Samsung had announced in 2018 that it was planning to use a blockchain-based ledger system to keep track of global shipments (Photo: Istock)

Intex to use blockchain in operation, metaverse store is on the way

Indian electronics company Intex plans to use blockchain technology and Web 3 including metaverse. Blockchain 5ire service provider will assist Intex in deploying the blockchain in its supply chain operations.

Intex director Keshav Bansal told Mint, “We start with our procurement management. The idea that 5ire works in layer 1 adds value to what we want. It’s very related so we start with 5ire. ”

Bansal said blockchain technology is in the growth stages. “Early adoption will open up a lot of opportunities, efficiency, and other benefits – from supply chain management, immature procurement, and production processes. We can also protect our products from fraudulent products as tracking becomes easier with the blockchain, “he added.

After the blockchain, Intex also plans to enter the metaverse. Bansal said a metaverse store is on its way. “We plan to open a store in the area where we will showcase our products. We will also make offers and give customers the opportunity to choose to experience any type of product in their home using virtual reality (VR), “he added.

Bansal said he was in active discussions with other colleagues about the issues. But the implementation will take time.

Commenting on the impact of blockchain implementation on operations, Bansal said, he hopes that over the next three to five years it will have a significant impact, regardless of cost, quality, and better tracking.

5ire said the adoption of the blockchain by Intex will help the electronics company save time and money and build stronger customer relationships. It will promote transparency and lead to healthier customer relationships.

“Intex’s adoption of blockchain technology to access Web 3.0 is critical in building a community about 5ire work to bring about a profit-changing paradigm,” Pratik Gauri, chief executive and founder of 5ire said in a statement.

Compiled in 1996, Intex is a $ 950 million company with more than 20 product categories including smart watches, LED TVs, cell phones, and speakers.

Intex is one of the first Indian electronics companies to develop blockchain and metaverse. Elsewhere, Samsung announced in 2018 that it plans to use a blockchain-based ledger system to keep track of global shipping. Samsung reopened a metallic store in Decentraland earlier this year.

Sanjit
Sanjit

I am Sanjit Gupta. I have completed my BMS then MMS both in marketing. I even did a diploma in computer software and Digital Marketing.

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