Blockchain technology is one of the cutting edge technologies used in various places and network. Many cryptocurrency exchanges and other businesses use this highly reliable and safe technology as it is decentralized. Deloitte reported that the blockchain technology will become a vital asset to both retail markets and consumer packaged goods(CPG) markets. Deloitte, a UK-based multinational professional services network provides the industry-leading audit, tax, consulting and advisory services. They believe that blockchain has a potential to play a huge role in business transformations in the upcoming years.
According to “New tech on the block”, blockchain can resolve a number of issues relating to businesses. Some of them are grouped as-
- Trial projects
- Wait and see
The interest of adoption and investment in this technology depends on the points which make the technology more significant. As stated in the report, “we envisage significant opportunities and are developing our own blockchain solutions to help address the challenges.”
The appropriateness of blockchain across 3 major areas are focusing on the business adoption, as the source reports. It says that consumer, supply chains, and payments & contracts could create the additional value to the blockchain.
At the C-suite level, the interest of blockchain increases and the global investment crosses 1.7 billion USD. Gartner, a market research firm estimated 176 billion USD blockchain’s business value growth by 2025 and more than 3.1 trillion USD by 2030.
Deloitte report also tells that the 4 key supply-chain pain points that retail and CPG businesses are experiencing around the world and the solution with blockchain capabilities are respectively.
- Stakeholder management – By disintermediation
- Traceability – By auditability
- Compliance – By immutability
- Flexibility – By smart contracts
The report emphasized that concepts, prototypes, and investments are seen to grow in almost all huge industries.
Oracle, the world’s 2nd largest software company also announced to give blockchain products with supply chain management for pharmaceutical companies.
Electronics company, Samsung recently revealed to use blockchain technology for their supply chain management and multinational delivery services FedEx’s CEO also gives the confirmation for using and managing their supply chains worldwide.