Last week， we have a chance which meet at a IBM and study from a manager about the blockchain system with the E-commerce. I gained a lot from that and have a lot perspective that wants to share with you.
The application of Blockchain technology in E-commerce is an emerging concept in recent years, which is essentially a distributed technology that integrates product raw materials, production and distribution processes, and marketing processes into a real product tracking from the source to the sale. The Blockchain allows cryptocurrencies to remain dispersed while ensuring the integrity and authenticity of each transaction. Specifically, Blockchain technology can be used in the following aspects to promote the development and operation of E-commerce.
1. New payment method
Cryptocurrencies are often used as a substitute for traditional currencies. Customers can choose to pay in cryptocurrencies, just as consumers making payments with PayPal, Stripe or any other payment processor.
2. Speeding up the transaction
Blockchain transactions occur on a single network, reducing or eliminating the need for intermediaries. Trading speed will be only restricted by the speed of network connectivity and new block generation.
3. Securer payment method
Another benefit for consumers is that the cryptocurrencies do not reveal personally identifiable information. Blockchain technologies are suitable for payment processing as balancing speed, privacy, and integrity. Customers and merchants can quickly conduct secure transactions without exposing excessive privacy information to be exploited by cybercriminals.
4. Improving order fulfillmentOne of the main benefits of Blockchain technology is that it builds trust between the parties. Due to the fragmentation of the Blockchain and the tamper-proof modification, it is unlikely that disputes about payment or order details will occ
Since the popularization of E-commerce, fake merchandises have always been the most serious problem affecting consumers’ purchases in the E-commerce platform. Misleading advertising, scalping, and false comments have caused a large number of fake and inferior-quality products to be sold in the E-commerce platform, which has been killing the trust of consumers to E-commerce and Internet shopping. The engagement and application of Blockchain technologies in E-commerce can potentially solve such problems substantially.
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