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Friday, April 19, 2019

Blockchain Enables Digital Transformation in Retail

Distributed ledger solutions have the capability to ensure the provenance of any asset, via consensus. Blockchain could ensure that the original inspection certificates are not false and, if a problem did develop, could show that the provenance of the materials used by vendors is known.

Several retail industry applications are a perfect fit for this emerging technology. Blockchain versatility offers retailers transparency in the supply chain, customer loyalty management and operational efficiencies, among other significant benefits.

Retail Blockchain Market Development

According to the latest worldwide market study by Juniper Research, annual revenues from blockchain retail asset tracking will reach $4.5 billion by 2023.

Juniper’s new study findings uncovered that retailers can opt for different types of deployment approaches for their preferred blockchain applications.

It pointed out that some retailers -- such as Alibaba or JD.com -- are launching their own BaaS (Blockchain-as-a-Service) platforms, while other retailers -- including Walmart -- have opted to partner with specialist service providers.

Juniper forecasts that the number of retailers using blockchain in the U.S. market alone will grow by over 7,500 percent between 2018 and 2023 to reach nearly 15,000 retailers by the end of 2023.


Juniper assessed 17 blockchain vendors, scoring their level of agility, presence and innovation, on the complexity of their blockchain solutions and prospects in the field.

Juniper has ranked the 5 leading vendors in the space as follows: IBM, Digital Asset​, NEM, Applied Blockchain and R3.

According to the Juniper assessment, IBM has established itself as the leading provider of blockchain technology; combining agnostic blockchain solutions, extensive commercial deployments and high-profile partnerships.

Meanwhile, Digital Asset has built a solid customer base for which it develops tailored real-world blockchain application solutions, especially in tracking and settling financial assets.

Outlook for Blockchain Application Growth

Juniper forecasts that significant blockchain-related revenues will be achieved in three key regions -- Far East & China, North America and Western Europe.

Juniper also forecasts that countries will spend over $72 million on blockchain for land registry by 2023. Over $38 million is expected to be spent by European registries by that time; Sweden’s Lantm√§teriet and HM Land Registry in the UK have already invested significantly in trial solutions.