Retailers That Accept Cryptocurrency May Benefit
Enhanced supply chain management is another plus. Many large retailers have either adopted blockchain to reduce the cost and complexity of their supply chains or are testing blockchain for that purpose, reports Practical Ecommerce. Blockchain can help retailers reduce the paperwork and other tasks associated with international shipping.
“For example, data from a bill of lading for cargo shipments can be manually placed on the blockchain at each stage of the supply chain or automatically entered, eliminating the lengthy and expensive administrative process of approvals and receipt guarantees,” Practical Ecommerce notes.
“This allows all participants to track the shipment through its journey, verify the product information (such as pallet weight) at each step, and know that the data is accurate and trustworthy.”
Blockchain also allows retailers to expand into new channels and attract new shoppers, Practical Ecommerce reports. Many of these emerging marketplaces are quite small compared to traditional e-commerce channels.
“However,” Practical Ecommerce writes, “the marketplaces provide an option for merchants that are targeting a cryptocurrency-savvy community or want to expand their retail channel and appreciate a decentralized model.”