How Important is Blockchain in POS Process

By: Retail CIO Outlook | Saturday, December 26, 2020

Combining POS with Blockchain can reduce a wide range of hurdles around taxation, billing, and supply chain.

FREMONT, CA: In today’s competitive business landscape, it has become vital for everyone to embed the Point-of-Sale (POS) solution. It enables businesses to improve payment services, inventory processes, and customer services. Connecting POS to the decentralized network or blockchain could eliminate middlemen's need and bring more trust with the smart contracts. From inventory handling to the calculation of sales and using customer data to automate the payments, blockchain can ease POS securely and efficiently. A blockchain-powered point-of-sales solution could bring more reliability and traceability to the businesses. Here is how.

• Storing Data on Blockchain

Data related to billings, taxes, customer ratings, orders placed per day, and inventory can be stored and distributed across the chain blocks. Smart contracts alert to process incoming data and ensure taxes, regulations, and compliance are managed before a transaction occurs. Blockchain can allow all parties like raw material providers, sellers, buyers, regulators, and other authorities to access immutable data gathered on the distributed ledger transparently.

• Payment through Crypto Wallets

The payment can be automatically deducted through the customer's crypto wallets when they place an order and transferred to the wallet of the business. The transaction data have been collected from the blockchain, which can be used later for taxation or audit purposes.

• Quick Audits

Since a legal authority involved in the blockchain point of sales ecosystem can directly access time-stamped data related to taxation and payment, it can be possible to run annual or quarter audits rapidly with the smart contracts.

• Improves Customer Experience

Customers can keep track of the monthly expenses by tracing back the available information anytime. Blockchain can enable customers to pay the bills automatically through crypto-wallets. Because everything is collected on the blockchain verifiably and transparently, customers can track the data about the origin of raw materials.