Blockchain in Retail Solutions
When several large automakers considered how to confront a looming sustainability problem, they turned to blockchain. Mercedes is working on a pilot blockchain project to track CO2 emissions in the cobalt supply chain, as part of its efforts to create a carbon-neutral passenger car fleet by 2039.
Knowledge is power. The ability to provide customers with provenance is vital — to track and trace materials, products, and services that are going to impact the entire supply chain across industries. For the retail industry, blockchain can be a game-changer for transparency. It has never been more important for brands to have, and project, a clear sense of purpose. Gen Z shoppers are proactive about making the world a better place, and their brand loyalties and buying choices reflect this value system.
Every product has a story. One of the major benefits of blockchain technology is that it allows parties to trace the origins and follow the journey of just about anything, enabling far greater confidence and safety in supply chains and helping to prove the provenance of goods, whether they’re fresh produce or raw materials. Marketplaces in the circular economy space such as: The Real Real, Vestiaire Collective, and the resale marketplace StockX could benefit greatly, since anti-counterfeit applications are one of blockchain’s strongest use cases to ensure that the desired pre-owned product is actually what is listed on the site.
Bad inventory management (a decentralized, unclear system or a centralized system that is susceptible to hackers), lack of authenticity in products (increased demand leads to vagueness in the manufacturer’s origination), and overly-complicated, opaque record-keeping are some of the major issues facing brands. But with more and more retailers adopting blockchain technology, these problems are becoming a thing of the past.
Once information is stored on the blockchain, it cannot be deleted or changed; this kind of interface enables an ongoing ledger of information all across the supply chain. This accountability can ensure better inventory management (forecasting for future demand, real-time updates of SKU count, and more). Theft is mitigated as well, since a blockchain solution keeps permanent records of products’ data, discerning thievery at any part of the supply chain. Additionally, blockchain can allow a customer to see the entire journey of their product, which leads to retention; this traceability is key to improving customer relationships.
During the manufacturing process, the factory can add details such as the origin of production, the materials used to create the products, and a quality check to the blockchain, confirming an authentic product. Then, packaging companies can store information like the type of material that was used and the date it was packed, to ensure that a product’s packaging has not been interfered with and that the item is safe to use. Once products land in a logistics center, the center will add even more information to the blockchain, such as outbound transportation details, the amount of items to be delivered, and the type of product, all of which can be viewed and tracked by the retailers.
Project Verte’s entire enterprise is backed by the trust that blockchain technology enables. Our VerteChain technology is perfect for different industries and has varied uses; we possess two patents, one of which is an algorithm that is faster and more secure than other blockchain solutions, compressing data at a 200:1 MB ratio for storage. On Vertechain, retailers can create a synchronized, decentralized supply chain system that allows them to query the blockchain to locate inventory and maintain accurate, accessible information on origin, sizing, materials, price history and more. This adds clarity and certainty to the e-commerce process, improving both vendor and customer experiences. Our fulfillment center’s Warehouse Management System and Order Management System run on the blockchain, ensuring total transparency of a product’s journey, no matter if it’s in our Atlanta hub or in one of our partner warehouses.
Moreover, Vertechain offers a new solution to financial compliance regarding digital payments. Seamless, public-private permissions display sensitive information only to authorized parties, while storing all data on the ledger. Owners set unimpeachable rules that all participants must follow—ensuring total compliance and validity of all transactions. This streamlines and simplifies any financial transaction that may occur between a retailer and its partners.
Integrating with VerteChain is simple. Retailers can register for our open API online and use our “setup wizard” to create an account. Here, brands can access their public and private blockchains and account management tools, and also set preferences. Once a retailer’s account is created, VerteChain works as smoothly as an operating system.
Blockchain is integral to the supply chain’s future, and therefore, a significant part of any retailers’ business. That’s why partnering with a company that is at the forefront of this technology is required for a forward-thinking brand. Contact us today at email@example.com to learn more.