Is Blockchain a Breakthrough for New Retail?

The S2B2C Model

Blockchain as a Breakthrough of Retail

  1. High Security: A decentralized/disintermediated credit system itself guarantees authenticity with no external credit endorser involved.
  2. Openness: The system is open. Except for that private information of transaction parties is encrypted, blockchain data is open to everyone and transparent.
  3. Autonomy: Any human intervention does not work, reducing adverse external interference.
  4. Information is Unalterable: As blockchain data can only be added rather than altered, transactions are transparent and unalterable.
  5. Anonymity: A counterparty does not have to disclose its identity to gain trust, which is helpful for the accumulation of credit.

Applying Blockchain in New Retail

Blockchain Accounting in New Retail

The Future of Blockchain in the Retail Industry

  1. The first is asymmetric encryption and authorization technology. The transaction information stored in blockchain is public, but the account identification information is highly encrypted and is accessible only with the authorization of the data owner, thus ensuring data security and personal privacy.
  2. The second is smart contracts. Smart contracts allow the automatic performance of predefined rules and regulations based on credible data that is unalterable. For example, in the case of insurance, if everyone’s information (including medical information and risk information) is authentic and credible, it is easy to automate claim settlement in some standardized insurance products.
  3. The third is consensus mechanisms, which define how to reach a consensus among all accounting nodes and identify the validity of a record. This is both a way of identification and a method of preventing tampering. Blockchain offers three different consensus mechanisms that apply to different scenarios and strike a balance between efficiency and security.

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Alibaba Cloud

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Follow me to keep abreast with the latest technology news, industry insights, and developer trends. Alibaba Cloud website:https://www.alibabacloud.com

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