The Security Benefits of Applying Blockchain Within the Retail Industry || @gbenga Week 6

As a retailer, I must confess that I cannot wait but to integrate my business into the blockchain. Let me tell a real story here.

I started my small store with about #15,000 worth about 8 Million as at the time of conversion. I wanted to do retailing so I started off with the business. I decided to employ someone there as I had other things I needed to attend to and one if it was the burial of my grandfather. Business was going fine when I was always around but then, my grandfather's burial came closer and I had to attend for a few days. When I got back to my store, to my greatest surprise, I realised that the total number of inventory sold was about 3 million naira but I only saw about 400 thousand Naira. I decided to do my findings so I checked the CCTV footage and I saw that they were taking out money from the stores purse and were changing what was imputed into the ledger.

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The Security Benefits of Applying Blockchain Within the Retail Industry.

Transparency into the Supply chain

Retailing has a very long supply chain starting from the manufacturer. Without the blockchain, transparency is near impossible as you cannot determine how the supply chain went or who handled what. With the Blockchain, you can determine who made a product, how we're they made, was there any violation during the production and supply process.

Preventing Counterfeit

With the blockchain, it is very easy to identify counterfeit goods. All that is needed is to check the product on the Blockchain and check its current state determining if it is an original product or a counterfeit product.

Identifying Damaged goods and where the problem arise from

There are a lot of damaged goods which go untracked as well as not knowing where the issue arose from but with the Blockchain, every supply chain process as well as production process will be saved making it easy to identify where the issues arise from.

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Consumers can Control Data.

While with centralised institutions, only the manufacturers and the retailers have control of the data, with the Blockchain, both the retailer and the consumers have access to their data.

Easy Trade with Blockchain and Cryptocurrency

With the Blockchain and Cryptocurrency, it is easy to trade between nations and borders as the trade will be easier and faster to transact between B2B and sonsumers alike.