CPG supply-chains, the Deloitte report stated that the Blockchain can resolve the four key issues of the industry. These are traceability, compliance, stakeholder management, and flexibility. It also suggests that the technology will successfully address these pain points thanks to it being an auditable and decentralized system.
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