Even more directly for retailers, blockchain is useful for tracking products, partners, and systems. Once again because the data on the blockchain is incorruptible and thus wholly dependable, it serves analysts and decision-makers well.
Say, for example, that there is a problem in the supply chain. Until now, it might have been easy to see that there was a problem but almost impossible to pinpoint what that problem was. Tracking, which is a gargantuan undertaking for large retail operations, escaped precision. When you adopt a blockchain ledger, you will be able to crowdsource your record-keeping, drawing on a wide range of resources within your operation, avoiding the pitfalls and difficulties that come with centralised record-keeping.
What all of this comes down to is a sharper awareness of what is going on with your supply chain. When bottlenecks or failures occur, you can look to the blockchain to tell you exactly where they are occurring and then rapidly determine what you need to do to resolve them, saving yourself time and money.
These technologies will allow you to “know your suppliers” too; many of their interactions with other companies will be known, transparent and provable. This is a double-edged sword of course for the supplier, but assuming they are legitimate and have built a good reputation for authenticity, then it can only benefit them – it would certainly benefit you to know you are dealing with a trusted source.