Block Chain

How Is BlockChain Representing the Future of Commerce?

The blockchain is a game changer for Financial institutions (from real-time transaction to reducing fraud) across the world. In fact, almost all the institutions are intricate in blockchain relevant initiatives emphasis, Anchit Sood CEO and founder of Reputation Savvy.

The blockchain technology offers a permanent, irreversible and incorruptible record which means it does not leave any room for fraud throughout the supply chain.

Actually, the blockchain is initiated as the basis of cryptocurrencies like bitcoin. However, the technology’s potential applications transform how commerce is led in the digital era. Hence, using blockchain technology, retailers can gain prompt mover advantage to more effectually cooperate and enhance belief across the supply chain.

Here, you can find how blockchain is transforming the commerce:

  •    Anti-counterfeiting: Counterfeiting is a major concern for brands. Actually, the value of the counterfeit market across the world is predicted to increase up to US$2.3 trillion by 2022. The encoded ledger system behind blockchain technology lets retailers create a digital passport for goods or services.

 BlockChain Transforming the Commerce

It will display the exact movement of products through all the way down from the origins to supply chain into the stores, says Anchit Sood reputation savvy. Furthermore, this gives peace of mind to retailers about the authenticity of products or services they are vending to third-party distributors. In reality, the blockchain technology will generate trust and a level of transparency between manufacturer, supplier, distributor, and customer.

  •   Review Verification: In the modern era, the digital word spreads faster. And reviews and endorsements have become essential in everything reliant on web searches. Customer’s reviews are the influential form of word of mouth as they are written by buyers after purchase.

Nowadays, 80% of individuals read consumer reviews earlier making a buying decision. Commerce can use blockchain technology to enable realness of reviews of products or services.

  •   Efficiency Improvement: As all sectors continually facing rising cost, the blockchain technology can improve the efficacy. According to Anchit Sood reputation savvy, the tracking ability of this technology is the key here.

As individuals can track the movement of goods, this will help in driving intuitions and optimize stock administration as well as sales estimating, which has cost advantages.

  •   Loyalty: Today’s, customers have become more flighty and more dealers are failing to recognize the full potential of their allegiance programme. Incorporating the blockchain into a loyalty scheme means store owners can get reward instantly after they make a deal.

Moreover, the loyalty rewards can also be transferable to other individuals in a secure way. Along with this, it also permits customers to share their brand experience with friends and family.

  •    Payment Technology: In this digital era, digital wallets are popular among the customers who are outward the old-style banking system. But cryptocurrencies can also play similar role says, Anchit Sood CEO of Reputation Savvy. Furthermore, it is a good option for businesses looking to pay fewer commissions to recompense providers like MasterCard and Visa.

Bottom Lines

Here, Anchit Sood has shared his thoughts about blockchain technology. The entrepreneur is the director of World’s local web company “Websetters”. As a director of reputation Management Company, he provides guidance for businesses on transformative solutions required to remain competitive in this digital era.

April 3rd, 2018

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