The Blockchain technology is the future and it’s here to stay. Unlike the chaotic spread of crypto currencies, this technology has a sense of order around it which is why the industry pins high hopes on that.
It’s basically a decentralized digital ledge of transactions done over the web. The purpose of this technology is to record the final transactions and everything else that is part of the deal.
Thanks to blockchain technology, nothing would be hidden from the public as they can all in terms of transactions but through a series of codes only. And yes, it’s perhaps the safest way for transactions making it fit for e-commerce industry.
Let’s look at how blockchain technology can revolutionize the e-commerce industry –
1. A great deal of authenticity with transactions
Blockchain technology makes it possible to bring a great deal of authenticity to online transaction. Which means, customers can use this technology to transfer the money directly from their account to the seller even without requiring a middleman. So, there will be no sharing or profit with players like PayPal, Visa or MasterCard. What’s more, there will be low transaction fees and there will be no requirement for anyone to furnish financial or personal details on the web.
2. An amazing level of accuracy with tracking product
Customers now can use blockchain technology to track every shipment having a code, and we know code is necessary with all shipment these days. Which means, an advanced tracking system is now made available for customers which will ensure a superior level of accuracy with anything they want to track. This technology is thus very effective in knowing everything about a product – from its sourcing destination to its harvesting time, its freshness etc. customers can know everything retailers have made available and this will transform the e-commerce industry forever.
3. All payments and transactions are recorded
Thanks to the advent of blockchain technology, it’s now possible to keep track of all transactions on the web. E-commerce businesses can track all payments from customers and streamline their operations in a smooth manner. This will also provide amazing help with refunds. For that reason, cryptocurrency payments are on the rise as they can ensure efficiency and flexibility to online businesses.
4. Copyright issues won’t crop up again
Blockchain technology will help brands easily prove designs are theirs at any point of time. This will get rid of counterfeiting problems that businesses have to face a lot. This will help enhance the worth of a product and also help grow brand value. Companies and artists can now get themselves registered as product creators. Anyone can use their dashboard on the e-commerce site and track sales of products easily. This will help remove any copyright claims.
5. Superior cybersecurity with less risks of data breaches
Data breaches have forever been a major threat to e-commerce ventures and even major brands are not safe on this front. The ever-rising cases of viruses and hacking have put risks to personal data and information of millions of customers. Frauds are growing and this is perhaps the last thing e-commerce companies can afford. All such risks will be greatly minimized as the blockchain technology helps record digital transactions in a highly secure, transparent and auditable manner. This is how this technology will ensure safety to intellectual property of the e-commerce space.
6. Ease of managing operations
The landscape of online business has been changing dramatically by the day. Old companies are this finding it hard to adjust to the way the course is changing around them. The biggest problem is faced with operation management online. If a business wants to sustain in today’s world, it must have an encrypted, digital ledge of operations as only this can ensure secure payment and smooth operations. Blockchain technology makes it possible for old firms to get in tune with the new world and keep pace with the changes around.
7. Superior management of the human resources
A growing number of human resource departments now understand the utility of using blockchain technology to modernise some aspect of their hiring process to keep pace with the world. Some of them find the technology incredibly helpful in doing verifications of credentials of their employees and job applicants. MNCs are even better off as they can easily handle payrolls and standardize payment across global currencies.
8. The web world to be a safer place
The many benefits of the blockchain technology mean the web world will become a safer place in overall terms. It will make e-commerce more reliable, less frauds will be there, information leakage will be minimized, and transaction history will be easily to see.
Nitesh is a tech expert blogging regularly on changes to technology. He has expertise on product design software that is a great tool for e-commerce platforms. His posts can help any business keep pace with the technology around.