Hello, in this lesson we are going to look at a nother amazing use of blockchain. And that is in the retail sector. So whether you're buying clothes or TVs or anything doesn't matter whether it's a physical store, a brick and mortar store or on line because all of these systems all of these different types of stores, these vendors, they generally are connected to the internet and they tracks off digitally and via the internet. So they are primed for blockchain implementation. The first thing I'm going to cover is a concept is an amazing concept called the supply chain ledger. And if you don't know what a ledger is, is basically a database that blockchain uses.

I got a video on that so feel free to go and check that out. Actually, I don't like down at put rectangle around this. And now, let's cover the different aspects of a blockchain ledger. So at its core, it allows you to track where product products are. So, in two words, it's an audit trail audit trails go beyond just accounting. That is a way of tracking everything and where everything has been and how it has come to being in that location with digital or physical and on top of that, it allows you to track the materials that go in to the product.

So we can have the where they came from. So where did the material where they came from So that includes, let's use a different color that includes stuff like the country. It includes the company responsible for potentially mining it or processing it. And it includes the people potentially, as well. And any other sort of, actually, it can also include the thought of the distribution. So how that was actually how laissez faire came from this country?

How did he go from this country to this company? Then eventually, how did it come into being into this particular product, so that's where it came from. You can also check where they went before going into the product, so maybe it was a material. So maybe the material was used in a number product. And I never product. I'm not saying that's a bad thing, obviously, depending on the material and the product and say, what you're paying for it and what it is, that may not be an issue, but in May.

So to be able to see that and truly know that the materials that have gone into the know a drug or a food item, or your phone, for example, is original or it is actually brand new. That is a very, very cool concept and if it is used. How has it been used? Has it been using 20 different devices over the phone, for example? Maybe it's a screen that used in the game, that's okay. But how do you know that he hasn't meaning 10 other phones that have been in let's say 20 different countries with different climates.

And in all these different environments, so that might actually change what you think about buying this. So actually instances it's appeared in, and also the different device types. So maybe somebody tried to put it in a form that was invalid or just what was known not to fully support that screen. And as a result, you're thinking, I don't want this phone because it's got this huge component that I think has essentially been even tampered with or it's just not being used very well. So you can also track who made each part who made each part. So just briefly touched on that the top so we have a, this is a phone screen on it.

So from that we might have the screen might have a mic, camera, storage, battery. And necessary iPhone has just this obviously will probably need are the components, we'll go over the main board logic bomb of a board, whatever you want to call it. But let's say that this so we can track who made this part. And on top of that we can keep going down this audit trail for the screen isn't going to be just found, you know, in the ground and we're going to dig it up on there for less reference or landfill. So what did what was the screen made out of? What was the mic made out of?

It doesn't have to be free or tend to be one it could be two or 3 million. And what was that made out of? What was that made out of? You can see where we're going with this. What was that made out of? What was that?

Made that up. And that we eventually get to the point where we find this is where it was originally mined from the ground. And you can see the actual, the actual route that that has gone down. And this would also include any devices that it's been used in the past the laser, amazing sort of prospect of tracking who made each part. So overall, it confirms overall confirm the quality of the product, because you know, where it's been, you know, what, what went into it, who made that who transported it, how those product like materials were made, and essentially the same questions regarding those products as well. It also helps reduce counterfeiting because we can see where all the products have gone into device so we can see Oh, this isn't actually a legitimate product, or the overall phone might for the most part be but this one core component isn't.

And the fake component they use maybe has a shorter lifespan than the average one use in the real one. This can help reduce lost goods because you can, you know, track it at all stages. And that's the same with materials or whether you're a customer buying the phone, regardless of what stage you're at, whether you're in production in the mining the distribution in the after just the consumer side of it, you can reduce lost goods, and overall it also has and volume vairo mentor transparency So you can see what country was involved, what material wealth came from maybe it was word a from an endangered rain forest or it's skin of an animal and it's a very endangered species and otherwise you would not have known that. And then we actually changed the way you perceive the item or the way you even if you're going to buy the item.

So that is the supply chain ledger. So that's a cool concept. But there's more to the retail uses our blockchain. So imagine food, so food drink. So when I'm saying food, I'm just saying consumable in general thought food, drink pizza, whatever. So you can obviously track it as we are, as we've already discussed.

Over here, we can track the ingredients that have gone into it potentially track the machinery that was used to make him the path that went to that machinery. So it's crazy how much we could potentially be tracking. But beyond that we could track. This is something that come to mind, but it's the temperature along the way. So maybe what you're consuming right now or what you'll be eating has actually gone all around the world. It's gone from countries, it's gone to different transportation methods.

It's gone through different people, different companies, different storage facilities. So check been able to see that the temperature along the way has been the right temperature. It will in in Sure. Ensure the ingredient in Gree. DNA and product folk luck that is the same the same sort of features when just going down the chain. So whether it's the product or the ingredient, the made of the product or those ingredients or those ingredients, and to make sure that they were stored in the right condition, though it goes actually go beyond temperature as well.

