Indian electronics company Intex is planning to use blockchain and Web3 technologies including metaverse. Blockchain service provider 5ire will help Intex in implementing blockchain in its supply chain operations.
Intex’s director Keshav Bansal told Mint, “We are starting with our supply chain management. The concept of 5ire working on layer 1 adds value to what we want. It is quite relatable and so we are starting with 5ire.”
Bansal said that Blockchain technology is still in nascent stages. “Being early adopters will open a lot of opportunities, efficiencies, and other benefits-- right from supply chain management, raw material procurement, and manufacturing processes. We can also protect our brands from counterfeit products as tracking becomes easy with blockchain,” he added.
After blockchain, Intex is also planning to leverage metaverse. Bansal said that a metaverse store is in the pipeline. “We plan to open a store in the 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),” he added.
Bansal said, he is in active discussion with some partners over metaverse. But implementation will take some time.
Commenting on the impact of the implementation of blockchain on operations, Bansal said that he is hopeful that over the next three to five years it will have a tangible impact, whether it's on cost tracking, quality, and better management.
The blockchain service provider 5ire said that the adoption of 5ire blockchain by Intex will help the company save time and money and build strong customer relationships. It will encourage transparency and lead to healthy customer relationships.
“Intex's adoption of blockchain technology to enter Web 3.0 is pivotal for building a community around 5ire's mission of bringing a for-benefit paradigm shift,” Pratik Gauri, chief executive and co-founder of 5ire said in a statement.
Incorporated in 1996, Intex is a $950 million company with more than 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 had announced in 2018 that it was planning to use a blockchain-based ledger system to keep track of global shipments. Samsung also opened a metaverse store in Decentraland early this year.