Blockchain has easily been one of the biggest buzzwords in the tech world. And for good reason. Blockchain technology is a breakthrough that has the potential to impact each one of us in the future. This is because it is a decentralised database, which means, everyone has access. Moreover, the database cannot be forged, copied or fraudulently edited. It is a permanent record of any action.

So far, the most popular use of blockchain has been in association with cryptocurrencies, Bitcoin being the most famous one. However, blockchain technology has a far greater potential. It can be used in various ways and in almost any industry. To understand how important this invention has become, let’s look at the following statistics: IBM has 1,000 employees working on blockchain-powered projects. They’ve also set aside $200 million for development. Financial and tech firms invested an estimated $1.4 billion dollars in blockchain in 2016 with an increase to $2.1 billion dollars in 2018.

Blockchain technology provides transparency to consumers and companies alike. Because it is decentralized, it also ensures no single party has a complete control over the actions and transactions. Simply put, it assembles information of any sort permanently and hence can be used in any industry to store and access data.

Currently, there are several blockchain solution providers that offer a platform on which apps can be built to run. For example, Ethereum is one such open software platform based on blockchain technology that enables developers to build and deploy decentralized applications. Many developers are building specific solution oriented applications depending on the industry on this platform. Within retail, it can be adopted across various stages of a product cycle because of its versatile nature.

This report gives an introduction to this path-breaking technology and its potential in transforming the retail and luxury space.