“There are a number of potential pitfalls associated with the deployment of blockchain, as with any new technology. As a result, before chasing opportunities at scale, firms must have a well-thought-out strategy in place. The retail and consumer packaged goods industries are ideally positioned to take advantage of the potential that blockchain provides as the technology improves and new use cases arise. Blockchain's ability to track, trace, and verify items, as well as record contracts, ensure information flow, and record transactions, means it can be utilised across the whole value chain, benefiting both businesses and consumers.”

Future retail and consumer packaged goods (CPG) marketplaces will be drastically different from those of today. They'll have to become more integrated and provide on-demand and personalised services to keep up with shifting consumer needs. Without giving any single person power over the information, blockchain technology allows everyone to keep an eye on what's going on within a system. This technology has several business applications, notably in the retail and CPG sectors, and the potential impact is enormous.

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Response To Blockchain

Owing to the uncertainty surrounding the future value of fledgling blockchain applications, many organisations may decide to explore and test usage rather than commit to full enterprise adoption at this time. However, due to the quick advancements in blockchain technology, blockchain could replace procedures and give a solution to many of the industry's current difficulties within one to two years. Blockchain labour programmes that last more than two years, for example, may be obsolete before they are ever executed.

Within each use case group, the potential impact of specific blockchain prospects may differ. As the industry landscape changes owing to reasons such as new competitors, new technology, Brexit, and other disruptive events, the potential value and complexity are also likely to alter. For example, the rise of vehicle autonomy – in the form of drones and autonomous technologies – will revolutionise the "final mile" of delivery to the consumer in the future. As a result, businesses will be more motivated to invest in and promote blockchain technology, and related blockchain use cases will produce more value than they do now.

The desire to invest in new technology, like any other, is not always proportional to the necessity for it in your company. To see a genuine value add from blockchain, you must use it as a tool to fulfil your strategic goals. With this in mind, it's important to note that, while blockchain offers significant operational benefits, businesses will not be the only ones to benefit from this game-changing technology. The consumer will be the ultimate winner. If blockchain can improve supply chain efficiencies and reduce costs, these savings can be passed on to consumers in the form of lower prices. If blockchain increases supply chain transparency, these gains can be passed on to consumers in the form of safer and higher-quality products.

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