In the current scenario, businesses have moved towards digitalization. There are risks associated with digitalization in the case of data security, but whereas innovative technology like Blockchain helps in data handling on a secured platform. The use of Blockchain for E-commerce will aid in building a reformed economy.
Let's explore the Blockchain,
What is Blockchain?
Blockchain is an open distributed ledger, and it holds the data and transaction details as encrypted blocks. The Blockchain has three unique eminent features like Transparency, Decentralization, and Immutable.
The data stored on the block are transparent to all the parties involved in the transaction, and no one can hide the data.
Decentralization in which it eliminates the central control and data distributed among the parties.
The immutable where no one can alter the data on the blocks, they are tamper-proof. They provide highly secured data from data alteration and fraudulent.
The cryptocurrencies like Bitcoin are a familiar example of blockchain and distributed ledger mechanism. Data storage, financial transactions, real estate, asset management, and many more uses are real-time usages of Blockchain.
Blockchain is a distributed ledger that holds data securely and provides efficiency in handling digital assets. Blockchain Application helps with the End to End User experiences like searching for products, ordering, secure payment gateways, post-sale client queries, and much more.
Types of Blockchain Platforms used in Ecommerce
Blockchain possesses a database that is connecting the on-chain data in a Blockchain with the off-chain data like real-world entities.
There are four types of regularly used Blockchains for E-commerce. All four of these are widely available in the market for E-commerce retailers.
Bitcoin is a cryptocurrency and widely adopted in global industries like Tesla, Microsoft, Google, and Shopify. Bitcoin the reason behind this newly emerged blockchain technology. Bitcoin broadly used in various businesses and many popular organizations are allowing Bitcoin as one of the payments on their transactions.
IBM is a blockchain platform that offers exclusive efficiency in handling business operations for online retailers. It doesn't have any specific cryptocurrency as other platforms have.
Ethereum is not the only cryptocurrency like Bitcoin. Ethereum is a Platform offering various services like hostings other cryptos like Bitcoin, Altcoin, etc
It helps in hosting Smart Contracts among the parties involved in a transaction over the platform. Ethereum is widely used in E-commerce vendors as it provides full-fledged hosting on the Blockchain platform.
The custom Blockchain Solution for Ecommerce Vendors is very efficient, and it is developed to address the business requirements with customized features. A Blockchain Development company can help in developing customized blockchain as per the business demands and helping in the long run.
Benefits of Integrating Blockchain in Ecommerce
Integration with Business Processes :
The Blockchain can be used in various ways than only for online payment processing. The Distributed Ledger Technology (DLT) is used broadly in eCommerce as it can integrate the new and existing business processes. The Blockchain applications help in handling both the blockchain on-chain data and the off-chain real world.
Blockchain app helps in automating your business process with the help of smart contracts. It handles online payments, inventory management with other business processes. It helps in system maintenance and reduces human resource involvement in business processing.
Ease of Use :
Blockchain-powered currencies are convenient to use as they are decentralized and users possess complete control over their currencies. It eliminates the third party control like a bank on the user transactions.
Faster Transactions :
Blockchain-powered transactions are very fast and efficient by eliminating the geographical barriers to international business. It allows spontaneous transactions without time delay, due to efficient processing unlike as banks do.
Blockchain has a high level of security for online databases. There may some vulnerabilities in smart contract coding led to fraud, it provides zero faults on the Blockchain framework.
Ecommerce is a business where it handles a huge amount on their payment processing, whereas a single mistake can lead to large revenue loss.
There are a huge opportunity and the benefits of adopting Blockchain Technology for Ecommerce vendors are evident.
If your business is endeavoring an edge on the competition, it is all about how you adapt blockchain for your eCommerce business.