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Blockchain Applications in Retail Cybersecurity: Enhancing Supply Chain Integrity, Secure Transactions, and Data Protection

Author

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  • Rejon Kumar Ray

    (Department of Business Analytics, Gannon University, Erie, Pennsylvania, USA)

  • Faiaz Rahat Chowdhury

    (Department of Business Analytics, Gannon University, Erie, Pennsylvania, USA)

  • MD Rokibul Hasan

    (Department of Business Analytics, Gannon University, Erie, Pennsylvania, USA)

Abstract

Blockchain technology has proven a powerful tool for reinforcing cybersecurity in the retail sector. This research offers an extensive overview of the applications of blockchain in retail cybersecurity, particularly, underscoring supply chain integrity, data protection, and transaction security. The research explored how blockchain can facilitate provenance and traceability well as prevent counterfeiting and enhance vendor management in the supply chain. It also explores how blockchain-based payment frameworks and fraud detection systems can boost transaction security. Moreover, the study assesses the capability of blockchain to safeguard data via privacy and consent management, and secure and immutable data storage. The findings outline the capability of blockchain technology to diminish risks, enhance transparency, and affirm trust in retail cybersecurity. While challenges are inevitable, such as regulatory and scalability considerations, the research infers that blockchain technology presents noteworthy opportunities for innovation and advancement in the retail industry's cybersecurity landscape.

Suggested Citation

  • Rejon Kumar Ray & Faiaz Rahat Chowdhury & MD Rokibul Hasan, 2024. "Blockchain Applications in Retail Cybersecurity: Enhancing Supply Chain Integrity, Secure Transactions, and Data Protection," Journal of Business and Management Studies, Al-Kindi Center for Research and Development, vol. 6(1), pages 206-214, January.
    • Handle: RePEc:alk:jbms00:v:6:y:2024:i:1:id:6787
    DOI: 10.32996/jbms.2024.6.1.13
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