Retail Industry Beginning To Utilize Blockchain Technology

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Written by Eric Linxwiler, June, 05 2018

This post marks the third and final planned installment of my featured article series considering the numerous benefits Blockchain technology offers the Retail Supply Chain. In Part 1 we discussed a high level overview of how the introduction of Blockchain would benefit Product Lifecycle Management (Retail PLM) and Supply Chain Management (SCM) technologies in the retail industry and Part 2 detailed how Blockchain directly effects retail sourcing and supply chain traceability.

For my 3rd installment, we highlight forward-looking retailers who have recognized the undeniable benefits offered by Blockchain technology and have taken the necessary steps in order to be proactive, rather than reactive, in its implementation. While this technology has not yet earned a mainstream foothold in the retail business, the writing is on the wall, and innovative companies that want to get, or stay ahead, need to begin thinking of the role it looks to play in the future. The following list contains companies that all share similar characteristics in that they operate in retail and recognize the need for speed and innovation to stay ahead of their competition in a very competitive retail industry.

Walmart – Walmart and nine other food industry giants are working to champion blockchain as an enabling technology for the food sector. These companies will help identify and prioritize new areas where blockchain can benefit food ecosystems. Frank Yiannas, Vice President, Food Safety, Walmart stated that “Blockchain technology enables a new era of end-to-end transparency in the global food system – equivalent to shining a light on food ecosystem participants that will further promote responsible actions and behaviors. It also allows all participants to share information rapidly and with confidence across a strong trusted network.”

Amazon – Amazon Web Services recently announced the launch of its BlockChain Templates, a “blockchain-as-a-service” offering. An industry expert, Arran Stewart, co-owner of blockchain recruitment platform Job.com, explained: “Amazon’s Blockchain Templates will allow retailers to keep a recorded ledger securely and accurately throughout the supply chain.” Arran goes on to explain that this technology will also reduce shortages of goods, trace the source of all items all the way to the customer, and reduce logistical costs and time.

Helzberg Diamonds – an omnichannel U.S. jewelry retailer based in North Kansas City, Missouri,  is one of five industry players who recognize the importance of tracking the origin of their diamonds and buying conflict-free stones. To ensure this, they now use blockchain technology to create a distributed ledger in order to establish a shared, immutable record of transactions.

As you can see the benefits offered by blockchain technology covers the entirety of the retail landscape. Each of these three retailers operates in a unique section of the retail industry and have already begun to see blockchain technology paying dividends for their business. If you are an innovative retailer interested in benefiting from this type of cutting edge technology, leaders such as CBX Software have worked hard to improve visibility and traceability across the retail supply chain by combining Product Lifecycle Management (Retail PLM) with the best retail sourcing software the industry has to offer. CBX empowers retailers and multiple trading partners to collaborate and establish a single shared view of a unique product’s development process, including sourcing, quality, critical path, supplier compliance and supply chain transaction sets without compromising details, privacy or confidentiality. For more information please visit www.cbxsoftware.com and be sure to follow CBX LinkedIn for breaking news, retail insights and information.

Written by Eric Linxwiler, June, 05 2018

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