So maybe it's only good to be stored in a container that only has five other items in it, you can see that as well. So it's just the actual storage conditions that you can also through check in tracking each part of it and the material so materials in food would be ingredient for example, and the actual machinery that you You use it, you can check. You can check where each ingredient has been for allergy checking. And that's a really powerful concept. Because you see, all the time if you're going into a supermarket, you pick a bag of something Oh, and even though it doesn't contain that it or like the actual product is enough, you'll say making nuts and that's because it's been in a facility that has had not based products in there. And as a result, just to make sure and this, I'm pretty positively, they've they started putting it on labels.

It's been on label for a while now, but because there was a case where it wasn't mentioned, somebody had a really bad reaction, and as a result, they potentially got sued. But if you could fully Check, not just if there was a nut, what potential nut was in that facility so maybe you're only allergic to peanuts, for example, which is quite common. And you don't mind Oh, the nut and you check the facility of let's say, a chocolate bar, and you see that it doesn't and never has had any peanuts in a perfect beer. I'm happy with that. Because even though it may contain nuts, it's going to be non peanut based nuts. So you're happy with that.

So grateful allergy check in. So a recap. So overall, overall, it saves time and this is done by Excel rating and automating transactions and it removes costs and reduces overhead. These two are very closely linked. He helps reduce waste, reduces fraud, and counterfeiting all of this leads to increase trust it's a increase in trust between parties, whether that's us as a consumer, and let's say, Walmart, or Amazon and the retailer or retailer, and the people, the company, the retailer, the manufacturers of the item, and maybe the manufacturer of the item, and the people who provided the actual goods, and then the transportation and also us and those other parts as well, because we can see where it's been, how it's been handled, who's handled it so increases trust between all parties, or parties. It also has provided accurate, I should say, more accurate tracking, of delivery of goods that for the most part, actually pretty well done.

In the current system. It's one of those things that I'm always surprised by that string how even though quite a lot is automatable how much human involvement there is To shipping stuff what regardless of what it is that for the most part goes really smoothly even during holidays so like Christmas for example he they they feel torn where used to get really bad during the holiday now it's just a bit of a rush you can you can just have delays but and you're generally secured as well you know for how provided of this change color for it no apparent reason, proof of ownership. So you can see this person did actually truly own that phone so they have been selling me a stolen phone so that's a really cool thing. Because you I'm sure you've been somewhere or tried to buy something maybe seen in a newspaper that somebody's selling the phone it's like half the price that everyone else is selling it for you thinking McGinn Good deal.

One again ripoff because there's something wrong with it. Was it stolen? Obviously if it's the former one great, you definitely want it. If it's the latitude, you can definitely track it to do proof of ownership and potentially even find out if there's something wrong with it by tracking the actual components that have gone into it so that's a pretty cool concept as well. And this will reduce running out to room yep almost done reduce warranty disputes because you can truly say okay this person actually did buy it though it is that it has been only witnessed within this country so maybe the product is only eligible for return or repair if it's only been stayed within the country that it was bought in for example. So that is a nova cool thing is the your help reduce warranty disputes.

So many companies have some sort of loyalty based system will basically provide a more accurate way of tracking loyalty points, your two more points around the cover now. It can help eliminate receipts. Because I'm sure you been to a store you bought something like, make sure you keep that receipt because otherwise without that, we cannot return it even if the product is. Let's say if you go to Walmart, and it's a Walmart product, they'll say, yeah, we can't have it at all, unless you have the receipt on my hand, Walmart is like them the same Walmart as an example. So you'll help eliminate receipts. And you will need a receipt because you can see track the item and say, okay, exactly a six months of warranty left, these components have this X amount of warranty.

Luckily imagine just being able to type in the model number of a phone and just like a chart coming up of all the different components that went in, went into it. All of the different warranty statuses of those component Who is actually responsible for those warranties because even you as a consumer, you might not know you might or might not know, but I've even had to deal with companies or retailers that they don't truly know who should be handling the actual repair or the fixing of intellectual we do it or does he continue to send it retailable with this, we all know for certain who should be handling it. And to celebrate us almost during this hour, use a different color, different pink pinky red color. And this can also help emerging markets. So emerging markets that don't have conventional payment systems because They're all countries around the world, and or places within a certain country, maybe a village that doesn't have a bank system or doesn't have a conventional money based system.

And your help them track, you're helping get hold of these returns. Because you'll find you'll go to the places that don't have certain basic levels of economics, but their phones and through 4g 3g or 2g access, have access to the internet, as well. So it'll help emerging markets. And this is definitely going to be one of the crazy use cases that I think will help accelerate blockchain is you get markets that don't have much choice but to adopt it because they don't really have an alternative. And we as the rest of the world will see how amazing this implementation is, and we'll want to implement it and you'll already be done. They'll probably be some sort of startup in Africa or in India or Certain a certain part of China, for example, and I think a lot of the blockchain innovation will occur from emerging markets.

So that's it for the use cases of blockchain on retail. Been a long video on now. Feel free to ask any questions you may have gone through the video again, check out all the different aspects of blockchain in the retail sector, the supply chain ledger food, the overall benefits. And as usual, thanks for watching, and I look forward to seeing you in the next amazing blockchain video.