Image default
Blockchain News

Deloitte Says Blockchain Could Revolutionize Retail


As per a new report submitted by Deloitte the Blockchain technology is gearing to transform the retail industry. The report claims that some very strong changes can be brought in practice because of this technology.

The auditing firm has released snippets of a research conducted and which predicts clearly that if blockchain is used at high levels then all suppliers and vendors stand to benefit out of it.

The report has looked at nearly 50 different uses of blockchain in retail and consumer goods sector. These uses include supply chain, payments etc. and the end conclusion is that this technology can reduce all issues faced till now.

The report also talks about the 4 major banes which continuously cause this industry damage namely, flexibility, stakeholder control, traceability, and compliance.

According to the report Deloitte has clearly mentioned that Blockchain is going to become “a standard operational technology across the financial, manufacturing and consumer industries.” It also states that in the next five years more and more businesses will understand the potential of this technology and hence the preference for it would increase.

In the report, the company also shows some recent figures of Gartner which estimate that the business of blockchain would increase to $176billion by the year 2025 and to $3.1 trillion by 2030.

Steve Larke Partner, technology consulting at Deloitte has this to say; “As with any new technology, there are a number of potential pitfalls associated with the deployment of the blockchain, “It is therefore important for businesses to have a carefully planned strategy in place before pursuing opportunities at scale.”

“While we fully expect blockchain technology to achieve widespread, mainstream adoption in the retail and consumer packaged goods industries, we firmly believe that long-term, sustainable success is only possible through careful planning.”


Disclaimer :

Blockchain Magnets provides general information about financial products and services that should not be construed as financial advice or recommendations of particular financial products or services. It is advisable to obtain appropriate advice from an appropriately authorised financial planner or investment adviser before making any investment decisions or before purchasing financial products or services. Read more here .


Related posts

25 Blockchain Companies Paving The Way For The Future


Indian Crypto Investors Bullish Despite Curbs

Vikash Kumar

Australian Government Issues National Blockchain Roadmap To Help Drive Adoption


These Technologies Are Transforming The Face Of Personal Finance

Mastercard Wins Patent For Blockchain Travel Itinerary Bidding System

Vikash Kumar

Tech Mahindra To Offer Blockchain Solutions For Aviation, Telecom And Healthcare On Amazon Managed Blockchain Services

Team Blockchainmagnets