In a new report, consulting giant Deloitte has stated that the retail and consumer packaged goods (CPG) industry are well positioned to leverage blockchain opportunities to revolutionise their operations and processes.

The research, New tech on the block, looks into the areas where blockchain could have the greatest impact within the retail and CPG industry. It is based on the analysis of 16 blockchain use-case groups, which were developed from an initial analysis of over 50 use cases which were shortlisted and combined to encompass the retail and CPG markets and potential blockchain applications.

The use-case groups have also been categorized by purpose into:

• Consumer: Includes smart loyalty programmes, consumer participation, targeted recall, sharing economy etc.
• Supply chain: Includes authenticity and provenance, delivery, know your customer, fraudulent transactions and others.
• Payment and contracts: Includes consumer payments, B2B payments, digital advertising, and consumer protection.

The research identifies various blockchain use cases for the industries and ranks these cases based on their impact and complexity.

“As we enter the ‘age of blockchain’, the retail and CPG sectors are particularly well placed to capitalise on this technology and revolutionise the way many processes are conducted. Businesses that do not consider how blockchain could help are at risk of falling behind competitors,” Steve Larke, technology consulting partner at Deloitte, said.

Deloitte said that it expects blockchain technology to reach a tipping point in the next five years. It added:

“We expect the biggest opportunities to come from multiple blockchains, seamlessly integrated and working together across a value chain.”