Blockchain has changed the way business operators’ records and maintains sets of data. It stores every single transaction made by the user proactively. Each record is known as a block that contains the data of the transaction made and its timestamp. This powerful technology helped the world in various sectors including healthcare, government, cyber security, advertising, and marketing. In E-Commerce, it has modified the entire functionality of the e-commerce websites.
However, if you want to integrate blockchain technology in your newly built e-commerce websites then you are reading the right content. Have a look below to unveil ways by which blockchain is transforming the e-commerce websites.
1. Hassle-Free Payment Method
Blockchain has allowed the e-commerce industry to have transactions using cryptocurrencies like bitcoin other than traditional ones. The use of cryptocurrencies can give various advantages to traditional currencies that were not able to benefit both customers and e-commerce businesses. Central authority is not involved in the blockchain which means that only the buyer and the seller has complete control over their operations. Even if a country’s economic collapse, it will not affect the bitcoin transactions, unlike other currencies. The process of sending money to other countries is time-consuming, thus using blockchain transactions can be made within a few seconds. Due to the peer-to-peer technology that blockchain uses, the transactions are highly secured thus making it tough to be hacked.
2. Improved Supply Chain Management
The major issue that any e-commerce business experiences are supply chain management. Blockchain implementation in the e-commerce industry has solved many supply chain problems like record-keeping, tracking and maintaining a list of products, etc. With the RFID tags and sensors in blockchain, the timeline of the product from start to where it is now can be traced. It can also detect anomaly occurring in any segment using its provenance tracking. Blockchain in e-commerce also helps in inventory management so that staff is not required for the management saving a lot of unnecessary expenditures. It automatically deducts the extra costs incurred by the e-commerce system speeding up the administrative processes.
3. Transparent E-Commerce Marketplace
Many existing e-commerce platforms face this problem due to the lack of transparency in e-commerce websites. Many big retailers have been going through the problem that giant e-commerce websites like Amazon cut off or even disable the merchant’s page without giving any explanation. Using blockchain technology in e-commerce websites has solved this issue to a great extent. Blockchain builds a decentralized marketplace that helps in facilitates the transactions in a frictionless, efficient and transparent manner between buyers and the sellers. Blockchain establishes a decentralized environment for e-commerce websites in which wrongdoings by the business or the merchant can be caught as it efficiently monitors everything. E-Commerce businesses are utilizing blockchain technology to solve all the problems that previously seemed impossible.
4. Nonstop Security
Blockchain is the most secure platform and offers great security to e-commerce websites. The blockchain technology uses distributed ledger technology due to which online database platforms are highly secured. In blockchain-enabled e-commerce websites, very fewer security breaches have been reported due to its powerful techniques to keep data secure. The currencies used by blockchain technology don’t exhibit identifiable information that is another sign for using blockchain in e-commerce websites. It uses bitcoin that works as cash saving consumer’s sensitive data from exposure. Since cyber-attacks are in action thus adopting blockchain technology for e-commerce websites is an absolute solution for all the challenges that e-commerce websites go through.
5. Genuine Reviews & Personal Offers
Reviews are the ones that determine the rank of any e-commerce business in the marketplace. Fake reviews can destroy any company’s image or can make a fraud company popular. These were to be taken great care of, blockchain technology uses a technique to verify the reviews on any product or service. Fake reviews can be controlled using this technology as it keeps track and every information stored in the blocks. Personal offers can also be added by ecommerce web development services for the loyal customers or the ones who have crossed certain spending bars be given reward points. Personal offers may be in terms of rewards, discount offers, or gifts.
Blockchain has completely transformed the record-keeping system thus providing an efficient and more secure data management system. This technology has benefited many sectors including health, government, and marketing sectors. E-Commerce platforms take the most advantage of this technology as it not only maintains thousands of blocks of record linking to each other but also provides a payment method. Blockchain works on cryptocurrencies like bitcoin and ripple, due to its currency the online transactions can be made within a few seconds which is highly secure too. It maintains every record of every customer keeping their private data saved from hackers using its peer-to-peer technology. It provides a transparent marketplace where everything is transparent and not hidden from businesses or the merchants.