There is little doubt that Blockchain technology has the potential to revolutionise industries and change the nature of capitalism by bringing more trust, efficiency, transparency and accurate recording to everyday transactions, states PricewaterhouseCoopers (PwC). But before this can happen, challenges must be overcome to allow proof of concept projects to progress to full implementation.
Among the areas that need particular focus are overcoming collaboration and interoperability challenges, the role of governments in enablement and regulation and best practices derived from implementation projects in different countries.
Commenting on the relevance of Blockchain in the retail industry, Oliver Sykes, partner, Digital Trust at PwC Middle East, said, “Blockchain has multiple disruptive use cases in the retail industry. It can provide a platform to facilitate greater integration between influencers and brands. It brings the possibility to enhance customer visibility and trust around the authenticity of products. With local regulation being introduced, customer privacy is high on the agenda for retailers in the Middle East and blockchain can provide solutions for retailers to protect consumer privacy. It can also be used to tokenise customer loyalty systems, potentially increasing the value of ownership and liquidity.”
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