Transitioning Business Practices in the Retail Industry Through Blockchain Technology

Abstract

Blockchain is a new technology that allows for the decentralized and transactional sharing of data across a large network of untrusted participants. It allows for new types of distributed software architectures. Although the technology was initially used primarily in digital currency, it is a promising technology in other areas as well. This chapter provides a simplified introduction to blockchain technology. It also discusses how blockchain technology can be used in some business processes in the retail sector to greatly benefit both customers and retailers. This chapter specifically discusses issues of retail supply chain management (SCM) and how blockchain technology is transitioning the retail supply chain management. The chapter discusses the market trend in blockchain adoption as well as some of the challenges.