New Delhi: Indian electronics company Intex is planning to use blockchain and Web3 technologies including Metaverse. Blockchain service provider 5ire will help Intex implement blockchain in its supply chain operations.
Keshav Bansal, Director, Intex, told Mint, “We are starting with our supply chain management. The concept of 5ire operating at layer 1 adds value to what we want. It’s very reliable and that’s why we’re starting with 5ire.”
Bansal said that blockchain technology is still in its early stages. “Early adoption will open up a lot of opportunities, efficiencies and other benefits – from supply chain management, raw material procurement and manufacturing processes. We can also protect our brands from counterfeit products as blockchain makes tracking easier.”
After blockchain, Intex also plans to tap into the metaverse. Bansal said a Metaverse store is in the pipeline. “We plan to open a store in Metaverse and showcase our products there. We will also run special offers and give customers the option to experience any kind of product from their home using Virtual Reality (VR).
Bansal said that he is in active discussions with some of the partners regarding the Metaverse. But the implementation will take some time.
Commenting on the impact of blockchain implementation on operations, Bansal said, he expects it to have a tangible impact over the next three to five years, be it on cost tracking, quality and better management.
5ire said the adoption of blockchain by Intex will help the electronics company save time and money and build stronger customer relationships. This will encourage transparency and promote healthy customer relationships.
Pratik Gauri, chief executive and co-founder of 5ire, said in a statement, “Intex’s adoption of blockchain technology as we enter Web 3.0 is critical to building a community around 5ire’s mission to bring about a beneficial paradigm. is for.”
Founded in 1996, Intex is a $950 million company with over 20 product categories including smart watches, LED TVs, mobile phones and speakers.
Intex is one of the first electronics companies in India to leverage Blockchain and Metaverse. Elsewhere, Samsung announced in 2018 that it plans to use a blockchain-based ledger system to track global shipments. Samsung also opened a Metaverse store in Decentraland earlier this year.