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Wide application of blockchain in retail and banking

The rise of the blockchain marks the beginning of human beings to build a truly trustworthy Internet. By combing the rise and development of the blockchain, we can find that the blockchain attracts people's attention in that it can establish reliable trust between point to point in the network, so that the process of value transfer removes the interference of intermediaries, and it not only publicizes data and fails to disclose privacy, but also plays the effect of common decision-making and protecting individual interests.

Now it is necessary to recreate a retail industry with the help of artificial intelligence, big data, blockchain and other new technologies. At the same time, JD.com is also actively promoting blockchain technology to strengthen commodity traceability. At present, JD.com platform Global Shopping has released a number of measures for quality control and after-sales service with the help of blockchain technology, including the anti-counterfeiting traceability platform with JD.com blockchain. So far, the platform has achieved traceability of more than 1 billion items.

The emergence of blockchain is not only related to the improvement of the efficiency of all aspects of the retail industry, but also the reform of the communication mode of business cooperation. Blockchain makes it change the retail industry. The main advantages are as follows:

01 data collection

In today's retail industry, the data are scattered and scattered, and it is very expensive and difficult for retailers to obtain these data. Blockchain technology can collect data from the entire supply chain and enhance the inventory tracking process, making the data reliable, secure and not easy to tamper with. At the same time, collecting accurate data and information through the block chain can also reduce the waste in the supply chain.

02 product procurement

For retailers, the best way to get the lowest-priced products, raw materials and retail parts is to communicate directly with the manufacturer. Otherwise, there is no guarantee that there will be an advantage in price products.

03 intelligent contract

In the traditional retail industry, the problems caused by the supply chain often affect consumers' property experience, such as out of stock caused by product inventory. Especially when it involves some perishable products or the market needs unstable food, there are often some phenomena such as information fraud, food waste and serious wear and tear.

With the intervention of the blockchain, the authenticity and security of supply chain and logistics data can be ensured. Every piece of data in every link of the supply chain will be recorded for query and can not be tampered with. Blockchain also allows retailers to specify transportation, storage and display.

04 product traceability

Counterfeit goods are a problem for retailers and consumers around the world, and counterfeit products can also appear on some large e-commerce websites. According to OECD and the EU intellectual property Office, imports of counterfeit and pirated goods are worth nearly $500 billion a year, accounting for about 2.5 per cent of global imports, while fakes account for 5 per cent of EU imports.

Blockchain technology can track and verify the entire life cycle of the product, and the whole transaction process will be more transparent, which means that it can put an end to the sale of fake goods and help to establish a business integrity system.

Blockchain is the inevitable outcome of adapting to the new retail environment. The development trend is bound to spread rapidly throughout the retail industry, especially the e-commerce industry, should firmly grasp the pulse of the times, seize the opportunity in the new situation, take advantage of the situation, and promote the industry to better adapt to the new retail environment.

Application of Block chain in Banking

The real question in your mind about the basic understanding of blockchain technology and how it works may be: can blockchain really be used in the banking industry? If so, how can we make the best use of blockchain technology? And, most importantly, will the blockchain stay where it is or keep going?

Blockchain is for banking at this time, according to Harvard Business School, what the Internet is for the media. Blockchain can solve many problems in banking and financial industry. Blockchain technology has the characteristics that all reliable technologies should have, including finance-related businesses.

Blockchain can provide a high level of security, especially in the exchange of data, information, and money. At the same time, it also allows users to make use of transparent network architecture, the operating cost is very low, at the same time, they can also get decentralized help. These features will make blockchain a very stable, reliable and popular solution for the banking and financial industries.

If financial institutions want to ensure the safety of their funds, they need a lot of intermediaries. However, these intermediaries make the whole industry more expensive. Moreover, because there are too many people involved in the whole process, the probability of making mistakes is also increasing. Blockchain technology can not only ensure the security of money transfer, but also allow users to get a better experience and lower cost.

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