Leading Brazilian retailer Via Varejo is betting on the blockchain to revolutionize its business. Via Varejo, whose portfolio of brands includes Casas Bahia, Extra and Pontofrio, has teamed up with Airfox, a blockchain-fueled payment platform, for the initiative. Thousands of consumers at these retailers may have come in contact with blockchain technology for the first time.
It’s not just these companies, as many sectors of the economy are adopting blockchain technology as a way of improving their systems. Thus, the blockchain is capable of being incorporated into areas from financial systems and payments to businesses involving DNA testing, for example.
Retailers Adding Blockchain for Payments
As for the new Airfox partnership, customers of retail stores Casas Bahia and Pontofrio may engage with the blockchain as an application to pay their bill. For instance, thousands of people will have the convenience of paying their bill through a smartphone.
Consumers can even use the blockchain-fueled app to apply for credit with the Brazilian retailers. Therefore, the security of the blockchain will give people more confidence when requesting these types of services through an application connected to the internet.
It seems that Casas Bahia and Pontofrio are betting their entire ecosystem on the blockchain. Among the various features presented in the platform, consumers can even withdraw and deposit money.
The companies are pioneering what appears to be a revolution in the Brazilian retail market linked to blockchain technology. As Casas Bahia and Pontofrio represent a large part of the retail trade throughout the country, this innovation can have a positive impact on the entire Brazilian financial market.