Top 5 Vendors of Blockchain Solutions in Retail in 2022

As consumers demand more reliable and personalized shopping experiences, retailers are seeking out ways to enable secure payments and overcome supply chain hurdles. Retailers are rapidly adopting blockchain to improve customer loyalty through safer transactions and a seamless shopping experience. For instance, recently, retail and eCommerce giants, including Walmart and Amazon were hiring tech experts who specialize in blockchain and cryptocurrency. The entry of retail giants in the market certainly creates a remarkable opportunity for the blockchain in retail market.

Blockchain technology offers the unique benefit of masking sensitive customer information, thereby preventing the risk of large-scale data breaches. Its use in retail has been expanding to:

• Improve customer experience by making it safer.
• Enhance supply chain efficiency.
• Make transactions more reliable for everyone.

Fortune Business Insights™ estimates that the global market for blockchain in retail will record monumental growth during 2021-2028, powered by the surge in adoption of blockchain-as-a-service among retail players. The technology is quickly emerging as a tool for retail companies to streamline business processes and will continue to gain traction in the next few years.  

COVID-19: How is Blockchain Helping Retailers to Stay on Top?

Ever since the outbreak of COVID-19, blockchain has started to gain attention across various industry verticals, including retail. With nationwide lockdowns in place and exponential growth in online shopping, retailers are implementing the technology for the following applications:

• Supply Chain Management
• Customer Data Analysis
• Fraud Prevention
• Smart Logistics
• Transparency and Traceability

As new opportunities and challenges arise amid the highly uncertain and rapidly changing COVID-19 landscape, blockchain technology will continue to disrupt the retail sector.

Fortune Business Insights™ Presents Top 5 Companies Offering Blockchain Services for Retail:

IBM Corporation

IBM Corporation, one of the biggest players in this market, offers a wide portfolio of services, including cloud & cognitive software, global business services, global financing, global technology services, and systems. Its client portfolio includes Nordea Bank Abp, iPoint Systems GmbH, Plastic Bank, Marsh, True Tickets, RCS Global, we. trade, Kroger, and NuArca. With a presence in over 175 countries across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, IBM is headquartered in New York, U.S.

In June 2021, IBM collaborated with Telefonica S.A. to roll out hybrid cloud enterprise solutions that enable the digital transformation of enterprises via blockchain and AI.

Oracle Corporation

Oracle Corporation based in the U.S. (Texas) is a prominent name in this market. It operates in three business domains, cloud & license, hardware, and services. Oracle offers an on-premise cloud service supply chain SaaS solution to deploy blockchain. Clients can leverage Oracle’s blockchain platform to enhance business applications and processes securely. With an employee strength of more than 133,000, it operates in over 175 countries.

In July 2020, Oracle introduced the Oracle blockchain platform cloud service. The solution helps retailers with more predictable pricing by establishing their processing and storage configuration, thereby resulting in high transaction volumes.

Amazon Web Service, Inc.

Amazon Web Service, Inc. is a subsidiary of Amazon headquartered in Washington, U.S. with a presence in over 25 countries. It offers pay-as-you-go cloud computing solutions and APIs to governments, organizations, and consumers. Amazon-managed blockchain allows retailers to set up a blockchain network that enables them to communicate and authenticate rewards information faster and transparently, without the need for a central authority to manage rewards transactions among retailers. It holds a major share in the blockchain in retail market.

In February 2021, Amazon Web Services (AWS) launched a blockchain-based eCommerce store with Origin Protocol’s Dshop in AWS marketplace.

Auxesis Services & Technologies (P) Ltd.

Founded in 2014 to advance blockchain R&D, Auxesis Services & Technologies (P) Ltd. is one of the leading enterprise-grade blockchain solutions providers in the blockchain in retail market. Its remarkable global presence has earned the company the 12^th spot in the list of ‘Top 100 Most Influential Blockchain Companies. Auxesis’ Auxledger platform enables companies to build their own fully customizable network based on their business and compliance requirements. The company’s latest blockchain protocol-agnostic infrastructure allows companies to build customized networks according to the business guidelines.

In April 2019, Auxesis rolled out the Blockchain Certificate Issuance Platform on the Auxledger Network.

Accenture

Ireland-based Accenture is an established player in the market of blockchain in retail. It is a multinational consulting and professional services firm that mainly operates in five business categories, media & technology, health & public services, financial services, products & resources, and public service. Reportedly, it generated USD 44.3 billion in annual revenue from sales in 2020. Accenture has more than 569,000 employees spread across five key regions such as North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

In August 2020, Accenture was named as a leader in three IDC MarketScape supply chain vendor assessments.

Future of Retail: How Will Blockchain in Retail evolves in the Near Future?

Consumer trust and brand loyalty are becoming increasingly difficult, especially as more people seek goods that are organic, locally sourced, and socially responsible. To improve customer satisfaction and build transparency, more and more retail businesses are adopting blockchain technology. This technology helps build customer trust by minimizing the volume of counterfeit products. This is attributed to the fact that it has the power to track the entire lifecycle of the product. Therefore, there is no way for a fraudulent distributor to sell fake products as real. Retailers are also seeking blockchain solutions to create a more robust, transparent, and flexible supply chain. While blockchain technology is expected to enter mainstream adoption in the retail sector in the near future, careful planning will be the key for businesses to leverage the complete potential of the technology and achieve long-term, sustainable success.