All about Blockchain based eCommerce
by Emma Jhonson Business Analyst
An e-commerce website differs from other websites since it is all about logistics, supplier communication, inventories, consumers’ sensitive data, payment affairs, etc. While storing such massive data needs an IQ of 9/10 level or technology like blockchain.
Blockchain in eCommerce ensures the security of millions of e-Commerce platform users’ private (confidential data). So big retail firms are looking to grab this golden opportunity to hire blockchain developers and secure how they go retail.
Breaching cybersecurity is not a new thing for fraudsters. There are tons of cases - - small and big, where customer data is hacked, leading to huge losses. Hence, it becomes paramount to secure user data sensitivity but can - make or break lifetime trust.
The fascinating thing about Blockchain in e-Commerce is that it is beneficial to both retailers and buyers. It provides impregnable security from cyber threats and financial security concerns. It also reduces the expense of inventory management and payment processing.
Huge investments are one of the factors’ entrepreneurs discontinue the idea of eCommerce. Since no one would buy out the idea of sinking a business while leveraging the benefits of eCommerce software solutions, one can integrate inventory management, payment processing, product descriptions, and images with business activities.
In return, they incur less cost to maintain and prevent a system that facilitates these activities or hires IT staff to maintain systems. The good thing about Cryptocurrencies such that BITCOIN reduces the fee banking institutions charge for facilitating transactions.
Curb Cyber Threats
Since the growing traffic in ecommerce has boosted the ecommerce industry, at the same time, cyber fraudsters find an aisle to sneak into sensitive details. It appears a very threatening situation for both - - retailers and users. Be it losing customer data or millions of cash due to cyberattacks.
Blockchain has solutions to all unforeseen situations online retailers face. The technology offers impregnable security in the form of distributed ledgers for e-Commerce database management systems.
Delay in transactions is a very impatient experience. Blockchain technologies such as Waves, e-Commerce site users get quick online payments. Since Blockchain development services integrate into the payment system - - buyers can experience a convenient online shopping experience; they can have their products shipped after making the required payments.
Boost Trade in Third-world Countries
In the big ocean of e-Commerce, Blockchain has allowed small fish(third-world countries) to trade online. Indeed, a significant boost to their eCommerce ecosystem. Consumers in these countries don’t require a broker to facilitate a Bitcoin peer-to-peer system payment request. Also, online retailers sneak into the opportunity to make exclusive use of the consumer market in developing countries.
Blockchain technologies and e-Commerce sites are a perfect ecosystem, viable for both consumers and online retailers. While adopting the distributed ledger system, customized blockchain solutions in India help them realize new ways of serving customers. Blockchain gives the retail world an effective way of improving its customer service.
Here are other opportunities that blockchain technologies will create in the e-commerce market.
Created on Jul 9th 2021 06:57. Viewed 69 times.