Deloitte Warns Businesses ‘Risk Falling Behind’ if Don’t Consider Blockchain Technology

Blockchain technology is expanding in many different businesses all over the world. But it is also being embraced by governments and different institutions and agencies. According to the audit and consulting firm Deloitte, blockchain technology will become a critical asset in the retail and consumer industry.

Deloitte Recommends Investing in Blockchain Tech

According to a report issued by the company, the potential impact of distributed ledger technology (DLT) is huge. The company believes that in the long term the technology will flourish and it will change the way in which retail and consumer packaged goods are delivered. 

The company wrote:

“Our new insight report explores the potential for blockchain technology to underpin a transformation in the retail and consumer packaged goods value chain. While we fully expect blockchain technology to achieve widespread mainstream adoption in these sectors sooner rather than later, we firmly believe that long-term, sustainable success is only possible through careful planning and prioritisation of work programmes.”

The report explains that Blockchain will be a standard operational technology in many different industries, including the financial, manufacturing, and consumer industries. The technology would help companies reduce costs and be passed to consumers in the form of lower prices. Additionally, the products would be safer and will have higher quality.

“The ultimate beneficiary will be the consumer,” says the report. “If blockchain can create efficiencies and save costs throughout the supply-chain, these benefits can be passed on the consumer in the form of lower prices. If blockchain provides more transparency across the supply-chain, these benefits can also be passed onto the consumer in the form of safer products and higher quality.”

Blockchain Expands

Dubai, one of the most important cities in the world, has decided to strongly embrace blockchain technology. As we mentioned in another article, Dubai wants to process 50% of its transactions by 2021 with blockchain technology.

This is certainly one of the main points that Deloitte is marking. Those industries that will embrace blockchain technology will have higher benefits, returns and happier clients. In addition to it, the technology is very secure and can be used in many different areas.

At the same time, at the beginning of May, the Department of Economic Development (DED) unveiled a project known as ‘Dubai Blockchain Business Registry’ that aims to help enterprises settle in the country.

Furthermore, the city has also created a virtual Business-to-Business (B2B) marketplace for travellers. Something that would allow them to select among a wide variety of local tourism options.

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Author: Carlos Terenzi”