Cryptocurrency has emerged as an interesting case study around the world and it has no precedent to what may happen to it. There can be a possibility that cryptocurrency can be just a start of what blockchain has to offer. The blockchain is making its place in e-commerce since it is designed to store huge transactional data. With Fed-Ex who is one of the largest logistics company taking a step forward in blockchain league, we are soon going to adopt a transparent system in e-commerce.
With one of the biggest regulatory changes from GDPR for data protection has already started affecting the biggest players in the industries and addition to that blockchain has come up to provide more transparency and power to consumers.The Time has come for blockchain to disrupt the e-commerce space,essentially it will decentralize the control and ensure that trust is achieved without the need of centralized power.
Gartner forecast report says “ blockchain will grow the business value-add to slightly $176 billion by 2025, and then it will exceed to $3.1 trillion by 2030”.
Let us see that what Blockchain has to offer in eCommerce
Despite the positive impact that e-commerce industry is having on global economy,things have not been very bright for the sellers in the domain.All these years ,it has been looking for a secure technological backbone to address the diverse challenges in e-commerce.
Blockchain and ecommerce are going to for sure make a winning combination and which we can already see in some of the countries are coming up with such usecases.
Enhanced Operational Efficiency
The blockchain is capable of streamlining operations and driving efficiency into them.With the help of smart contracts that are used to regulate the intermediaries such as logistics, payment processing, integration of overall management systems and streamline the whole workflow as well. Blockchain facilitates a decentralized database which will give complete ownership to retailers of their digital assets including digital storefronts, product photos and videos,and reviews.
Trust & Transparency in payments
Another significant advantage of blockchain is its ability to provide transparency in transactions, which will boost the trust of the buyers.Every transaction is recorded in a ledger and cannot be modified by anyone.
E-commerce Industry will get high-security, radical visibility, and faster processing speed, along with the traceability with the decentralized system. Cryptocurrencies will lower the transaction costs as well for international e-commerce stores.
Sellers can rely on bitcoins and host other cryptocurrencies as well to avail cost-effective digital payment solutions. Today cryptocurrencies are commonly used and widely used, soon it could be used the same way as people choose to pay via PayPal,GooglePay, or any other medium.With the decentralization of Marketplaces, inherent costs will go down which would, in turn, bring better rates for online retailers and customers get to save more.
Dependable Data Security
Consumer data, whether centralized or stored in the cloud always remains a vulnerable point for hacking. It will be practically impossible to hack the data or modify the data. It will enable sellers to prevent hackers from breaking into them and getting access to sensitive content which is customer information,At the same time, it will ensure that the business complies with the data security regulations.
Improved Order Fulfillment
Imagine a customer placing an online order on a blockchain powered eCommerce Site.Each step in the ordering process adds a new block to the chain along with the timestamp.The customer pays for the product using his/her credit card, it will generate a block backed by proof of work that verifies payment details.The seller will receive the block of payment and order he/she has placed, then ships the order generating the third block indicating that the product was shipped and the order was fulfilled.
It has been seen that the establishment for building an incredible firm is frequently laid amid the bust years. History will repeat itself. Another star will be conceived on the blockchain atmosphere, one that will change the web-based business scene.E-commerce is .one of the key Industries that will undergo a tremendous change after blockchain adoption.
If you are an e-tailer who wishes to add transparency and manage consumer data reliably than this technology will give you the best solution.