21 Aug 2019
Updated on December 27th, 2022
Is Blockchain Application Development Impacting E-commerce Industry?
Techugo Pvt. Ltd.
“Blockchain application development is your golden key to ameliorated business funnel!”
If we keenly observe the current scenario, then we can notice that technology never leaves any stone unturned in order to bring forward a seamless format. The main agenda behind developing multiple successful projects is to increase the efficiency of the world.
Irrespective of any task, the technology always appreciates the bombardment of new ideas. Whether it is in the field of healthcare or e-commerce, new developments in the tech are trying to make the complete process highly capable for everyone.
Let us considered the example of e-commerce. When it is combined with mobile app development, the level of convenience and comfort is unmatchable. Things got easier when it went on to join hands with the mobile wallets. This allowed us to make transactions from anywhere at any given time.
How Blockchain Is Paving Its Way In E-commerce Industry?
There is no doubt in the fact that blockchain has been turning a lot of heads from the past few years. E-commerce is no exception when it comes to developments, especially the ones that are focused on this splendid technology.
The current situation is such that the transactions on various e-commerce portals are being monitored by blockchain technology. And it has already taken multiple steps in the direction to make the transactions secure. But that is not all, it is also changing the conventional lives of shoppers and focusing on better experiences.
What Is Blockchain Technology?
It will be beneficial for us if we strengthen the foundation of this concept, before understanding its impact on e-commerce. Since blockchain is not a household buzz, you need to put some extra efforts into understanding its techniques.
Think of blockchain as a distributed database, that conserves a shared list of records. These records are known as blocks. And they also contain the history of every block that came before it. It records every digital transaction without any fail, be it exchange of values or private data. After that the chain stitches the entire data into encrypted blocks, that can never be modified.
It allows everyone to share, transact, and store any digital asset that holds great importance. And every transaction that occurs as a public viewership, which protects the assets against any fraud and vulnerabilities.
The Fascinating Combination Of Blockchain And E-commerce
In this scenario, we can easily notice that it is fully capable of handling any kind of product searches or payment processing, or any other aspect, virtually. This gives out seamless experiences to the users.
By now it is obvious that it has a lot of advantages associated with e-commerce. So without wasting any time let us focus on areas that are going to impact the e-commerce industry.
Inculcates Transparency In The Marketplace
Can you guess the importance of transparency in the marketplace? Well, it makes everyone feel secure. It helps every one to get comfortable within the marketplace and to have knowledge of what is happening around the marketplace.
Believe it or not, before the introduction of blockchain, transparency was one of the biggest issues within the marketplace. For example, a lot of e-commerce marketplaces would not even consider consulting with the manufacturers before removing them.
But now, with this tech, everything has changed for the better. Are you still wondering how?
Well, it keeps people up-to-date about any kind of changes that occur in the system. They will automatically come to know about any transactions in the marketplace.
If you are worried about any kind of friction within the blockchain-based marketplace then don’t be. It is hard to encounter any kind of friction between the members, as everyone is aware of everything that happens there.
Consider Walmart for an example, it has ameliorated its efficiency because of the implementation of blockchain-based e-commerce segments. Therefore, Walmart is now relishing the benefits of this tech, such as transparency and increased efforts.
Revolutionizing The Payment Gateway
Now you all are an acquaintance to the power of cryptocurrency, aren’t you? It is popularly being used as an alternative to the traditional currency. Its dominance in the world has made the visible shift to the virtual currency much more obvious. And there are some obvious advantages of using cryptocurrencies in the field of e-commerce.
If you have not been living under the rock, then you must be knowing the fact that this tech is decentralized. This means that there is no central authority. And the two people that are involved in the transactions are the only two people who have the power or the required control over the operations.
Therefore, the value of this tech is not at all dependent on any kind of factor (economic or political) within the countries. And that is why the currency is valid, irrespective of the prevailing issue in the countries.
Until and unless there is transparency within the transaction, it is never clear who made that transaction. Even though you have complete visibility into the ongoing transactions, its origin, its history, it is not possible to know the details.
It is natural to be bounded by the limitations while making bank transfers or making payments via wallets. But, this is not the case with blockchain. It provides users with the freedom of not being confined by the walls of any countries geographies. And in addition to this, there is also no limit on the transaction.
Last but not least…
Enhanced Security For E-commerce Platform
We know that security is one of the most important issues of concern, especially for e-commerce businesses. And blockchain-based e-commerce platforms are focused on offering unbreachable security. For example, it provides full proof security from data to wallets.
Since data is the most important part of the security, blockchain technology takes care of it. Think of this tech as a wall that has been created to protect the sensitive data that may include customers’ private details.
Now because it is decentralized, it makes it difficult for hackers to breach into the thick protective layer of security and hack the data. Hackers now need to make some extra efforts to hack into all the nodes of the servers, even if they just want a part of data. And trust me, breaching a well-knit system based on this technology is not at all easy.
And that is not all, blockchain application development is giving the much-needed push to the business and making it more cost-efficient. So if you are looking forward to adopting this tech, then you need to connect to a leading mobile app development company, that can deliver the desired results for your business.