Do you mostly buy from your ‘favourite’ local store? What if all the outlets of your favourite store knew your shopping habits and preferences? Provided your data is kept secure along the transaction chain, are the promise of hyper-personalization and ultra-high convenience worth the trade-off?
Thankfully, this isn’t hypothetical. Companies using blockchain or distributed ledger technology are able to track records easily on a global scale. Not only in retail, but almost every industry is applying blockchain to simplify its processes and offer personalized solutions to its customers.
In this article, we’ll discuss what makes blockchain a compelling technology and its continuing adoption across industries.
Why are Companies Using Blockchain?
Blockchains are encrypted, growing lists of records. It records every single transaction with a time-stamp. No one, including the owner, can modify the ledgers (or records) in a blockchain.