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How Blockchain Technology Could Transform Retail Operations

Blockchain and flashier cousin Bitcoin have dominated news cycles for the past year or two, but have yet to be utilized by mainstream industries. However, a new report by Cushman & Wakefield predicts that there will be widespread adoption of blockchain technology by commercial real estate in the next decade. This would change the market as we know it.
Despite some public misconceptions, blockchain and bitcoin are not interchangeable. While bitcoin is an example of a cryptocurrency, blockchain is the underlying technology that has many applications beyond supporting cryptocurrencies. At its most simple, blockchain provides a decentralized database of transactions that are each verified by multiple users of the database. This aims to increase the security, efficiency and transparency of those transactions.
For retail, in particular, it could have a large impact.
“Retailers are exploring the use of blockchain in improving supply chain efficiencies, thereby reducing time delays, costs and human error,” explained Revathi Greenwood, Americas head of research at Cushman & Wakefield. “Recently, IBM formed a partnership with major U.S. food retailers and manufacturers to increase transparency and traceability in their food supply chain. For instance, if food is recalled, a product can be traced in a matter of minutes.”
Blockchain could also

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Via:: https://footwearnews.com/2018/business/technology/blockchain-bitcoin-retail-cushman-wakefield-report-1202710863/