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Ethereum was designed to be a general-purpose blockchain and has quickly been adopted by the retail sector for its low cost per transaction and multi-currency payments. It gets even better for retailers when considering how people can integrate Ethereum with other technologies like Microsoft Azure's blockchain service, which supports Ethereum but also has advanced tools for retailer use cases like inventory management, permissions, reconciliation, invoicing, payment processing/settlement etc. The Ethereum Code app lets you buy the most recent trend in cryptocurrencies, Ethereum.
The three primary areas most likely to adopt Ethereum over the next 24 months are Finance, Manufacturing and Consumer goods. The finance industry has seen a massive increase in blockchain technology, especially cryptocurrency transactions. There is no more efficient way to process payments and execute contracts than through blockchain technology.
From global transfers and internal treasury payments to international supplier/retailer remittances, Ethereum technology impacts all parties involved. In manufacturing, blockchain has been used in several applications, including value chain management and tracking assets globally across multiple vendors. However, the most significant area for Ethereum adoption will be in the automated business management chain space as it will enable a trustless digital contract signing between buyers and sellers on the internet. It will help eliminate fraud and ensure authenticity across online transactions.
Ethereum has several applications in retail and e-commerce:
Ethereum blockchain has several applications for payments and settlements, whether for goods and services, the transfer of assets or the execution of contracts. It can identify illegitimate attempts to cheat the system and allows Ethereum to record information on its blockchain that cannot be tampered with by someone trying to falsify records.
Ethereum is used by entities as diverse as Amazon, Microsoft, IBM, Intel and JP Morgan Chase, including government organizations. Let's discuss the applications of Ethereum in retail and e-commerce.
E-commerce:
1. Advertising
People in the advertising industry can use Ethereum to support digital ad delivery. Unfortunately, advertisers are exposed to fraud and go after large blockchain companies like IBM and Microsoft to verify their ads. It is where Ethereum comes into play, as the user can use it to analyze both fair and fraudulent content on the internet that advertisers can then use to make decisions on where they will spend their money.
2. Loyalty Point Programs
Unfortunately, loyalty points have become less and less meaningful for consumers because of limited use cases for those points. It's estimated that 75% of all reward points are never redeemed, and retailers leave money on the table. Users can use Ethereum to support a more potent form of loyalty points and tokenized reward points.
3. Contracts - Non-Fungible Tokens
Many types of goods, like rare collectable books or art, have unique characteristics, and it's virtually impossible to differentiate between items. Ethereum allows for the creation of digital tokens that users can give to someone in exchange for goods or services. The recipient can then trade these tokens with others who have them and then use them as they wish, like a regular cryptocurrency used by consumers.
4. Smart Contracts - Smart property
Bright property has the potential to make considerable improvements to the world's economy by allowing for the creation of barter tokens. These tokens can be used to exchange goods and services in a trustless manner between two parties with virtually no restrictions
Point-of-sale systems are vulnerable to fraud, theft and other problems if multiple safeguards do not adequately secure them to prevent anyone from gaining access to sensitive information. Ethereum allows retailers and sellers to create multi-signature (3rd party) wallets which help protect their customers against fraudulent transactions and prevent sellers from fraudulently losing funds without access to them.
Retail:
1. Supply Chains
Supply chain management is one of the areas where blockchain is already transforming businesses. For example, it's estimated that 10% of the cost of managing a supply chain comes from issues related to the inability to locate inventory in real-time.
The Ethereum blockchain allows all parties within a supply chain to see exactly where their products are located and when they need to ship them out. Ethereum blockchain further ensures the integrity of products by guaranteeing the authenticity of the item being sent while also preventing fraudsters from altering labels on cases or filling boxes with older stock.
2. Inventory management:
From a retail perspective, Ethereum also has applications for inventory management. Inventory tracking has historically been difficult because of how modern companies deal with their supply chains. Ethereum can help inventory management by creating a more intelligent digital contract between retailers, suppliers and their customers involved in transactions. Companies can also use smart contracts to make transactions amongst each other without having to rely on third-party payment processors like PayPal or Stripe.
3. International collaboration:
Ethereum's blockchain has several applications for international collaboration. People can use it to track digital goods and assets across international borders. It will help identify and authenticate goods and follow the chain of custody in use by customs officers at the border. Because of the inherent security Ethereum provides, it can also improve transactions and clearing times which will help keep costs down for retailers.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.