Deloitte Believes That Blockchain Will Transform The Retail Sector

Deloitte, the international professional services firm have recently piped up with regards to how blockchain technology might impact the retail sector. Not just online and through e-commerce, but within physical, brick and mortar retail establishments. It is well known that Deloitte, alongside rivals PwC et al. are currently working on blockchain research projects that in turn, aim to carry out extensive research into how the professional services industry can improve the experiences of their clients, by utilising blockchain technology. The report by Deloitte, titled New Tech on the Block can be found here- https://www2.deloitte.com/uk/en/pages/consumer-industrial-products/articles/new-tech-on-the-block.html According to Deloitte: “We propose three use-case groups that distinguish between the reasons for the blockchain application.”

• “Consumer– Improving and protecting the consumer experience.”
• “Supply-chain– Improving process efficiencies across the supply chain.”
• “Payments and contracts– Improving transaction processes and ensuring the validity and implementation of contracts.”

Moreover, the report details “four segments of impact” that the research team believe should align with the strategic objectives of any business that wishes to tap into this technology. The report suggests the following:

1. “Trial projects- Opportunities that have a lower immediate value relative to others due to a narrower blockchain application.”
2. “Explore- Opportunities relative to trial projects in terms of value but similar complexity (and cost), offering greater value relative to investment in the short-term.”
3. “Wait and see- Opportunities that currently offer a lower value relative to other blockchain opportunities and are more complex (and costly) to implement.”
4. “Plan- These offer the most attractive opportunities in terms of potential value.”

If you get a moment, please do view the full report as shown above, it is quite insightful and at least informs us exactly how, one of the biggest companies in the world is reviewing blockchain technology, not only as a technical revolution, but also as a useful technological revolution to both themselves and their clients. Blockchain technology has implications for more than just retail, the blockchain revolution promises to change the way logistics are incorporated, the way catering and food is managed, the way accounting and legal work is documented and, even the way we make payments (obviously) and even keep records of these payments and transactions. The blockchain is the new internet, it looks like Deloitte are starting to recognise that.