ReCheck was recently featured in a dedicated bluepaper on the subject of “How might blockchain change online retail. The material was prepared for the e-commerce network party in Netherlands: Shopping Tomorrow – an initiative of Thuiswinkel.org. Our longtime friend Maarten de Borst, Editor In Chief of Blockup.nl, has been very kind to mention ReCheck as a solution for verifying product authenticity.
The paper gives very interesting insights on current topics regarding the implementation of blockchain and its potential compliance with 2018 GDPR regulations. Managing of one’s digital identity becomes a central theme once more. The material outlines the fact that, even with the regulations into power, the majority of users are still unaware of who has access to their personal information they have stored on a web service or whether all security protocols and regulations are followed strictly. Within the context of e-commerce, blockchain is a convenient platform for both secure storage of data and payment method with e-wallets.
The decentralised nature of the blockchain technology can play a key role and tackle two of the biggest challenges in retail network – transparency and visibility. Authors give example how most retailers have virtually no insight into how the supply chain looks after the first-line supplier. The many links within the chain along with the associated quantity of paperwork and stakeholders generate risks and inefficiencies, hence all participants are affected. For example, contamination of an ingredient in food can seriously damage the company’s reputation if the company is unable to quickly trace the origin of the problem.
Within the authenticity and project origin section, ReCheck is mentioned as a very innovative blockchain solution to tackle existing obstacles in the mentioned categories. Difficulties in identifying fake products can lead to declining sales and a deterioration in the value of real products. A blockchain solution can increase trust because customers can simply scan a code or a special chip that is attached to the product. Emphasis on product authenticity is given with the example of supermarkets that specialise in organic food and GMO free products. Supermarket chains can use a blockchain solution in order to build and increase trust in their products by allowing customers to trace the path of a product – from the farm to the store.
The entire article aims to objectively present the main advantages the future of e-commerce can benefit from a technology such as blockchain. Within the context, ReCheck solidifies the value proposition and authenticity use case, but so much more at the same time. Terms like digital facts, full product traceability and origin verification will steadily enter business operations and especially e-commerce in the near future.