There is widespread agreement that Blockchain will replace existing methods of processing financial transactions. The market value of blockchain technology, called “the motor of the world economy,” is predicted to rise to $135 billion by 2023. This demonstrates that adopting Blockchain technology is not just necessary but impending across all industries.
Since Blockchain is slowly making its way into the key economic sectors, several eCommerce app development companies are beginning to debate the widespread potential of Blockchain in areas beyond finance, such as E-commerce.
The rise of the online retail industry has revolutionized consumer behavior around the globe. Now that Blockchain is here, the entire E-commerce industry is poised for a major shakeup.
E-commerce enabled by Blockchain technology will contribute to the establishment of a new economic order. While Blockchain and E-commerce facilitate exchanges, Blockchain significantly improves businesses’ speed and security.
Advantages of Blockchain ECommerce
Blockchain introduces exciting new opportunities for online shopping. Given the predicted expansion of the e-commerce market, numerous industry leaders are exploring novel approaches to fulfill their customers’ evolving needs better. The following are some ways Blockchain will facilitate online transactions shortly.
Decreased transaction costs
Millions of people worldwide may now conduct financial transactions online without needing to open a bank account or utilize money transfer services because of blockchain technology. Each block here represents a transaction and its associated data. When dealing with financial transactions the conventional way, a bank or online payment service like PayPal can use. An added fee may add to cover the third party’s processing costs. On the other hand, Blockchain eliminates the need for a middleman, lowering transaction costs. A decentralized marketplace is what we have here, according to the experts.
Increased Safety Measures
Additionally, using standard payment methods cannot ensure your funds’ safety. Your funds may compromise before reaching your account if the network hacks. By switching to a blockchain for the transaction, we can significantly increase the safety level. Since the blockchain database is distributed rather than centralized, a hacker can’t compromise the integrity of the data.
Management of the Supply Chain
Supply chain management is another area where Blockchain can be of use. Records keeping and tracking the origin of goods are two examples of jobs make significantly easier by RFID and sensors. Blockchain technology enables supply chain managers to monitor a product’s history from its inception to its current location. This also facilitates the early detection of anomalies, reducing the likelihood of a catastrophic outcome.
Administration of Stock
The supply chain as a whole benefits from Blockchain’s implementation in inventory management. The procedure is simplified, and stores can save money by not having to hire additional staff.
Why and How We Can Help You Establish a Blockchain-Based Online Store
Appinventiv leverages Blockchain to enhance B2B eCommerce systems in two main ways:
- Since this is the standard in the commercial sector, it is the technology
- The application of Blockchain-based enhancements to the conventional market.
It doesn’t matter how we go about it, we always include the following Blockchain for B2B differentiators in our clients’ B2B eCommerce projects:
You may recall from our primer on smart contracts that these are digitally signed agreements that guard against fraud and do away with the need for middlemen in the form of payment processors. We have assisted multiple eCommerce marketplaces with implementing smart contracts for user-to-user record-keeping of subscriptions, payments, and other contractual obligations.
Fees and Payment:
We utilise the features of blockchain technology to build decentralised marketplaces where users may transact using that can be converted into fiat currency (if needed by the client).
Supply Chain Management system:
We think Blockchain was created for the supply chain industry and its Management Information System. We introduce a number of positives to the supply chain system as a whole as a result of implementing technology into it:
- Order monitoring in real time
- Managing data more efficiently on a distributed server.
- Origin and authenticity tracking.
Implementing blockchain technology in online transactions almost certainly increases the likelihood of transparency, reliability, and cost savings. Yet, it also highlights the serious dangers that exist for businesses who are unable to provide any value to their customers. The blockchain’s unique advantages in online business have been outlined in this blog post, making a comprehensive analysis a need for any company.
If a firm is serious about fostering trust with its customers and providing them with transparent business transactions, then blockchain technology is the way to go. It also facilitates the elimination of paper-based, antiquated methods. It’s not too much of a stretch to suggest that e-commerce companies interested in future success and consumer retention should investigate the possibilities presented by blockchain technology immediately.
Get in touch with reputable Blockchain Ecommerce platform development company and get starts.