How Blockchain Will Transform The E-commerce Industry In 2023

Blockchain technology is the most attractive technological invention of the 4th industrial revolution. Has the world ever seen the most powerful technology as, blockchain technology? Can it potentially affect every sector of the economy? Well, it’s the top-notch and most efficient technology that will surely transform the entire economy. Additionally, it’s quite possible for you to employ this technology in every sector of the industry, including- the energy sector, logistics, financial services sector, supply chain management, health sector, gaming industry, and even in online gambling.

Blockchain technology & Blockchain decentralized ecommerce marketplace aim to transform and affect the consumer & seller activities in the e-commerce industry. That’s why the e-commerce industry is changing the way you shop & live. You may not even know how advantageous the e-commerce industry is, as its platforms are very convenient and affordable and offer you countless products. Furthermore, it’s just because of Blockchain that the worldwide digital retail market will surpass $4.5 billion by 2020.

Do you think it’s a cup of tea for the latest e-commerce business model to resolve various issues merely in a single fell swoop? Well, it’s not a matter of just one problem; rather, there are countless problems related to supply chain management, payments, data security, management systems, marketplace, retailers, and consumers that you can solve only with blockchain technology.

This article highlights several issues that the e-commerce industry faces and that only blockchain technology will solve in the coming year:- 

1.)Restore Payment Methods:-

You can witness the first implementation of Blockchain in currencies, namely- bitcoin, ethereum, and ripple. The latest cryptocurrencies are an alternative to conventional currencies and offer several advantages to customers & merchants as well. This shift is only because of the implementation of decentralized technology. A few ones are below:-

• No-Third Party:-

There is not any central authority that regulates the operations of the purchasers and sellers. Thus, no third party has the right to look over or manipulate your transactions. Neither any bank nor any government can inflate or devalue the blockchain currencies and other currencies.

• Identity Security:-

Cryptocurrencies are entirely based on blockchain technology, so they don’t disclose the identities of the transacting parties. This way, every transaction is very transparent as a decentralized ledger accumulates the details and provides visibility to transactions.

•  Liberty To Perform Transactions:-

In decentralized technology, you will not find any governing body that controls how an individual utilizes his/her cryptocurrency. On the other hand, there are several restrictions regarding the regular payment methods, including- the limit of the amount, & geographical location. But, in the case of blockchain-based currencies, they offer users complete freedom without worrying about the spending limit.

• Easy To Use:-

You’ll not believe that blockchain-based currencies are reliable and you can use them more comfortably than other forms of currencies. Unlike conventional currencies, you need not visit any regulatory authority to generate an account. You can accomplish it very easily from the comfort of your home. Besides, you do not have to reward any charges to open an account, as the virtual currency wallet is entirely free.

• Quicker Transactions:-

Conventional transactions generally take much time or even several days, especially when you have to send money across continents. On the contrary, Blockchain-based cryptocurrency takes up only a few minutes. Furthermore, it’s not easy to close the transactions at any particular point in time; rather, it’s possible for you to carry out the transactions at almost every point in time and instantly.

• Safest Mode of Transaction:-

Blockchain-based currencies are entirely safe to transact with. As it is P2P technology, it’s not simple to hack into the procedure and conduct fraud.

2. Improved Supply Chain Management:-

Supply chain management is really one of the most compelling concerns that each eCommerce business faces. A supply chain is the most significant element of every eCommerce business, so with the implementation of blockchain technology, it becomes easy to solve various issues. This technology can solve various supply chain issues, namely-record-keeping, tracking of fine products, and more that include:

• Origin Tracking:-

With the assistance of Blockchain, you can use RFID tags & embedded sensors, which enable you to keep records, track provenance, access information on products, trace the timeline of the product, and detect irregularities in any segment of the supply chain.

•  Reduction In The Additional Costs:-

When you apply Blockchain in the supply chain, it automatically deducts the extra costs. Plus, it offers you a guarantee of the security of transactions. Blockchain technology also eliminates intermediaries for eradicating the risks of fraud and duplicity of the products and saving your hard-earned money. This way, customers & suppliers can process payments within the supply chain via cryptocurrencies instead of relying on EDI- electronic data interchange.

• Easy To Manage Inventory:-

Implementation of Blockchain in inventory management assists retailers to overlook inessential expenditures and time on hiring new staff. 

• Make eCommerce Marketplace More Transparent:-

Lack of transparency has become a matter of serious concern for the existing eCommerce platforms. But, thanks to blockchain technology, that establishes a decentralized atmosphere in the eCommerce marketplace. This way, it becomes easy to monitor every wrongdoing on the part of the business or merchant. Such a type of transparent eCommerce marketplace facilitates you in conducting transactions in a peaceful manner.

3. The Securest Platform:-

Nowadays, Blockchain is one of the safest platforms that boast DLT-distributed ledger technology to offer you an excellent level of security for every digital database platform and to implement in eCommerce. Besides, blockchain-based currencies don’t exhibit personally identifiable data.

The currencies operate like cash and don’t require any customer to expose sensitive information. Due to cyber-attacks, there is a risk of losing the data of customers. Therefore, the adoption of blockchain technology is a primary key to solving every sort of challenge.

4.Recreation Of Genuine Reviews and Personal Offers:-

• Fabricated Reviews:-

Do you know which things enable businesses to appear in an eCommerce marketplace or in a search query outcome? They are reviews. If the reviews are genuine, they promote the reputation of a company; on the contrary, fake reviews disgrace it. So, precisely saying, the reputation of every online enterprise depends on the legitimacy of its reviews. That’s why almost all online operators are increasing their concerns with the digital reviews of the product service. 

Blockchain technology is the most significant source that enables enterprises to verify the reviews on their products or services. This technology can assist you in curbing fake reviews, verifying information in every block, and creating a digital map of someone.

• Personal Offers:-

Adoption of blockchain technologies in business procedures is extremely advantageous for marketing, as it assists you in issuing restorable reward points to the customers. Additionally, this technology enables the clients to benefit from a wide range of personalized offers & discounts, enabling you to track information properly or more efficiently.

Upon further analysis,

The Blockchain applications revolutionize the eCommerce marketplace. It’ll take you some time to witness all of these implementations, but the transformation is definitely in process. If you have a notion of building software, but don’t have technical expertise, look for a top-notch IT company at reasonable prices. Besides, it’s the fastest, cheapest, the most considerable technology, which you can conclude as the backbone of the business in the eCommerce marketplace.