Currently, tons of successful E-commerce platforms like Taobao, Lazada, Shopee are becoming successful. With the dominance of it on online shopping, what’s new for it to get even better? It’ll be Blockchain. Here, you will find out 5 Ways Blockchain is Evolving E-commerce.
1. Providing More Transparent E-commerce Marketplace
First of all, adding blockchain technology to an e-commerce marketplace would propose a better environment that is decentralized whereby any mistakes detected can be monitored quickly. Additionally, it makes transactions smoother and efficient.
2. More Secure Platforms
Besides, blockchain offers excellent security for online database platforms. To support this information, there have been very few reports of security breaches in any blockchain-powered networks. Furthermore, virtual coins or cash like Bitcoins operate without the consumer exposing their personal data, it works by authorizing the transactions from their “wallet” to the recipient.
3. Increase of Payment Gateways
Even greater, cryptocurrencies are moving towards a payment method for E-commerce platforms because of the benefits that can be gained by utilizing it.
- Anonymity : It doesn’t reveal identities of transaction individuals, as it is also very transparent due to the details from centralized ledger stores.
- Ease of Use : It doesn’t charge you for fees and your virtual currency wallet is completely free.
- Faster Transactions : Cryptocurrency transactions only take up a few minutes, and works 24/7.
4. Enhanced Supply Chain Management
Not to mention, the hardest E-commerce issue to deal with is supply chain management and it’s a vital component for any E-commerce business. Hence, using the blockchain primarily is able to solve supply chain issues like product tracking and record keeping in a centralized database.
5. Increase of Honest Reviews
Deploying blockchain will eliminate fraud review as it stores records as blocks then added to a chain of similar information blocks. The network of computer will then verify each and every block before adding it to the chain. After that it’s not modifiable.
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