Experts expect online transactions to rise exponentially with the holiday season looming. And so will the fraud attempts of criminals aiming to separate shopper prematurely from their hard earned cash.
With online transactions on the increase, it is a challenge for retailers to differentiate between fraudulent and legitimate activities. Businesses need a discerning solution for this problem. This is where blockchain technology comes in. It protects both retailers and customers from fraud without negatively impacting on the customer experience.
The blockchain resembles a shared operating system. Here, all parties involved in an exchange have open access to unchangeable digital transaction records. Therefore, this makes it easy to trace the origin of specific transactions. Blockchain technology significantly lowers risk, increases production and distribution quality, and improve trust.
Blockchain is a Game Changer
Blockchain technology has been a major game changer regarding the transparency of supply chain management. From recording the quantity and transfer of assets, tracking orders, assigning certifications, and linking physical goods to serial numbers and sharing of information, the blockchain provides total security and transparency.
Therefore, smart tagging luxury items and putting them on a blockchain proves a satisfactory solution. This leads to both the retailer and the consumer being confident with the authenticity of the purchased or returned items. This substantially reduces the possibility of fraud, even eliminating it entirely.
Each time a product exchanges hands, the blockchain creates a record. And by doing so it creates a permanent archive for the product, from manufacture to sale. Similarly, the technology tracks and authenticates product origin prior to shipment from one organization to another.
Fraud-Free Holidays with the Blockchain
Blockchain technology has massively increased product awareness and more so, trust between retailers and consumers. The two can now confidently buy or return products tracked on a blockchain. Additionally, with this system, it is difficult, if not impossible, to get away with fraud or inaccuracies.
With this objective, trustworthy, third party mediator, retailers or shoppers shouldn’t worry about fraudulent transactions. In fact, authenticating and controlling goods on blockchain will reduce the tension and uplift the holiday spirit.
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The post Holiday Shopping 2018: Blockchain Technology Preventing Brand Fraud by Dennis Wafula appeared first on BittPress.