By Marcelo Bernardino, Executive Director of Industry and Consumption at Indra in Brazil
That blockchain starts to establish itself as a strategic bet for the future for companies is nothing new. The banking sector has been investing in this technology for years, allowing the sharing of digital information in a safe and transparent manner and, most importantly, making transfers (whether bank or otherwise) between two people without the need for a third party, such as so far, with all possible benefits in terms of security and trust for both parties. It is a revolution that also claims its space in the retail sector. Finally, there are few things that are as revolutionary as consumers themselves.
Nowadays, digital transformation is everywhere and, associated with it, technologies are emerging that are changing the way of making and conceiving businesses in search of greater profitability and benefit. Blockchain belongs to this realm, but its potential goes further. Yes, there are already control applications that can operate through database systems, but the blockchain provides a differentiating, more collaborative, transparent and totally reliable approach. With exponential growth, its application is inevitable in the evolution that this sector is currently experiencing.
It is a technology that can make a difference in the entire value chain of companies. For example, in branded products, a digital register on blockchain can be associated with the physical object (through smart tags), to provide a guarantee of authenticity and traceability of goods, both in the supply chain and for sale and after-sale. Indra has an end-to-end solution that allows you to install a code on the product to track its history from the moment of manufacture, collecting different aspects related to authenticity, ownership and warranty, as well as monitoring parts or product characteristics subject to repairs. In other words, it is like acting as a fingerprint that allows us to know, at every moment, the traceability of the product: where it is and what is happening. And this is fundamental to the profitability of the business, which can establish a new communication channel with consumers, since it allows them to obtain in-depth knowledge about the products and make purchases with more information, contributing to their loyalty and reducing costs associated with delays. and human errors.
In short, we are talking about a technology that adds value to the entire supply chain, since the product is a raw material until it reaches the hands of the consumer, and that can be applied to all sectors and businesses. For example, in consumption, it guarantees the origin of the product and that it has followed socially responsible production processes, with great potential in sensitive sectors such as organic food, certifying the origin and quality; or monitoring the supply chain in the case of fresh produce.
Also in luxury and fashion, its main contribution is to guarantee the authenticity of the piece or accessory, so that it presents itself as an indispensable filter when combating the high degree of counterfeits present in some countries. In addition, in the jewelry business, you can certify that, for example, a diamond does not come from the black market or has been stolen; or in art, legitimizing the origin of the work. Even the second-hand market can benefit, as it guarantees the authenticity and origin of the product in the sale and, therefore, increases and ensures consumer confidence.
Advances that suppose an inflection point for commercial transactions. But the possibilities of the blockchain are expanding and may even reach other types of business relationships, as is the case of Smart Contracts, those agreements that have the ability to be executed automatically once they have been defined by the parties. Its concept is not something new, but thanks to blockchain and block chain technology, its execution is more possible than ever, helping professional relationships and making it possible, for example, to formalize agreements between retailers and suppliers worldwide , with unique conditions of immutability, security and transparency. Undoubtedly, it is a qualitative step in the business processes that, until now, were established by traders and sellers.
The technology is there. Blockchain, I insist, is not something new even if its use may be. Innovation is worthless if, in the end, it does not find a real application. Therefore, in addition to forecasting, evaluating and analyzing trends, it is important that companies adopt this new technology and be aware of the benefits it can bring to the business. At Indra, we take advantage of this technology thanks to an offer that incorporates technological assets, real experience and strategic vision. We don't talk about blockchain anymore. We do blockchain.
Certainly, the future is promising and the retail sector is witnessing a new revolution in which technologies, some emerging and others already perfectly applicable, will establish themselves as the driving force behind all this change. However, every advance must be approached and led with the best solutions and with partners who know how to take advantage of these capabilities and put them at the service of their customers. Because that is the real key to technological innovation. May it go far beyond what it promises, be the key to the future to make the transformation of companies into something real, cutting edge and, above all, suppose a real impact on the income statement. Without it, there is no possible revolution.
Nowadays, digital transformation is everywhere and, associated with it, technologies are emerging that are changing the way of making and conceiving businesses in search of greater profitability and benefit. Blockchain belongs to this realm, but its potential goes further. Yes, there are already control applications that can operate through database systems, but the blockchain provides a differentiating, more collaborative, transparent and totally reliable approach. With exponential growth, its application is inevitable in the evolution that this sector is currently experiencing.
It is a technology that can make a difference in the entire value chain of companies. For example, in branded products, a digital register on blockchain can be associated with the physical object (through smart tags), to provide a guarantee of authenticity and traceability of goods, both in the supply chain and for sale and after-sale. Indra has an end-to-end solution that allows you to install a code on the product to track its history from the moment of manufacture, collecting different aspects related to authenticity, ownership and warranty, as well as monitoring parts or product characteristics subject to repairs. In other words, it is like acting as a fingerprint that allows us to know, at every moment, the traceability of the product: where it is and what is happening. And this is fundamental to the profitability of the business, which can establish a new communication channel with consumers, since it allows them to obtain in-depth knowledge about the products and make purchases with more information, contributing to their loyalty and reducing costs associated with delays. and human errors.
In short, we are talking about a technology that adds value to the entire supply chain, since the product is a raw material until it reaches the hands of the consumer, and that can be applied to all sectors and businesses. For example, in consumption, it guarantees the origin of the product and that it has followed socially responsible production processes, with great potential in sensitive sectors such as organic food, certifying the origin and quality; or monitoring the supply chain in the case of fresh produce.
Also in luxury and fashion, its main contribution is to guarantee the authenticity of the piece or accessory, so that it presents itself as an indispensable filter when combating the high degree of counterfeits present in some countries. In addition, in the jewelry business, you can certify that, for example, a diamond does not come from the black market or has been stolen; or in art, legitimizing the origin of the work. Even the second-hand market can benefit, as it guarantees the authenticity and origin of the product in the sale and, therefore, increases and ensures consumer confidence.
Advances that suppose an inflection point for commercial transactions. But the possibilities of the blockchain are expanding and may even reach other types of business relationships, as is the case of Smart Contracts, those agreements that have the ability to be executed automatically once they have been defined by the parties. Its concept is not something new, but thanks to blockchain and block chain technology, its execution is more possible than ever, helping professional relationships and making it possible, for example, to formalize agreements between retailers and suppliers worldwide , with unique conditions of immutability, security and transparency. Undoubtedly, it is a qualitative step in the business processes that, until now, were established by traders and sellers.
The technology is there. Blockchain, I insist, is not something new even if its use may be. Innovation is worthless if, in the end, it does not find a real application. Therefore, in addition to forecasting, evaluating and analyzing trends, it is important that companies adopt this new technology and be aware of the benefits it can bring to the business. At Indra, we take advantage of this technology thanks to an offer that incorporates technological assets, real experience and strategic vision. We don't talk about blockchain anymore. We do blockchain.
Certainly, the future is promising and the retail sector is witnessing a new revolution in which technologies, some emerging and others already perfectly applicable, will establish themselves as the driving force behind all this change. However, every advance must be approached and led with the best solutions and with partners who know how to take advantage of these capabilities and put them at the service of their customers. Because that is the real key to technological innovation. May it go far beyond what it promises, be the key to the future to make the transformation of companies into something real, cutting edge and, above all, suppose a real impact on the income statement. Without it, there is no possible revolution.
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