How Blockchain Can Transform Consumer Products

Blockchain helps retailers to better track the origin of stock, give them better control over what they sell, and provide assurances for food safety, among other applications. Blockchain can also be useful for controlling supply chains as changes to data such as manufacturing dates and locations can be tracked.

The consumer goods industry possibly has the most number of interactions between suppliers, manufacturers, and retailers. Blockchain-powered smart contracts can not only tie all the parties together but can also ensure all the parties are adhering to their end of the bargain.

Controls can be built around smart contracts to ensure ethical sourcing and adherence to labor regulations. Blockchain can prove to be a very effective tool in preventing counterfeiting, a problem that plagues the electronics, luxury, and lifestyle industry segments through traceability at every point in the supply chain.

A significant set of blockchain use cases centers on the “circular economy.” Rather than using raw materials to make products, which are then consumed and thrown away, circular economic models, strive to reduce waste, reuse products and recycle materials. Major retailers, including Adidas, Neiman Marcus, Nordstrom, and IKEA, have launched circular-economy initiatives. This approach has been driven in part by consumer demand for sustainable and ethically sourced products that has made supply-chain visibility an imperative for maintaining brand value.

Benefits

Consumers: Shopper confidence grows in aisles and online as blockchain verifies the authenticity and safety of goods.

Suppliers: Retail supply chain participants can better ensure they’re trading in ethically-sourced goods to meet emerging consumer demands.

Retailers: From big names to small-town businesses, retailers can promote products, earn loyalty, and gain insights into consumer preferences in entirely new ways.

Why does Blockchain Matter in Retail?

Blockchain helps retailers to better track the origin of stock, gives them better control over what they sell, and provides assurances for food safety, among other applications. Blockchain can also be useful for controlling supply chains as changes to data such as manufacturing dates and locations can be tracked. This could help eradicate the use of unreliable suppliers, poor quality ingredients, and child labor.

One of the biggest advantages of blockchain is that it's a decentralized system. Blockchain can help retail with ambitions to go paperless by helping manage product warranties digitally. For retailers who collect and retain consumer data today, getting ahead of this coming shift by embracing open and transparent blockchain-based models will have a positive impact not only on operations but at a public relations level as well.

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