blockchain solution for the e-commerce industry

Category: Retail / FMCG

How Blockchain Steals the Show of E-commerce Industry?

New technologies are transforming business opportunities in every direction. Blockchain technology is the most powerful technology which has impacted all the sectors of the economy transforming them completely with its efficiency.

Energy sector to financial sectors, from logistics to supply chain management, from the health sector to the gaming industry, blockchain has ruled the marketplace like never before. However, its aim is to lay the highest impact on the e-commerce industry while completely transforming it.

Did you know a Fortune Report states that Amazon will make 50% of the US e-commerce market by 2021?

The growth which was just 34% in 2016 is expected to rise to 50% by 2021.

E-commerce giants like Amazon, eBay, Alibaba, etc. account for more than 50% of market valuation but they also face various problems related to payments, operational hindrance, data security, unsatisfied consumers, etc. The future of blockchain is here! Here is how blockchain steals the show of the e-commerce industry:

Simplified Payments

Blockchain technology will greatly benefit the payment industry. For international e-commerce, payment solutions are more than perfect! Using payment methods may include high payment processing fees along with the high fees charged by e-commerce platforms or due to lack of security.

17% of online shoppers have abandoned an order during checkout due to security concerns.

Blockchain e-commerce projects such as ECoinmerce & Request Network have their focus on creating a blockchain-based marketplace using secure and fast transactions for any e-commerce business model. Also, Request Network wants to use blockchain technology for financial transactions aspect by rendering low-cost financial transactions, higher security standards, and astounding customer experience.

Data Security

Customer’s data is securely stored on centralized servers vulnerable to online cyber attackers. But, with a blockchain-based e-commerce platform, it is impossible to suffer such cyber-attacks as blockchain platforms are decentralized which leads to decentralized customer data.

It is practically impossible to hack all the nodes of a blockchain platform, so data on a blockchain based e-commerce platform is relatively safe.

Enhanced Operational Efficiency

Blockchain, with its decentralized model, is capable of streamlining operations and driving efficiency. Smart contracts can be used to regulate payment processing partners as well as logistics. This technology streamlines workflow and integrates various management systems.

Supply Chain Management

Blockchain platforms like VeChain aim on creating an incorruptible visualization of the supply chain process. As the data validated on the blockchain network is visually incorruptible, the only solution is to solve the problem is the supply chain process on a supply chain focused blockchain network.

An incorruptible blockchain network will surely provide a transparent supply chain where the consumers can increase their confidence while viewing the order flow of the products they buy.

Trust & Transparency

Blockchain undoubtedly brings transparency in transactions. Each and every transaction is recorded in a shared ledger which cannot be modified by anyone. Through the decentralized system, they offer radical visibility, high security and rapid processing speed along with traceability.

Data Security

It is practically impossible to hack all the nodes of a blockchain platform, so data on a blockchain based e-commerce platform is relatively safe.

Cost-Effectiveness

End Note: Blockchain offers amazing yet secured ways to solve the inherent problems of the e-commerce industry. Huge e-commerce platforms like Walmart and Unilever have already indulged themselves in blockchain projects with large tech-company like IBM. Others like Amazon, Alibaba, and eBay have started working on blockchain research and development. It’s high time you incorporate blockchain to stay ahead of the competitive market.

Searching for a reliable blockchain solution? Be it expertise, innovation, or efficiency, Krish Compusoft Services(KCS) can be your perfect partner in delivering a driving-edge blockchain solution for the e-commerce industry.