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Blockchain to Usher in a New Era of Decentralized E-Commerce

Blockchain and the Rise of E-Commerce

In 1995, Amazon.com opened its doors. Billing itself as “Earth’s Biggest Bookstore,” it offered internet users the ability to buy books in an online store. Four years after its launch, Amazon.com reached $1 billion in sales. Today, it is an e-commerce giant, with over 100 million customers in its Amazon Prime program worldwide and nearly $178 billion in net annual revenues.

Challenges to the Growth of E-Commerce

For e-commerce to achieve its full potential a number of challenges will have to be overcome. These relate to friction between the various segments of the e-commerce industry. The current e-commerce ecosystem has several segments, each with its own dominant players:

  • Storefronts — Shopify.com
  • Payment Processing — Paypal, Stripe
  • Shipping and Fulfillment — FedEx, UPS
  • Backoffice processing — Salesforce.com

Startup Offers Solutions

A new startup, Buying.com, is hoping to capitalizing on the inefficiencies on both the supply and demand sides of the e-commerce equation. Using blockchain technology, it can overcome the efficiencies of fragmentation in ways not available to earlier generation platforms.

Blockchain’s Potential for E-Commerce

The current ecosystem for e-commerce evolved in the mid-90s during the first wave of the internet, with most major retailers establishing a web and mobile e-commerce presence. In addition, several new players such as Amazon.com, Walmart.com, and others emerged in the area of mass market retailing.



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Mina Down

Writer interested in blockchain projects that will add to the social good