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   750

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.

Authorities to Study Bankrupt QuadrigaCX

Canada Revenue Agency sent a request for access to the tax info from Oct. 1 2015 to Sep. 30, 2018
18 September 2019   43

The Canadian Revenue Agency (CRA) intends to examine corporate declarations that ceased to exist as a result of the bankruptcy of the QuadrigaCX bitcoin exchange, The Globe and Mail reports.

CRA sent a request for access to the tax reporting of the exchange from October 1, 2015 to September 30, 2018, that is, on the date when QuadrigaCX tentatively began problems with the withdrawal of funds.

The E&Y auditor, acting as the trustee of the exchange, intends to discuss the tax request and obtain permission from the court to disclose information.

At the same time, the company noted that one way or another they are forced to comply with the CRA requirements, although this will take a lot of time and delay the payment of compensation to victims.

At the beginning of the year it became known that QuadrigaCX lost access to user funds by $ 190 million, and somewhat later, Indian authorities confirmed the death of the founder of the exchange, Gerald Cotten.