A robust retail POS system based on blockchain

In today’s competitive era, integrating robust Point of Sale (POS) solutions into retail business allows businesses to improve payment services, inventory operations, and customer service.

However, the traditional POS process is complex. Involving multiple entities complicates tax, supply chain, and billing. So, there is a need to integrate the traditional pos system with modern technologies such as blockchain to ensure security.

The current pos system includes the following components:

  • PC or tablet system for ordering /
  • Barcode reader to scan products.
  • A software that can maintain and store sales data
  • Credit / Debit Card Slider
  • Printer

Connecting the POS to a distributed network (also known as blockchain) eliminates the need for middlemen and allows the use of smart contracts to increase the reliability of the system.

From inventory management to sales and tax accounts to automated payments using customer data, the blockchain can simplify POS securely and efficiently.

Here’s how a Blockchain-based robust POS solution can make a difference:

Data storage on the blockchain: Smart contracts process incoming data and take steps to ensure that taxes, regulations, and compliance are maintained before transactions occur.

Blockchain gives all stakeholders, including product suppliers, vendors, buyers, regulators, and other authorities, transparent access to the immutable data stored in distributed ledgers.

For example, if a restaurant owner needs to purchase vegetables to cook, the blockchain can help verify whether the vegetables were purchased from an authorized vendor. Blockchain also provides transparency by giving customers access to past invoices at all times.

Pay in cryptocurrency: Payments are automatically deducted through the customer’s crypto wallet at the time of ordering and sent to the business owner’s wallet. Transaction details are stored on the blockchain and can be used later for tax and auditing purposes.

Quick check: Lawyers participating in the blockchain POS ecosystem as auditors/authorities have direct access to time-stamped records related to taxes and payments. You may be able to use smart contracts to quickly perform annual or quarterly audits.

Now let’s see the benefits that the blockchain-based pos system bring to the various stakeholders of the system.

Benefits for sellers

  • By adding regulations to smart contracts, the blockchain can reduce costs by eliminating the need for middlemen such as accountants, consultants, and auditors.
  • Blockchain allows headquarters to perform financial audits on a monthly, quarterly or yearly basis without any problems. Therefore, tax returns can be filed quickly.
  • With quick access to information about frequently purchased items from the blockchain, companies can efficiently manage their inventory.

Benefits to customers

  • Clients can track their monthly expenditures by tracking information that is always available.
  • Blockchain allows buyers to pay bills automatically via cryptocurrency wallets.
  • Everything on the blockchain is stored in a verifiable and transparent manner so that customers can also track information about the origin of their products.

Conclusion: POS Smart contracts based on blockchain: reduce complexityGovernment authorities can put in place regulations on smart contracts to ensure that taxes are properly applied. Smart contracts also ensure that suppliers of raw materials meet required quality standards. The smart contract built into the crypto wallet allows shoppers to enable take-away payments. Once the customer pays the invoice, the smart contract updates the status of the invoice to “paid” in the ledger. By integrating the pos system with Blockchain, you can reduce various types of taxes, bills, and supply chain complexities.

Cloud-Based Pos system explained

Over the last decade, cloud computing has transformed our business. As these technologies continue to evolve, they are not the only large chains of organizations with the modern cloud-based pos system.

Modern point-of-sale solutions are more flexible than payment processing. Instead, they can act as a complete business management system. Choosing a cloud-based pos system means you have full control over your business, even when you’re offsite.

With that in mind, here are the major benefits of cloud-based point-of-sale solutions:

Mobility: One of the biggest benefits of using a cloud-based point-of-sale system is that you can access key business information from anywhere on any device. All you need is an internet connection and a browser to access and view the latest business performance metrics. This gives you complete control over your site without worrying about it.

Cloud-based software solutions are usually compatible with tablets and other mobile devices, making them easily accessible in stores and restaurants. Send orders directly from the office to the kitchen or complete the transaction in the store for an overall more convenient customer experience.

Safety: Local data storage has proven to be too risky for businesses. In the event of theft or damage, this information can be lost or misplaced. Regardless of the size or nature of your business, protecting your customers and personal information should be a top priority.

Unlike point-of-sale solutions, the cloud-based pos system does not require sensitive business information to be stored on your computer’s hard drive. Instead, the information is stored on a server outside the site. This means that even if your business is the target of theft, your most important information can be kept safe.

Deep Access To information

Some cloud-based point-of-sale solutions provide deep access to information and management tools through a secure online merchant portal. The Merchant Portal allows you to manage employees, customers, inventory and create and export custom reports by customer, product, and date. You can also log in to your account settings, update your business and personal information from any device, set up email alerts, order consumables and devices, and take action with the latest billing management tools.

Fair price: Cloud-based POS is hardware-independent. This means you don’t have to shell out new and expensive hardware. Instead, this premium software is designed to run on Apple, Android, or PC devices. In addition to less hardware investment, business owners have access to a subscription-based pricing model for the software they use. This is an affordable option for people who cannot prepay.

More Centralized Data

A cloud-based pos system will also make data more centralized. With a cloud-based point-of-sale system, you can keep more than half of what you do online, anywhere in the world. Do you have multiple locations? This information can be accessed quickly, safely and securely from any device (phone, tablet, laptop, etc.) wherever you are connected to the Internet. If you misplace it, you can easily increase your profitability with innovative tools such as data monitoring, transaction history, and tracking. This is always very useful, and you can get real-time information.

Conclusion: Cloud-based point-of-sale solutions are a valuable investment for business owners looking to reduce costs, save time, and simplify business management. In addition, cloud point-of-sale merchant paths often include or facilitate integration with “virtual devices.” This instantly transforms your business so that everyone can receive payments, including phone, email, website, or email inquiries.