Blockchain Can 'Revolutionize' Retail, Deloitte Says

Deloitte's new report says that distributed registry technology can eliminate four major "bottlenecks" of supply chains in retail and consumer goods
29 May 2018   813

The technology of blockchain will become an important tool for retail and consumer goods, its "potential impact is enormous." This is stated in the report of the audit firm Deloitte.

According to the New Tech On The Block report, in which the firm's experts analyzed 50 potential cases of using a distributed ledger, the blockchain will become "standard operating technology in the financial, manufacturing and consumer industries."

The next five years will be a "turning point", when the business will begin to understand the potential of the blockchain, are convinced in Deloitte. The report also emphasizes that business should assess whether their strategic goals justify investing in blockchain, and those who will not consider new opportunities "run the risk of falling behind."

The report focuses on justifying the added value that blockchain system systems can create, from the point of view of the consumer, logistics, payments and contracts.

It is crucial for decision makers to understand which areas of the value chain will benefit most from the new technology, and how easy it is to implement.
 

Deloitte's Report

The report cites data from the research firm Gartner, which estimates that the added value of implementing blockchain in the supply chain could grow to $ 176 billion by 2025 and exceed $ 3.1 trillion by 2030.

The Deloitte report emphasizes that distributed registry technology can eliminate four major "bottlenecks" of supply chains in retail and consumer goods: traceability, compliance, stakeholder management and flexibility.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   70

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.