Let’s go back to the time when industrial revolution had just begun! There was a lady known as Alicia who sold flour in the village she lived. Although, she had too many customers in the village itself, she was not satisfied and wanted to expand her clientele. For this, she decided to sell flour in other villages as well. So, she packed up the flour and sent the tins to other village aspiring to become as famous as she was in hers. But there was a problem, in her village everyone trusted her and knew that the flour she was selling was untainted. But to the folks of other village, she was just another one trying to expand her business. So, she had to visit the grocery store to ensure that the floor was not tampered with anything. The reason behind this was, the name on the tin pack was hers and the low-quality food could have affected her reputation. As her brand started to grow, it became an asset and more measures were required to protect its value.
Fast forward to approximately 200 years later, and a new problem of multiple agencies has emerged. It looks something like this.
A supermarket sells tonnes of flour each year which is cheap & abundant in its supply. Meanwhile in another corner of the world, a random company of similar sounding name, releases ‘saw dust’ that looks like flour.
This causes a bad brand name for the previous company and it demands lab tests. The guilty are spotted once the results come in. Now, another problem comes to light. This result declaration and its subsequent marketing involves a lot of paperwork. The previous brand needs to shout from the rooftops to establish their brand again and lose the negativity that has now attached itself to its brand name. If not, it shall lose all credibility in the market.
How Will Blockchain Help Brands In Retaining Their Position In Market?
If Blockchain technology moves forward at the same pace, then it’ll influence in life quite sooner. Transactions in every sector will become transparent and bluffing will no longer be possible. In today’s world, when even a small mistake can be responsible for huge losses, it has become essential to deliver the services and products. So, the profits, ideas and transactions will be enforced by highly sophisticated systems and middle men will no longer be needed. But how will these technologies fit in? Well, some brands have already started implementing it, take a read further to know more about them!
Walmart: In China, Walmart teamed up with tech giant IBM and Tsinghua University so that they can digitally track the pork from field to the rack. This makes sure that there is an ultimate transparency on how and who purchased pork from where and supplied where! An impressive step indeed!
Shanghai Fashion Week: The brand known as Babyghost, partnered with VeChain to enhance the digital experience of the customers. They could feel more connected with the brand and could get the entire story behind any product just by tapping the tags on their phones.
Open Bazaar: This is like what modern day online shopping websites would look like and uses the Blockchain technology to ensure the safety of the buyers and customers. It works on one core principle that nobody will be able to hamper the brand value unnecessarily and the promises will be fulfilled to the customers.
Provenance: It’s also using the Blockchain to ensure the transparency in the entire transaction so that neither the customers nor vendors are unaware of anything. This removes the possibility of adulteration in any form.
This step will surely be an advantage to the customers but will unveil the companies that make fake promises to their clients and don’t fulfil them!
We are still unsure how will the implementation of Blockchain transform the commercial sector as the mass adoption of this is yet to come. But organizations have started to take measures to secure their brand name and brand value! It’s always good to start early anyway! What do you think about this? Do let us know in the comments section below!