IHS Markit highlights blockchain in retail opps
The business value of blockchain in retail is projected to reach $164 billion by 2030, according to a new report from IHS Markit.
“Early adopters of blockchain have mostly been companies in the financial services industry, which use it mainly in payments-related solutions,” says Don Tait, Senior Blockchain Analyst, IHS Markit. “However, the technology is poised to ripple through virtually every industry, affecting almost all organisations in the coming years.”
Initial uptake in retail and e-commerce is projected to be led by trade promotions, decentralised marketplaces, payments, smart contracts, supply chain and other applications. “Using blockchain within the retail and e-commerce sector can lead to a direct relationship opportunity with the customer, providing companies with greater understanding of their needs and behaviour,” says Tait.
“Blockchain and smart contracts can also provide the tools and framework to create a new generation of marketplaces where the supply and demand sides can engage in trusted trading transactions, according to various business rules, without the need for a central brokerage entity.”