This IDC Perspective examines the implications European retailers face in adopting blockchain technology. In retail, blockchain is a key enabler for traceability, loyalty, and compliance, supporting retail organizations in facing the pressure of evolving to experience-based business models and delivering real-time contextual experiences. Therefore, implementing blockchain provides European retailers with the means to face these security challenges while enabling their customers to enforce their data privacy rights regarding the personal data they choose to share with their preferred brands.
"More and more European retailers are implementing blockchain technology, and investments will achieve a five-year CAGR of about 70%," said Ornella Urso, research analyst, IDC Retail Insights. "As a first step of the technology adoption road map, it is important for retailers identify business cases they intend to achieve for enabling supply chain visibility, customer loyalty, and regulatory compliance; acquiring the right talent; and being part of a dynamic ecosystem."