Smart contracts is a code that is stored, verified and executed on a block chain system. Smart contract can be used as a substitute to legal contracts to implement transaction’s validation in block chain while avoiding any middle man.
In simple word, smart contracts work on the principle of “if X happens, do Y” without any human intervention. Using this technology, business transaction, anything from a vehicle or house rental, through to loyalty points distribution can be automated and mate secure and transparent.
Every retailer today pays a high cost to make sure the validity of the exchange of goods, money and data. They must compensate third parties for their services and wait for each party to finish its work before receiving payment or transaction confirmation. Block chain-based secure transactions can reduce the need for such third parties, resulting in the following benefits.
The authenticity of products is always a concern for every customer, especially if it is a high-value product. There is no option to know information about a product such as ingredients used, quality of ingredients used, quality certification of ingredients, the number of times the products is resold etc. A solution which provides all such information’s of product would empower a customer trust towards the products as well as the brand labels.
Using the supply chain monitor built on top block chain technology, retailers can provide their customers with indisputable proof of provenance and authenticity of their products at every step in the supply chain. Moreover , it can empower customer’s trust in the product by providing assured proof of product purity and origin, as well as the accuracy of ingredient listings. This will be accomplished by recording product information in a block chain that persists throughout the entire supply chain . this solution can help sellers to fight against counterfeit products since the counterfeit products are not able to provide or maintain a transparent supply chain information.
The application keeps an immutable and hack proof storage of all the information in the supply chain of a product. A customer can easily access the information of the products to see the important information such as quality of ingredient, resale records, insurance claims etc.
Conventional loyalty and reward programs are not realizing its full potential due to several factors like inactive of the customer account, low redemption rates, time delays in delivering rewards and points, high transaction cost, high customer acquisition costs and low client retention etc.
Block chain as a trustless distributed ledger allows loyalty reward program providers, administrations, system managers , customers, etc. to intersect and interact with one system without any intermediaries and without compromising privacy or competitiveness, this solution optimize the execution and administration of reward programs with near real time transparency, resulting in cost savings.
In this block chain based loyalty program, on initiation of a loyalty transaction such as the issuance, redemption, or exchange of a reward the system creates a computer-generated loyalty token, which is a based for all type of reward, including points. The loyalty token’s unique identifiers can be updated on each participant’s ledger and made available across the network. Several online protocol rules govern the way points behind these tokens function.
Moreover , the system can be connected to social media and digital wallet and can interact with loyalty rewards program platforms through Smart contracts to provide hassle free delivery of loyalty points.
With this solution, the customer experience would be greatly improved . consider Bob, when he booked a hotel room with a credit card, the hotel and credit card provider could immediately transfer loyalty reward tokens to his digital wallet. During his stay, he could access the loyalty points and redeem them with another network participant such as a taxi service. He could also make service purchase or shopping. The transaction would be instantaneous and secure, there would be only one use interface , and bob could use the accumulated points in the manner he chose.
Block chain is getting popular each day and more people are getting hands on with cryptocurrencies like bitocoin, Ethereum etc. An easy to integrate ,easy to use cryptocurrency wallet would enable retailers to accept cryptocurrencies from their customers to do more sales.
A crypto currency wallet is a secure digital wallet used to store ,send and receive digital currency like bitcoin.there are several types of wallet that provide different ways to store and access digital currency .
Counterfeits are one of the most haunting problems for retailers and manufacture .the global luxury industry is worth $320 billion of which the fake luxury product market stands at $22 billion. Despite the best efforts of the Authorities , A considerable trade in counterfeit good remains in almost all areas of business .The Global Consumer Shopping Habits survey revealed that almost one- quarter of consumers have bought a product online that turned out to be counterfeit ,including fashion or foot wear ,electronics ,and digital content.
Block chain based solution for detection counterfeits works by linking digital certificates to purchased goods to provide a much higher degree of confidence to buyers .especially in online shopping or second –hand dealers .products are tagged with radio-frequency identification (RFID) technology at their origin in the factory and that data stored on an immutable shared ledger where it could be tracked through a supply chain ,customers could then buy with confidence knowing the goods were genuine transaction information accessible to the customer increase trust in the brand.
the tagging of the product also enable tracking of the product in case it is stolen .product authenticity and quality assurance are maintained thereby it creates a secure transparent and immutable registry, tracking who owns the purchase products. Moreover ,the database of the provider has everything a consumer needs to determine whether the product in hand is actually genuine .integrating with smart tags detection of forged products becomes easier and using fake products will get socially more to the users.