In 2022, shoplifting cost retailers over $90 billion. Businesses are turning to blockchain technology as a potential solution, but how exactly would this work? Rachelwolf00 explains.
The retail industry is one of the most important sectors of the United States economy. Unfortunately, the COVID-19 pandemic has left the trillion-dollar retail sector vulnerable to in-store theft.that retail losses from stolen goods increased to $94.5 billion in 2021, up from $90.8 billion in 2020. Some retailers also have to lock away certain products to prevent theft, which may lead to decreased sales due to consumers’ inability to access goods.
“Through Project Unlock, a unique ID is registered and assigned to each of our power tools. When that product is purchased, the RFID system activates the power tool for use. At the same time, the transaction can be viewed by anyone, since that information gets recorded to a public blockchain network.”
While the concept behind Project Unlock is innovative for a large retailer, David Menard, CEO of asset verification platform Real Items, told Cointelegraph that his firm has been exploring a similar solution. “Traditionally, RFID tags prevent theft, so this problem has already been solved,” he said. Given this, Menard noted that Real Items combines digital identity with physical products to ensure that stolen items can be accounted for.
Menard further explained that Real Items uses the Polygon network to store product information. It’s important to point out that this model differs from Project Unlock since a blockchain network is only used here to record information about a certain item. “We use a product’s digital twin — also known as its NFT — for engagement. It can be tied to anti-theft, but it’s more about providing retailers with useful data.
Hernandez explained that this allows communities to purchase a digital good in a metaverse-like environment, which can then be redeemed for a physical item in store. She said:
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