Here are a few ways of how blockchain and Ethereum applications are set to transform the e-commerce industry. To begin with, let me tell you that e-commerce has already faced its enough share in transition. Besides that, it has completely changed the way we shop.
Going to retail stores has become a rare thing now. With everything happening online, the e-commerce industry is now seeing a quick climb up the revolution ladder. The latest change that has hit the e-commerce industry is the emerging blockchain technology. Though blockchain is not new to most of us, we are yet to get used to its functionalities and benefits to bring it to the mainstream. This blog intendeds to make people like you and me much familiar with the advantages of blockchain technology.
Now, into how blockchain is intended to change everything in e-commerce!
The blockchain operates on the theory that no central authority holds the right to modify, edit, or delete any data or the whole of blockchain. This also means that unlike the regular fiat currencies that are prone to demonetization, cryptocurrencies are not controlled by geopolitics.
Besides this, if the economy of a country were to crash down today, it would have absolutely no effect on the cryptocurrencies.
If the trade has to happen only with fiat, then the economic crash would have a negative impact on the e-commerce industry. Now with cryptos that are not influenced by geopolitics, the business goes on no matter what!
Cryptocurrencies don’t reveal the identity of the transacting parties. Yet it is possible to keep things transparent by updating the nodes. The parties are given unique codes that represent their identity. The nodes know which code has transacted what. But never their personal details. This is called pseudo-anonymity!
Freedom of transactions
Any fiat user is liable to answer the government about how he spends the amount. If it is spent on luxurious items, he has to pay a certain amount of tax.
Besides this restriction, the person cannot buy expensive items with liquid cash. A part has to be somehow paid using check, net banking etc.; cryptocurrency does not levy this kind of restriction. The user has complete freedom to spend any amount on any product he wishes to buy.
Blockchain users can easily create an account without the help of a central authority like the bank. The transactions are incredibly easy to make. The users will not be charged to create an account, instead, they will be given a wallet absolutely free of cost.
Every block has numerous details regarding the transaction that happens. If a person wants to alter one detail from a block, then he has to alter the consecutive blocks and also the blocks before that.
This is extremely tough and cannot be performed by an individual. Even if it is a group effort, it is a highly paid job, that would give the fraudster no gain. So, it is understood that there are no chances of fraud.
Are you interested in developing a blockchain application for your e-commerce platform? Let’s chat over a cup of coffee with enterprise blockchain services company?