UK-based multinational professional services network Deloitte issued a report saying that blockchain technology would become a huge asset to the retail and consumer packaged goods (CPG) industry. The report also included analysis on 50 potential use cases for blockchain and concluded that the “potential impact” of the growing technology is “huge”.
The report, “New Tech on The Block”, explains how blockchain will become “a standard operational technology across the financial, manufacturing and consumer industries,” adding that in five years, there will be “a tipping point” as businesses start to understand blockchain’s potential. The report also highlights the importance of assessing whether a company’s objectives would benefit from a blockchain investment, adding that those that do not consider the possibilities are “at risk of falling behind”.
The report also looks into the reasoning for using blockchain on three main areas, namely consumer, supply chains, and payments and contracts, rating each according to the added-value potentially created by blockchain systems. While the report is mainly focused on business adoption, it also highlights that:
“The ultimate beneficiary will be the consumer. If blockchain can create efficiencies and save costs throughout the supply‐chain, these benefits can be passed on to 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.”
The Deloitte report quotes figures from Gartner, a market research firm, estimating blockchain’s business value-add to grow to $176 billion by 2025 and exceed $3.1 billion by 2030.