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As blockchain started impacting the sectors of the Indian economy , an increasing number of businesses have now started implementing blockchain in finance, real estate, and the most lucrative domain is eCommerce.
The eCommerce industry has disrupted the way we shop online, and blockchain technology will disrupt the eCommerce marketplace by establishing a decentralized economy.
Even though the eCommerce industry in India has been ridden with challenges, the industry has also been looking for secure technological support to address the challenges that business faces. Fortunately, Blockchain technology in eCommerce is ready to become a driving force for businesses. Take a look at how blockchain will impact the future of the eCommerce industry:
With Blockchain’s decentralized model, the technology is capable to streamline eCommerce operations and ensuring safe transactions. Smart contracts are the best example of blockchain technology in eCommerce that is used to regulate the services of logistics and payment processing. The technology also facilitates integration with different eCommerce & logistics management solutions and streamlines the overall process as well.
As blockchain in eCommerce provides operations efficiency with recorded data, it also ensures transparency across the supply chains. The technology also provides the businesses with complete visuality of the origin and processing of products. Blockchain’s decentralized database ensures full ownership of digital transactions including assets, payment methods, product purchases, product data, reviews, photos, videos, etc.
Despite eCommerce businesses have a vast array of payment solutions to choose from, most of the payment solutions are not fully perfect. Transparency in payments is another significant advantage of blockchain in eCommerce. Blockchain records every transaction in a shared ledger that is protected and cannot be shared or modified by anyone.
This offer high-security to online payment transaction for eCommerce operations. Along with the security, it offers visibility and faster processing speed through the decentralized system.
Furthermore, any country or currency does not bound Blockchain. Thus the use of blockchain-based currencies in eCommerce will lower the transaction costs for international eCommerce stores. By leveraging blockchain for eCommerce, the business can improve its workflow, existing payment methods, and operational efficiency.
Bitcoin and cryptocurrency are used by most eCommerce sellers to avail of cost-effective digital payment solutions. Since there is no payment process involved in a crypto-transaction, eCommerce businesses can accept this currency at zero processing fees.
Similarly, blockchain in eCommerce supports the decentralization of marketplaces that lower down the costs of digital transactions automatically. This will result in lower prices for the customers and also serves as a cost-effective method for both merchants as well as buyers.
Security of consumer data is a top priority for eCommerce firms. This always remains a crucial point to maintain in the industry. Whether decentralized or cloud-enabled, data can easily fall prey to weak encryption. Even the well-encrypted solutions can easily get hacked by modern methods these days.
The blockchain in eCommerce provides a way to combat the risk of data theft by using a decentralized ecosystem that makes it impossible to hack from a single entry point. Adopting blockchain-based systems in eCommerce will enable businesses to prevent hackers from accessing sensitive customer information and databases. At the same time, the technology ensures that your business complies with the data security regulations.
So this how eCommerce and blockchain make a winning strategy for your business. It also becomes imperative for businesses to embrace this technology for achieving expansion, the security of customer data, and transparency in operations. In all these cases, this technology serves as the best and effective solution that can reduce your dependence on manual-based systems.
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