SCOPE OF BLOCKCHAIN TECHNOLOGY IN THE RETAIL INDUSTRY

Blockchain is an evolving technology for the exchange of decentralized and transactional data through a global network of untrusted parties. It allows for new types of distributed architectures in software. While the technology was introduced in initial days primarily in digital currency, it is also a promising technology for other fields. This paper provides a concise introduction to the Blockchain technology. This also addresses how Blockchain technology can be used to great benefit by clients and retailers in the many business processes in the retail sector. The paper highlights the increase in Blockchain adoption and also some of the challenges.