In a recent Client Alert, Alan Cohn, Jason Weinstein, and Meegan Brooks discuss the impact of blockchain technology in the retail industry, which will likely see more disruption in the next few years than it has seen in decades. What role will blockchain technology play in that disruption?
Instead of completely disrupting the retail industry, blockchain technology could be used to aid compliance with new and evolving regulations. There are three specific applications within the retail industry where blockchain technology can be used to provide greater efficiency, effectiveness, transparency, and trust: (1) supply chain management and tracing the provenance of goods; (2) the resale market; and (3) automatic renewal and subscription services. While implementing any new technology, including blockchain, comes with its own challenges in terms of scalability and implementation, the benefits may outweigh the costs.
To read the full Client Alert, click here.
To learn more about Steptoe’s Retail Industry practice, click here.