Blockchain is far more than the technology framework for cryptocurrencies such as bitcoin. It's a decentralized ledger of transactions across a P2P (peer-to-peer) network that has the potential to disrupt charities, government operations and businesses — including retail.
In addition to cutting cross-border payment costs by 2% to 3%, blockchain could create potential savings of 70% on a wide range of business operations.
In retail, blockchain benefits include:
- Logistics transparency, including the ability to store and track all data;
- Proof of ownership and resale; and
- Better tracking of buying habits.
Learn more about the widespread impact of blockchain technology in this infographic from BitFortune.net.