eCommerce helps to buy/sell anything online, the growth of eCommerce is tremendous and it changed the way of shopping. Similarly, blockchain technology is getting huge attention everywhere and the use cases built on top of the blockchain ecosystem are also increasing day by day.
Blockchain is a technology similar to a database that is completely decentralized with highly secured and ensuring transparency. The massive existing applications of blockchain currently are cryptocurrencies (Bitcoin, ethereum, ripple), these digital coins built on top of the blockchain through which the transaction can be done peer to peer without any middleman
But blockchain applications are not only limited to that, but it also has huge other applications.
Let’s see how blockchain can help the eCommerce industry.
Instead of using traditional currencies, the payments can be done through digital currencies like bitcoin which helps both sellers and buyers, because it is highly secured and transparent.
Also when the payments are done using cryptocurrencies we can eliminate the payment gateways which acts as the middleman for the transactions between the buyers and sellers.
Since cryptocurrencies are decentralized and not specific to any country there is no governing body that controls cryptocurrency so it can be used for international payments options. Because different countries have different currencies and it includes higher prices for the products with additional taxes, so digital currencies help to cut down the cost and it will be convenient for both buyers and sellers.
Example: shopping.io platform
It is one of the blockchain-based platforms offering a unified marketplace from which one can access many major eCommerce industry players like Amazon, eBay, Walmart, and the users can make payments through cryptocurrencies and get rewards through their native token.
Blockchain can be used as a better alternative to a centralized database for the supply chain management. For record-keeping, tracking, and validation of products.
It can also be used in inventory management for eCommerce and helps to deduct fraud in the supply chain.
Secure and transparency
Blockchain uses distributed ledger which is highly secured and data cannot be modified once added and suitable for integration with eCommerce.
In traditional eCommerce platforms, there will be a lack of transparency which is a big concern, and it is even reported that Amazon is disabling merchant’s pages without giving any proper explanation.
Blockchain solves the problem with respect to transparency because all the data will be available in the nodes and can be validated. So that it enhances the trust of the platform.
Since the applications on the blockchain are growing day by day, It will impact all the sectors like finance, banking, Insurance, eCommerce, etc., and let’s see how the blockchain helps in transforming eCommerce to the next level.
Make Smarter Decisions with vizB
Have questions on how to connect your eCommerce Store with vizB