Revolutionising Retail: How Blockchain and the Dedoco Trust Engine (DTE) can help to tackle the industry’s biggest challenges
Blockchain technology has gained significant traction in recent years, demonstrating its potential to revolutionise the retail sector. Beyond the speculation surrounding cryptocurrencies, blockchain is transforming the way retailers operate in various ways, from improved management of consumer data to enhancing loyalty programs, tracking inventory, and ensuring food safety.
1. Enhancing Consumer Data Management with Blockchain
One of the primary concerns for consumers today is the security of their personal data. Blockchain technology enables individuals to store their data outside organisational databases using decentralised identity (DID). This approach gives individuals control over their personal data, allowing them to decide who has access and when.
Blockchain also empowers individuals with autonomy over their DID, enabling them to securely and easily store their personal data and share it across various platforms. This streamlined process allows retailers to efficiently collect and manage consumer data while also ensuring that consumers' privacy remains protected.
Despite its potential, there is a lack of successful implementations of DID in the retail sector. While the concept seems promising on paper, it may prove to be challenging to implement in reality due to the complexities involved in integrating blockchain technology with existing systems.
2. Supply Chain/Inventory Tracking with Blockchain
In today's retail environment, effective supply chain management is crucial. Blockchain technology can enhance transparency and oversight for retailers, ensuring that they can monitor inventory levels and avoid stockouts. This, in turn, leads to increased efficiency and cost savings. Blockchain helps retailers track assets throughout the supply chain using unique identifiers, improving order fulfilment, supply chain management, and reducing the risk of counterfeit goods in circular economies.
Dedoco’s Trust Engine (DTE) addresses these challenges head-on. For example, DTE can be used to trace the lifespan of a luxury watch:
Without DTE integration, the entire process is manual and often lacks records, relying on trust-based transactions. Authenticity and maintenance records are not guaranteed. However, with DTE integration into existing platforms, interested parties can query the audit trail on the blockchain, ensuring full traceability and automatic data generation.
However, with DTE integration to existing platforms, the audit trail can be queried on the blockchain by interested parties. Buyers can transact in peace with full traceability and automatic data generation on the blockchain.
3. Ensuring Food Safety with IoT and Blockchain
Food safety is paramount, and retailers bear the responsibility of ensuring that the products they sell are safe for consumption. While the FDA’s Hazard and Critical Control Point (HACCP) system is designed to address food safety concerns, manual processes can be laborious and susceptible to fraud. Blockchain technology, combined with IoT (Internet of Things), enables retailers to track food products from farm to table, ensuring their safety and freedom from contaminants.
Blockchain technology can help retailers improve food safety by increasing transparency and traceability. This, in turn, builds consumer trust in their brand, enhances customer satisfaction, and ultimately drives sales. So how can IoT and blockchain come together to assist? Let us take a butcher’s shop for example.
- An IoT temperature sensor detects that the required temperature for poultry storage has exceeded the HACCP defined limit
- A notification is sent to an employee on their smartphone
- The employee lowers the temperature to a temperature within HACCP’s guidelines
- As the temperature is lowered, the platform verifies that relevant measures were taken into place and such information is recorded on the blockchain
Such use cases of blockchain have already been adopted by retailers. In 2019, Carrefour implemented blockchain-based tracking for 20 different product types, including milk, cheese, chicken, eggs, and other essential products. This enables customers to scan a QR code and access detailed information about the product's origin, such as the producer's name, cultivation location, harvest date, and package date. Carrefour also reported that products tracked through blockchain reportedly experienced a significant increase in sales.
In 2021, Carrefour expanded the use of blockchain to include tracking its exclusive textile products, and in 2022, it became the first retailer to apply blockchain to its own branded organic products. As a result, the entire range of Carrefour Bio products is now traced through blockchain, giving customers greater confidence in their purchases.
In conclusion, blockchain technology is transforming the retail industry in various ways. From better management of consumer data to improved supply chain management and food safety, blockchain technology offers retailers new opportunities to enhance their operations and customer experiences. Dedoco’s Trust Engine (DTE) has the potential to address the challenges identified in these areas by providing a robust and secure solution for data management, supply chain tracking, and food safety monitoring.
While integrating blockchain technology into retail operations may present challenges, the potential benefits are undoubtedly appealing. By leveraging the Dedoco Trust Engine, retailers can explore innovative use cases to solve critical problems and unlock new opportunities for growth.
Discover how Dedoco’s Trust Engine can help your retail business overcome its biggest challenges and thrive in today's competitive landscape. Learn More and embrace the potential of blockchain technology with Dedoco's Trust Engine to take your retail business to new heights. Transform your efficiency by implementing secure and transparent solutions that not only enhance the customer experience but also streamline operations and ensure regulatory compliance.