A new report from auditing firm Deloitte argues that blockchain integrations carry the potential to revolutionize both retail and consumer packaged goods (CPG) industries.
This report, entitled “New tech on the block“, looked into m50 blockchain use cases within the two sectors. The sectors were further divided into three general categories of business: consumer, supply chain and payments and contracts, then finally scored for the added value each could create, as per Deloitte’s auditing criteria.
Deloitte’s research identified four areas where both CPG and retail industries would benefit from having blockchain tech: traceability, compliance, flexibility and stakeholder management.
Deloitte’s report also homed in on more granular-level possibilities for the industries, saying in their report that a “know your supplier” option would be the number one opportunity for businesses.
Steve Larke, a tech consulting partner with Deloitte, sees blockchain tech as the “next big thing” for retailers and consumer businesses. He does stress however that:
“It is crucial for decision-makers to understand which areas of the value chain will benefit most from the new technology, and how easy it is to implement.”
As the “age of blockchain” approaches, firms that do not consider blockchain within their processes, are at “risk of falling behind competitors,” Larke adds later.
Larke concluded that Deloitte expects blockchain technology to achieve mainstream adoption “sooner rather than later.” Firms within the realm of retail and CPG industries “need to act now and plan for future blockchain adoption, or risk being left in the dust.”