The Supply Side: Blockchain holds potential for retail applications – Talk Business & Politics

Coca-Cola is starting a pilot to use blockchain to identify inhumane labor conditions in its sugar supply chains. Coca-Cola plans to create a secure decentralized registry for workers and their contracts to help securely record their workers’ identities while providing a trail in case employers abuse their power.

Blockverify offers transparency to pharmaceutical, luxury, diamond and electronic supply chains. Blockchain works to verify counterfeit products, diverted goods, stolen merchandise and fraudulent transactions.

VeChain is a blockchain system that embeds customized chips into luxury products and allows manufacturers to trace the product from end to end. Consumers can scan a product with a mobile app to instantly know whether it’s real or fake.

NPD said the next step for retailers is to develop their own cryptocurrency to prevent customers from having to use credit cards when shopping online. NPD said the practice makes sense for the retailer, because if the customer could send the payment transfer via blockchain, it would avoid third-party clearing house fees retailers pay for processing card payments.

Source: The Supply Side: Blockchain holds potential for retail applications – Talk Business & Politics, Kim Souza, July 2, 2018