Blockchain Penetrates Retail Trade: Opportunities for Businesses
retailciooutlook

Blockchain Penetrates Retail Trade: Opportunities for Businesses

By Retail CIO Outlook | Monday, February 18, 2019

Blockchain TechnologySome retailers are active in exploring blockchain’s ability to store omnipresent loyalty points in one bag rather than being integrated with isolated membership schemes. The expansion of the points utility makes it easier for customers to track and redeem points and rewards with loyalty programs.

Bitcoin has moved the business stream closer to an exclusively digital, universally accepted payment system through the introduction of the BTC into the financial capital. Users are offered a fast, safe, and economical means of buying and transferring funds on the basis of revolutionary blockchains technology. Because of the acceptability of BTC technology among both consumers and retailers, many companies are willing to use digital money as a preferred exchange mode.

The potential of blockchain technology is enthusiastic for cryptocurrency experts. The applications for individual, business and public offices can define everything from voting to the capital markets one day.

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BTC’s popularity among consumers, businessmen, and investors continue to grow. Although the actual number of people using BTC and other cryptocurrencies is challenging to quantify, academics have formally answered this question. A 2016 study at the University of Cambridge estimated that there are between 2.9 million and 5.8 million active cryptocurrency wallet users around the world.

The number of online retailers that accept Bitcoin Cash (BCH) could be above 944, and the number of brick and mortar retailers around 670, according to a recent Reddit posting that cropped up the numbers for the latest marketers of BCH. The latest statistics on Bitcoin Cash adoption from three websites have been provided by one of Reddit users, probably associated with Bitcoin Cash Association. Since the websites list only some of the same merchants, taking the top brick and mortar retailers is a proper indication of the use of Bitcoin Cash.

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Naturally, the future will show how deeply BTC penetrates international trade. Extensive evaluation has made it an international motto, but there are different challenges to sustainability in the long term. The future of industry regulation is perhaps the biggest threat to the growth of cryptocurrencies. Many countries including China, Sweden, Russia, and India have already restricted BTC. Should aggressive regulation prevail around the world, retailers in all industries will be forced to revise their BTC strategies.

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