Blockchain Retail About to Explode; Mexico and Canada Move

Blockchain Retail About to Explode; Mexico and Canada Move

Blockchain businesses in the retail market will explode in the next five years as it will grow to more than $2.3 billion by 2023. Mexico and Canada moved forward and started a new Blockchain association and a new Bitcoin payment feature respectively.

Today, only six per cent of companies are ready to make the jump to the blockchain market, however, within the next five years, 78 per cent of businesses would be ready to integrate DLT for payments, said Monica Eaton-Cardone, founder of Chargebacks911 and an official member of the Forbes Technology Council.

“Distributed ledger technology has moved from theoretical possibilities to practical uses., and the implementations we are seeing now are just the tip of the iceberg in terms of what blockchain can do for retailers,” stated Eaton-Cardone. “I believe Blockchain has the capacity to completely reshape the retail landscape within the next five years.”

Blockchain applications are called to change the retail industry. Supply chain management is one, Walmart and Sam’s Club are a good example of that with their Blockchain solution to contain foodborne diseases.

Inventory management will be benefited by blockchain as the technology would save retailers more than $1 trillion each year from losses coming from back order and out-of-stock scenarios.

Blockchain will allow retailers to save and use customer data and loyalty programs, as well as improve subscription services and authentic verification. It will be safer, more efficient to track and attractive, and will offer better recommendations for both, companies and clients.

First Blockchain association in Mexico

Seven firms have created the first blockchain association in Mexico with the target of the developing of education among people in technology deployment and potential applications.

The Asociación Blockchain México was founded by Volabit, Bitso, GBM, ConsenSys, Lvna Capital and Exponent Capital, and follow the steps of other associations such as the Congressional Blockchain Caucus in the United States, e-Estonia in the east-European country, and Crypto Valley in Switzerland.

According to Mouses Cassab, founder of Exponent Capital, “today’s blockchain applications range from money transfers effectiveness and international payments to the democratization of the financial system.”

Felipe Vallejo will be the first president of the blockchain association. He said that Blockchain “technology has the objective of creating more transparent, safe and efficient procedures.”

In the same line, BIVA director affirmed the association wants to create “a space for discussion and public policy,” and at the same time, they want “everyone to be able to present their ideas.”

Regarding public policies and regulation, Banco de Mexico announced in September that any crypto exchange and banks providing crypto services will be required to have a permit from the bank.

Glance Technologies launches a Bitcoin payment feature

Canada is doing big steps in blockchain and cryptocurrencies. One example is the launching of a new Bitcoin payment feature by Glance Technology, the Canadian company based in Vancouver.

Glance Technology will allow users to pair their cryptocurrency wallet with their Glance Pay and Glance PayMe accounts.

“We are continually building out new payment features to ensure our platform is at the forefront of technology,” says Glance Technologies CEO Desmond Griffin. “Pay With Bitcoin allows Glance users to unlock the value of their crypto assets for use in their everyday lives while seamlessly opening up a new cutting-edge payment method for merchants.”

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