Blockchain Technology is Ready to Transform E-Commerce StoreOctober 3, 2018
Blockchain e-commerce appears to be the term of the year. The B-word is not only an extravagant terminology which happens to be the talk of the town. You see: blockchain technology has already begun showing more of its potential and is anticipated to take the globe by storm. The early advancements in the application of the blockchain technology, as well as its production in its adoption, tell a lot about its imminent and how it might transform the industry of e-commerce.
What Does Blockchain Technology Have to Provide?
Cost efficiency, coherence, transparency and effective integration along with business processes at every level of the business are simply a few pros of the blockchain. Regardless of the size of anyone’s business, combining the strength of blockchain technology along with the business can provide endless opportunities.
It is a matter of several years before e-commerce merchants, and store owners are left without the option to adopt blockchain and the accompanying cryptocurrencies and safe record management systems.
Following are some of the most practicable possibilities provided by blockchain today. Note that those possibilities can change the way business is performed in the future.
INCORPORATION WITH THE MANAGEMENT SYSTEMS
Do not think that blockchain technology is constrained to accepting payments. You can incorporate it into several management systems easily. A very credible use case is the incorporation of blockchain along with warehouse management systems. Such integration is vital for preventing the supply of fake items. This integration also enables for the automation of inventory control as well as streamlines the distribution processes simultaneously.
The most obvious benefit of incorporation blockchain technology into the payment processing is its planned transparency. In case you didn’t know yet, transactions through blockchain provide radical visibility, faster processing speed, traceability and security through the decentralized register of ownership. Each transaction is visible to the public and recorded, which includes the creation of a block.
TRUST AND COST-EFFICIENCY
On the strength of blockchain technology, e-commerce owners can accept cryptocurrencies along with zero fees. The idea of cost-efficiency beats the traditional digital payment methods. That’s because it eliminates the payment processors or middlemen which need a cut in exchange for guarantee and security for the transaction.
XinFin, for instance, is not like any other private or public blockchain. The public state of the XDC is mutual by all the nodes of the participant which stake in the XDC network according to BTF consensus. Therefore, the private state is built by the series of nodes which run permissioned consensus-driven networks accessible to authorized members only.
XinFin network is completely compatible along with Ethereum ecosystem. That means, every app created on Ethereum codebase can be integrated easily over XDC blockchain.
The Future of E-Commerce
We can now all approve that the e-commerce of today is susceptible to errors and has substantial room for improvement. And blockchain technology might only be the key for such improvements. We can tell for sure that blockchain is not a danger to e-commerce. Nevertheless, it’s a technology which has the potential of transforming the industry into a more beneficial enterprise.