Jul 10, 2019
Blockchain establishing decentralized economy in the E-commerce sector
Gone are those days when we were required to go to market, spend hours in searching for the product, stand in queue and thereafter make the purchase. With the advent of E-Commerce sector, a lot of things have changed like people now have a variety of options available over a single platform, where they can easily find the right product with the desired specifications and at the best price.
However, with the growing expectations of the people, we need to have a better E-commerce interface with more transparency, usability and accessibility. Here, in this article, we’ll be discussing how Blockchain could make an impact on the E-Commerce sector? So, Let’s begin!
Why there is need of Blockchain in the E-Commerce sector?
Even though the buyers are finding online shopping quite interesting as they can find the best product at the Best price. But, this is not such a happening situation in the case of sellers who are involved in promoting and listing their product over the online shopping portals. They face several issues like:-
- Crashing of the online portals due to massive data stored over the web network
- Difficult to keep track of the customers’ data
- Lack of transparency in the process
- Unable to handle consumer data leaks
These are some of the prominent issues faced by the sellers; besides it, many other problems are a big concern among the sellers. Thereby, the sellers look for a more technologically sound interface like Blockchain Technology that could help them serve the consumers in a better way!
How Could Blockchain provide a solution?
Hassle-free Buying and selling
There are situations when a consumer finds that the information provided about a product over the online shopping portal is not sufficient to make a better judgement. Thereby, by the use of Blockchain technology, it becomes possible to facilitate uneditable and accurate information about the product’s origin, components and all its features.
Further, Blockchain offers a decentralised database, where the users can keep all their information related to the ownership of digital assets completely safe and secure.
Safe and secure payment interface
Another good thing about Blockchain is that it offers an entirely transparent and secure payment interface over which all the transactions made by the users are stored over a shared ledger which is non-editable. Further, no matter whether you are from some other country, you can make a purchase and pay for it via digital currency that will be cheaper, secure and faster way of making a purchase.
Make a purchase at 0 processing fees.
Yes, you read it right! By the use of digital currencies, one can make a purchase at 0 processing fees. It is because there are no payment processes involved in digital currency transactions. Hence, this mode of transaction is cost-effective for both the buyers and the sellers.
Data security
Online scams are quite popular these days, as the user information stored over the cloud is at the target of the hackers, who gains access to these data and uses them for their purpose. However, this very situation does not hold in the case of Blockchain-powered portals that keeps all the user information in a decentralised database, which makes it impossible for a hacker to crack and get access.
Great Quotes by great people
You have to think of the blockchain as a new utility. It is a new utility network for moving value, moving assets. .”- William Mougayar
“Ecommerce leaders will have to keep with these changes (and others) to survive and stay ahead.”- Linda Bustos, Ecommerce Expert from Get Elastic
Summary
Therefore looking over the numerous benefits that Blockchain holds in the E-Commerce sector, we can infer that Blockchain can bring transparency, data security and cost-effectiveness into the ecosystem. Hence, it can let an organisation achieve its business goals by adapting to this technology by serving its users in a better way!
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