A Blockchain is the data structure that denotes a financial ledger entry, or a record of a transaction. Each sale is digitally signed to ensure its authenticity and that no one tampers with it.
Blockchain developers advocate for open source development and lean towards staunch libertarianism. If your company culture does not align with theirs, you will not find the best talent from the pool. For that, you need to be sure to contact a company that knows the right environment for Blockchain developers.
In case you want to find a Blockchain developer, then it is recommended that you should go with a development that has some intelligent and experienced Blockchain developers and experts.
Creating Transparency
Blockchain offers immutable, verifiable and traceable data, hence enabling anyone to access the Blockchain to check the provenance of whatever gets recorded on that Blockchain.
These three characteristics are what makes Blockchain so valuable for the retail industry. It is because once all supply chain partner participates in a decentralized solution, complete transparency becomes possible for all stakeholders.
More fundamentally, all stakeholders can be confident that the data is corrected and not tampered.
On a Blockchain, the identity of a user is concealed behind robust cryptography, meaning that the linking public address to individual users is particularly challenging to attain.
The transparency of a Blockchain stems from the fact that the holdings and transactions of each public address are open for viewing. Using an explorer, and equipped with a user's public address, it becomes possible to view their holdings and the transactions they have carried out.
This level of transparency did not exist within financial systems before and added a degree of accountability that has not existed to date.
Improving Supply Chain Efficiency
The need for a Blockchain Developer is not only to create a transparency system but also one that will increase efficiency when there is the use of smart contracts.
Smart contracts can be used to settle transactions automatically once the products arrive, and action can be taken automatically once specific pre-defined rules fail to get followed. For instance, when the temperature of a refrigerated container gets too high, it automatically results in a lower price to be paid by the buyer.
Reducing counterfeit products
Products such as luxury handbags, diamonds or electronics can quickly get included on the Blockchain, just by adding a tag to the commodity and storing the details of that tag on the Blockchain to verify and track individual products.
Reduction in counterfeit products only becomes possible with the assistance of top Blockchaindevelopers. Consumers can thus easily verify if their product is real or fake, and retailers can flow their products throughout the supply chain and quickly determine whether products got diverted from the original supply chain.A company like Block Verify offers such a solution.
It aims at reducing the overall number of counterfeit products. Once the supply chain is secure, and the product identities become registered to the Blockchain, warranty claim resolution gets activated in a few seconds.
Warranties
A good Blockchain developer can assist in converting warranties easily to the Blockchain, where clients can quickly transfer them if they decide to sell their products.
Warranteer is a company that helps retailers to move their warranties to the cloud and on the Blockchain, hence enabling retailers to keep their warranties updated, correct, and transferable. Taking, for instance, a client purchases a product and later find out that there are some flaws on the product. So he calls the warranty company and submits his claim.
With a Blockchain system, the person who answers the customer's call can immediately check whether or not the product was covered based on its Blockchain identity. They compare the serial numbers to check the products record and verify the warranty. In case they are unsure whether the specific problem is covered, they can send a service person to the customer's home.
Once the problem gets diagnosed, the technician can immediately pull out a phone that links the Blockchain and check whether the warranty covered the issue resolved.
Conclusion
Blockchain is a natural and dependable partner for the retail industry. It is offering much of the needed transparency, hence reducing the possibility of counterfeit or illegal commodities and thus protecting consumers.
The customers are protected by making supply-chains more efficient and effective and offering better service to customers using, for example, warranties on a Blockchain. Several Blockchain startups are working on remedies for the retail industry. However, by bringing the global supply chains to a new next level, it will pose a challenge, as it will require many different stakeholders from across the globe to collaborate.
Fortunately, pilots such as that developed by Walmart and Alibaba show that potential and more retailers will follow soon. It is always a challenge to choose the best Blockchain developers to hire.
You will first be interested in finding a company that would cater to the needs of your business. For you to quickly choose the right partner you need to look for various factors such as the size of the team, reference by customers, media and other companies, the cost of the service, the expertise in and the understanding of the market and business deployment, as well as the flexibility and variety of use cases.
