Financial institutes and banks face various issues associated with traditional cross-border payment systems, such as extra processing fees, the risk of fraud in payment pathways, security breaches, and increasing failure points. Also, making global payments through established banking channels is a complex and multistep process due to the involvement of several intermediaries. Blockchain-based payment systems provide a faster, more secure, and cheaper payment system by streamlining the transaction process and storing every transaction in a secure distributed ledger. For instance, in 2020, Siam Commercial Bank (Thailand) implemented low-cost cross-border payment systems using SCB's easy application from Ripple (U.S.). Many consumers seek a superior payment experience to provide effective payment solutions for individual and commercial operations. Thus, the growing need for secure and transparent transactions is driving the growth of the blockchain market.
Increasing Adoption of Blockchain by Retailers is Expected to Provide Lucrative Opportunities to the Blockchain Market
Blockchain offers significant opportunities in the market by enhancing customer experience. Consumers are seeking better, more personalized experiences and easy access to product information. Retailers leverage various technologies to achieve customer satisfaction and stay competitive. Blockchain is one of them and has immense potential in retail because of its ability to increase transparency and trust between retailers, consumers, supply chain participants, and payment gateways. Along with providing unique shopping experiences for the online customer, blockchain solutions are utilized in online retail for notable applications such as maintaining product quality, tackling fraud, managing consumer data, improving loyalty programs, tracking inventory, automating back-office administration, and more effective, secure, and faster payment systems.
Moreover, many companies are deploying blockchain solutions in their organizations to increase their productivity. For instance, Walmart (U.S.) has been working with IBM’s Hyperledger Fabric platform for some supply chain tracking. This technology gives retailers real-time information on stock levels, inventory status, and other components. All these factors optimize the planning processes and enable retailers to act before the supply arrives. Such benefits drive the adoption of blockchain technology in the retail sector.
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