Ecommerce: Various Ways to Influence Ecommerce Industry by Blockchain Technology

Ecommerce

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Blockchain technology has become a disruptive technology invention associated with the fourth industrial revolution. The modern world has never ever observed such a powerful as blockchain technology and it may influence almost every economical sector based on its ability to transform via top-notch efficiency. Since businesses are constantly moving ahead towards cloud platform, blockchain will very soon become the strong foundation for developers to design/develop products for their secured access to global markets. Indeed, based on this fact, we should say that Blockchain technology or Bitcoin will disrupt the way, in which designers, developers and other big players of the global market will behave.

Blockchain technology refers to an underlying technology and basic structure to achieve proper functions of cryptocurrencies, including Bitcoin. Blockchain involves digital as well as distributed transactions’ ledger, which comes with identical copies maintained on different computer systems and controlled with the help of different entities.

Blockchain technology comes with properly equipped with essential features to record every transaction online. As the name highlights, the technology allows saving of data in encrypted blocks with a history of each such block. Later on, blocks formed chain together to distribute across different nodes or a specific network to avoid falsification of the data. Blockchain thus works similar to a distributed spreadsheet consisting of servers and records as backbone for the today’s internet.

Influence of Blockchain Technology

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Whether you accomplish land registrations, payment processing networks and medical records-based content delivery networks, you will find wide applications of blockchain technology in almost anything around you. Because of this, companies and businesses are able to maintain credentials, which one can access safely and without any flaw.

Especially, Blockchain has already become an important part of the financial industry. It eliminates the requirement of any third party to process transactions or financial institutions, as the technology deals with almost every type of problem associated with validating financial transactions. Moreover, with the help of Blockchain technology, you may carry out transfer of valuable assets in real time and even within only 10 minutes with the aim to add many new blocks into your public ledger.

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Other than financial sector, blockchain technology has found its huge scope in various other industrial sectors, which include energy, supply chain management, logistic, medical/healthcare, games and many more.

Blockchain Technology and E-commerce Sector

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We are well aware that ecommerce industry has witnessed drastic changes in the recent few years. This is because of the way, in which people shop anything and involve in daily seller and consumer activities. Moreover, vast array of quality products, affordability and convenience to shop anything offered by leading e-commerce platforms have benefitted the entire ecommerce industry. However, consistent increase in demand of online shopping has created a few big problems in front of major players of the e-commerce industry. With the aim to overcome such problems, ecommerce players have started developing solutions with the innovative Blockchain technology and they have been employed Blockchain IoT ecommerce Development Company to replace their current systems with a Blockchain technology to allow the free transfer of currency through a decentralised environment. These include-

Data Security

E-commerce platforms are responsible to collect a huge volume of data and most of the data they collect directly from their registered retailers or customers. In this situation, platforms encounter a common problem i.e. how they should store the data properly. In addition, data obtained from customers remains stored on various centralized servers, which are easily vulnerable for online criminals. On the other side, by using blockchain operated e-commerce platform, cybercriminals and cryber attacks are almost impossible, as blockchain platforms are of decentralized, which lead to decentralization of the customers’ data. Hacking each of the nodes present in any blockchain platform is almost impossible, because of which data stored in any ecommerce-platform remains safe.

Payments

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Payment industry will receive tons of benefits from the innovative blockchain technology. Blockchain based ecommerce projects, such as ECoinmerce and Request Network work with the prime objective to create a sound blockchain operated marketplace by using secured and the fastest possible transactions for any type of e-commerce business model. Moreover, Request Network has taken steps to use blockchain technology to accomplish financial transaction aspects related to e-commerce industry by simply offering low cost-based financial transactions, improved security standards and thereby, excellent yet improved customer experience.

Supply Chain Management

Supply chain management is an important aspect associated with the entire ecommerce industry. Because of the fast-evolving ecommerce world, supply chain system often deals with many issues. Positively, ecommerce giants may now use Blockchain projects to come up with incorruptible visualization of the procedure performed by supply chain.  With the help of virtually incorruptible data validation on blockchain networks, supply chain focused network of blockchain has become an important solution to deal with various problems faced by supply chain management often faced by ecommerce sector today. In simple words, incorruptible form of blockchain network provides a transparent supply chain, so that consumers may see and track the order flow associated with the products, which they purchase and thereby, give enough confidence to consumers.

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Transparent Marketplace

Transparent marketplace is another big problem dealt by already existing ecommerce platforms. Hence, to resolve it, Blockchain technology has come up with Bitboost e-commerce platform, which gives top priority to the transparency. Bitboost acts as a decentralized type of marketplace and its helps online transactions among sellers and buyers in a transparent and frictionless way.

User Experience

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Blockchain technology uses Artificial Intelligence, an excellent tool to give improved user experience. Indeed, AI will benefit ecommerce platforms powered by Blockchain to perform system interactions in an improved and automated way.

Takeaways

Based on the benefits offered by innovative Blockchain technology to the ecommerce players and the ecommerce industry as a whole, we should say that ecommerce companies should essentially take steps to adopt/use blockchain technology to resolve problems with the existing ecommerce platforms.

With the help of ecommerce combining Business to Consumers i.e. B2C and Business to Business i.e. B2B, business organizations and companies get opportunity to reach unprecedented levels amidst of problems dealt by already existing ecommerce websites. Therefore, transformed ecommerce industry backed by innovative blockchain technology will result in drastic B2B as well as B2C sales, along with happy and satisfied buyers and sellers. Hence, with consistent roll out of Blockchain technology, ecommerce industry will definitely become transparent and efficient.

Contact us if you want to develop decentralised applications using blockchains like Multichain and HyperLedger Fabric. Having more than 7+ years of experience, Coreway Solution provides cutting-edge futuristic technology solutions for addressing the demand of potential clients for developing their own crypto wallets. To leverage the benefits of Blockchain technology we have built in-house developer team with high competency to realize the full capacity of this new revolutionary blockchain technology for helping them to incorporate the benefits of blockchain into their business.   

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