How Blockchain Boosts Retail Trust | Infographic by Visual Best

Baffled by blockchain ? You're not alone . As retail grows increasingly global and consumers demand more detailed product data , blockchain is emerging as an effective way to streamline information sharing and boost data integrity . Take a look at this high - level summary , which explains blockchain's growing influence , and how this technology will impact supply chain collaboration among retailers , consumer packaged goods ( CPG ) manufacturers , suppliers and consumers . Often tied to high - profile cryptocurrency Bitcoin , blockchain is a digitally shared public ledger ( like a traditional accounting ledger of transactions , except it's online , open and accessible to view ) . With blockchain , all financial transactions are recorded ( as " blocks " ) , verified and linked together ( stored in a " chain " ) . Every party in a transaction ( suppliers , retailers and even consumers ) can see all the data , creating a secure , transparent " single version of the truth . " ¹ HOW BLOCKCHAIN BOOSTS RETAIL TRUST WHY BLOCKCHAIN MATTERS $ 30-40 billion O Annual cost of food fraud in the global food industry ( e.g. misrepresenting products , using inferior substitute ingredients ) ³ 42 % of CPG executives plan to invest at least $ 5 million on blockchain in the coming year $ WHAT IS BLOCKCHAIN ? Stay in touch Matt . Camila . Kate . headed Making BLOCKCHAIN'S RETAIL MOMENTUM headed $ 3 trillion Estimated value of the total blockchain market by 2024² V Starbucks executive chairman said the coffee giant may use blockchain technology within a new payment app based on a proprietary digital currency.¹8 Molly Walmart announced it will use blockchain tech with its fresh food suppliers to reduce waste , improve contamination management , and increase overall transparency , 2⁰ , 21 toward the Case Walmart Amazon Centre What BLOCKCHAIN'S RETAIL BENEFITS toward TRANSPARENCY Blockchain smashes data silos , allowing all supply chain partners to trace a product's journey , such as tracing seafood from boat to plate . Blockchain AUTHENTICITY To reduce counterfeit goods , blockchain can verify the authenticity of products like pharmaceuticals , cosmetics , baby products and luxury goods . CONSUMER SAFETY When a product recall occurs , retailers can use blockchain to pinpoint where the affected batch originated and how widely it was distributed to remove the products faster than ever , minimizing illness or injury.⁹ Is DATA ACCURACY Since it's a shared public ledger , blockchain eliminates errors that can occur when each party in a transaction maintains its own data set for that transaction . ¹0 No single party can tamper with the information . EFFICIENCY Companies save time and money , as blockchain streamlines retail processes with near real - time information sharing.¹¹ The technology also eliminates retail transactions ' middlemen , such as banks and credit card companies.¹2 RISK MITIGATION Blockchain can protect product quality and supply chain data ( like food expiration dates , storage temperatures and shipment tracking ) , boosting safety and security . ¹3 13 COMPLIANCE Since supply chains intertwine across the globe , blockchain can help retail companies adapt to diverse regional regulations and legislative changes . 14 SUPERIOR CUSTOMER EXPERIENCE By integrating supply chain partners ' systems and processes , blockchain helps retail companies prepare to provide seamless service to delight consumers . ¹5 Why Blockchain 2018 ( infographic ) . is moving Jane . Walmart Lisa Goller Lisa Goller is wave 11. What is Blockchain ? 12. Vaswani , Karishma . 13. Owyang , Jeremiah . 14. New tech on the block : Planning 15 . Ibid . 16. Altman , Ian . What Exactly Is Blockchain , 17. Lardinois , Frederic . IBM , Kroger , 18. Higgins , Stan . StarbucksCoin ? 19. Zuckerman , Molly Jane . Walmart Files Patent Exec 20. Ibid . 21. Russo , 22.Rooney , 23. Zuckerman , BLOCKCHAIN IS HITTING RETAIL , AND FAST . To prepare and successfully implement blockchain , retailers and suppliers must embrace a collaborative mindset . Sources : Boon for Consumer Goods . Consumer Goods Technology . July 20 , 2017 . 2018 . can transform the consumer goods supply chain . 1. Vaijayanth , M.K. 5 Reasons 2. Blockchain Stats and Facts 3. Lund , Nina . How blockchain 4. Russo , Camila . Walmart Is 5. Patrick , Kate . Solving for grocery last mile New tech on the block : Planning for blockchain 7. Forecast : Blockchain Getting Suppliers to Food on the is harder the Blockchain . Bloomberg . you think . Supply Chain in the Retail and Consumer Packaged than 6 . Business Value , Worldwide , March 2017 8 . Blockchain wave CPG 2017 . 9. Laukaitis , for Blockchain 10. Blockchain Will Be a for International in f CPG and Retail Walmart Says a Put And Value Coders . marketing and communications professional with over 15 years of experience serving retail , consumer goods , B2B and technology companies . She helps businesses tell their story through irresistible content marketing and strategic communications . and Coffee AUGUST 2017 JANUARY 2018 MARCH 2018 2017-2030 , Gartner , Accenture . and Retail industries . in Retail . The Robin Report . May 20 , 2018 . industries . Accenture . Adopt Should You Its others team up to improve Seller Will ' Probably ' Use for Blockchain - Based APRIL 2018 Amazon Web Services formed a new partnership to make it easy for customers put their services on blockchain , including supply chain and logistics applications.²² 2017 . Government Innovation . January 4 , 2018 . how does it work ? BBC News . February 13 , 2017 . Industry . Getting Suppliers to Put Food on the MAY 2018 Walmart filed a patent for a blockchain - based marketplace to resell purchased products.23 into blockchain Files Patent for Blockchain - Based Amount of time it takes Walmart to track produce from farm to shelf using blockchain ( vs. 6 days without blockchain ) 4,5 with a new partnership . 2 seconds is blockchain and for Every Crowd Companies . July 11 , 2017 . for blockchain in the Retail and Consumer Packaged Goods industries . Deloitte . 2018 . Technology ? 40 % of global blockchain business value - add will come from the manufacturing sector ' Microsoft . May April Blockchain . to Customer food safety Blockchain . Forbes . Customer 8 , 2017 . 23 , 2018 . Bloomberg . CNBC . May 15 , Dive . April 26 , 2018 . Goods industries . Deloitte . 2018 . with CoinDesk . Retail and CPG giants , including Walmart , Kroger , Unilever , Dole and Nestlé , announced their blockchain collaboration with IBM to improve global food supply chain safety . 16,17 Walmart filed a patent for a Smart Package delivery system , which uses a blockchain - based tool to track package contents , environmental conditions and locations . 19 Marketplace . Cointelegraph . & April 23 , 2018 . 2018 . February 14 , 2018 . blockchains . TechCrunch . August 22 , 2017 . February 27 , 2018 . May 21 , 2018 . RANGE me Marketplace . Cointelegraph . May 21 , 2018 .