If we just consider the FMCG sector the total Rs. 1 Trillion Rupees was lost to the company in the current financial year i.e 2019. It’s increasing every day. It’s just not the revenue loss fo the company but also the money loss for the Consumer. This application of blockchain can eliminate duplicate products form the market.
If we compare all the sectors the lost is much much more than 100 Billion USD. The Logo, The Hallmark all the very traditional ways to ensure that the product is genuine. Before we discuss any further let’s try to understand the key properties of Blockchain
if you want to learn more about blockchain please refer this link what is blockchain
Key Benefits of Blockchain
- Keeps immutable records of Transactions
- Keeps records of Ownership of Digital assets or records
- It’s Public
- Record can never be modified the only owner can transfer the records
How Application of Blockchain can remove duplicate products
For Video explanation on how blockchain can prevent the duplicate products please check out below video
The below step will explain to you, how easily the application of Blockchain can remove duplicate products from every sector. This will help businesses as well as consumers. The consumer will get value for money and businesses will spend more and more on research to produce quality goods for consumers.
- Whenever a product is created, we will create a record in Blockchain
Every company, I mean only companies, will have access to create the product on the application of blockchain. Once the product is created it can only be modified by the creator of the product. Now the product will be shipped to the Distributor. As soon the product is shipped its ownership in the blockchain network will be transferred. Now even the creator of the product i.e companies cannot manufacture the product.
- Transfer the Records to Distributor and then to retailers
The manufacturer will transfer the product to the distributor when the product is shipped. When the distributor ships the product to a retailer, the ownership of the tire is transferred to the retailer.
- When User Purchase the Product, he will scan the product in Blockchain App
When a user goes to purchase the tire, he will scan the id of the product and the blockchain application will tell him the product is original. It will confirm that the product is coming to the right owner.
If the retailer is selling a duplicate product, the blockchain application will show that the product was never manufactured. It may say that the product was already sold. whatever the reason you will be saved
Well, this was the simple application of Blockchain. With this concept implement rightfully after taking out all stakeholders into confidence, we can change the world.
Hey, if you want to learn more about blockchain, please enroll for the Blockchain course at Newtum
If you want to develop this application, you can contact techaroha team for blockchain applications development