Blockchain Use in Retail Will Grow Three Times in Five Years

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  • When it comes to retail, sellers complain about slow operations, severe laws, and poor infrastructure. Blockchain use will solve the issues before 2024, report says.

Blockchain Use in Retail Will Grow Three Times in Five Years
Contents

Research & Markets, the U.S. analytical think tank, released a report on the global blockchain trends for the next five years. The compound annual growth rate (CAGR) of blockchain-based retail will reach a whopping 60.4% during the 2019-2024 forecast period.

Technologies: Smart Contracts, Cross-Chain, Telecom

Solutions powered by smart contracts will dominate discussions for adopting blockchain technology. With smart contracts, this may provide a scope for automating internal business operations like billing, supply chain management, and inventory management. 

Obviously, smart contracts can help automate payment processors for online and offline transactions. It can help save time and costs for companies by removing gateway operators who charge additional fees for conducting such transactions.

In doing so, companies can also save money by spending less on auditing and accounting as the process is automated.

Regions: Asia Pacific, Australia, Russia

Asia will remain a major player in the ever-changing retail landscape, hosting numerous e-commerce startups. Australia can also compete in this sphere. Research & Markets has highlighted some meaningful events, including Australia's first Alibaba pop-up store, which is backed by blockchain transactions.  

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Furthermore, several Australian-based financial services companies have teamed up with IBM and the Scentre Group, a shopping center operator, to launch a pilot program that puts retail lease bank guarantees on a private blockchain.

Forecasting the prospects of blockchain-based retail in Russia, analysts have described their experience with the low-cost food retailer Dixy. This Moscow-based firm has deployed blockchain technology between suppliers and factoring firms, which are third party entities that purchase a businesses' invoice at a discount in order to help that business raise funds.

Which crypto do you expect to pay with first in your local store? Publish your forecast on Twitter!

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)