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.
A block chain centric solution can facilitate verification of product delivery and acceptance by end customer before releasing the payment to the seller on an e-commerce platform .this would ensure that customer pay for the product only if it is delivered to them in the condition advertised on the site. if there discrepancies ,then the customer may reject the item and the payment would be refunded to them instantly rather than having to wait for the seller to initiate a refund which would take days to process. The entire order can be tracked in real time based on a decentralized order ledger that is update by the seller as well as logistic partner who handle the delivery and ultimately by the ecommerce platform that facilitated the trade.
This solution would help to build customer ‘s trust in online purchase as the uses an immutable network which is hack-proof
Assured delivered of desired products in stipulated time frames.
With financial information easily verifiable and available on a decentralized ledger , block chain eliminate the need for middlemen in e-commerce transaction for payment processing .without processing fee for credit cards and other banking modes. product can be delivered to buyers at more affordable rates and merchants can improve their profit margins considerably by not having to bear banking costs from their end .A block chain solution entails a director financial transaction between the buyer and an ecommerce seller without the involvement of other financial agencies thereby creating an avenue for quicker and anytime settlements.
Block chain centric loyalty solutions allow the seller to transfer loyalty points and financial cash-back directly to the end shopper without paying dividends and commissions to banking and financial processing gateways in between. This enables customers to get better deals and ultimately lure them to make more purchases from the seller there by improving profits considerably. Merchants can provide loyalty points and rewards to end shopper directly for their referrals and referral cash or points can be directly redeemed on the site without the need for processing partner in between who demand share of the proceedings as commission .Also blockchain centric loyalty systems will ensure that no fraudulent tricks are used by imposters to gain access to loyalty points and promotions and only the intended beneficiary is given access to the loyalty points.
Smart contract is a code that is stored ,verified and executed on a blockchain system .smart contracts can be used as a substitute to legal contracts to implement transaction’s validation in blockchain network while avoiding any middle man.
In simple words ,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, though to loyalty points distribution can be automated and made more 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 payments or transaction confirmation .blokchain –based secure transactions can reduce the need for such third parties resulting in the following benefits.
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 .