Blockchain technologies for retail industry
Often, a crisis brings about a re-evaluation of basic systems. As the world wrestles with the multi-faceted impacts of COVID-19, the global supply chain has come under very close scrutiny. At first, the supply chain was faced with quickly moving around essential medical supplies. Next, it had to accommodate spikes in demand for various consumer products. And eventually, distribution issues affected the food supply chain. It’s at this precise moment that changes, such as digital transformation, are receiving a much needed second look. A new study, done by the Auburn University RFID Lab, in collaboration with GS1 US, confirmed that a blockchain network was capable of sharing item-level data encoded in RFID tags between the participants. Participating companies included: Nike, PVH Corp., Herman Kay, Macy’s, Kohl’s, Mojix, Avery Dennison, SML, IBM and Collaboration, LLC. “More widespread data sharing can unite the retail supply chain, however, blockchain technology is only as useful as the data that is shared by industry stakeholders,” said Angela Fernandez, vice president of community engagement, GS1 US.
Lider Token offers a wide range of integrated business solutions for retail industry based on blockchain technology. Implementation of advanced Blockchain technologies in retail chains will help you increase the reliability, transparency and efficiency of the entire supply chain, from distributor to retail customers.
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