Why is blockchain revolutionary for E-commerce?

Some of the best and brightest minds in technology believe that blockchain has the power to change the world. It can potentially impact almost every industry, from finance and healthcare to government and manufacturing. E-commerce is no exception.

Over the past several years, ecommerce has become very popular with both consumers and retailers. The benefits of online stores are obvious: customers don’t need to travel to brick-and-mortar shops, they can search for items in just a few clicks, and they only need to read product information to make a purchase.

Blockchain for supply chains

E-commerce businesses have grown quickly over the last few years, but so have the number of middlemen required to get products from the producers to the consumer. Many companies don’t know exactly where their products come from or where they’re going. This can be very concerning for consumers who want to buy ethically made products that are not produced in abhorrent conditions.

Another problem with supply chains is that they can take weeks or months for products to reach the customer after being ordered. Customers are getting more and more used to buying from companies with same-day shipping policies, so any obstacle in delivering a product on time could potentially lose a sale.

Blockchain technology can help alleviate these issues. The immutability of blockchain records is especially useful in supply chains, because items can be tracked from their origin to the customer’s door. This creates a verifiable audit trail that can be accessed by both customers and retailers.

Blockchain also makes it easier for retailers to provide transparency about where products are coming from, how they are made, and who they are being sold to. This can help build brand trust and grow a loyal customer base who want to buy from companies that produce high-quality products in an ethical manner.

Blockchain for payments and currencies

Today, there are over 1,800 different cryptocurrencies available on the market with more being created every day. Cryptocurrency is great for ecommerce because it makes transactions easy, fast, and secure.

There are no fees to buy or exchange cryptocurrency, making it a great option for anyone who wants to make international payments. There’s also the added benefit of anonymity—customers don’t need to share their credit card information with retailers.

E-commerce businesses can get paid in cryptocurrencies just as easily as they can be paid in fiat money. All they need is a cryptocurrency wallet. Once the wallet is set up, retailers accept payments from customers directly and receive their funds immediately without worrying about delays or expensive fees.

Blockchain for reviews and feedback

E-commerce businesses love receiving positive reviews and feedback from happy customers who want to share their positive experiences with everyone. Unfortunately, some companies are abusing the review system to make themselves look better or harm their competitors’ reputations, which can be bad for both customers and retailers.

Blockchain technology keeps reviews and feedback verifiable so that they can’t be manipulated by any individual or company. Blockchain-based customer feedback platforms ensure that reviews are genuine and made by real customers. Reviews can be securely stored on the blockchain, where they can’t be removed or altered. This gives all businesses more accurate customer feedback to make informed business decisions by, which helps them grow their customer base.

Blockchain for intellectual property

The transfer of intellectual property rights is something that happens behind the scenes in ecommerce all the time. Oftentimes, retailers don’t know where their products are coming from or if they are being sold legitimately by their manufacturers. This can be a huge problem for customers who end up with substandard, counterfeit, or even dangerous products.

Blockchain technology allows retailers to access the entire history of a product, giving them the information they need to ensure that it is safe. Provenance is one blockchain-based company offering this service—they track everything from where raw materials are sourced to who manufactured the product and when, preventing counterfeits or recalls before they happen.

Blockchain can be difficult for individuals and businesses alike to get started with, especially if they aren’t familiar with cryptocurrencies, like Bitcoin. However, many ecommerce platforms are starting to incorporate features powered by blockchain into their existing systems—they’ll soon be able to offer these same services to retailers who might not have the technology expertise or resources needed to implement them on their own.

Retailers who integrate blockchain technology into their ecommerce business practises will enjoy a number of advantages, including:

Improved trust and security: 

Blockchain-based systems make transactions more transparent and secure, making customers feel like they can easily do business with you.

More sales: 

Customers are more likely to buy from retailers who provide them with the information they need to feel safe and secure about their purchases.

More accurate information: 

The transparency of blockchain technology helps retailers provide customers with the right information at the right time, which saves everyone from potential issues before they start.

Customers are starting to look for more ways to engage with companies through ecommerce—this trend is only going to continue as the market becomes more saturated. Businesses that can provide a high level of customer service and transparency through their ecommerce platforms will win out in the long-run.

Blockchain technology is still at an early stage, but it has a wide range of applications for businesses who want to take advantage of it—the best part is that many platforms are already beginning to integrate the technology into their existing systems. There’s never been a better time for businesses to get started with blockchain.

Conclusion:-

The transparency of blockchain technology helps retailers provide customers with the right information at the right time, which saves everyone from potential issues before they start.

Blockchain technology improves trust and security among online shoppers. Customers are more likely to buy from retailers who provide them with the information they need to feel safe and secure about their purchases.

Businesses that can provide a high level of customer service and transparency through their ecommerce platforms will win out in the long-run. This is where blockchain comes into play. Blockchain technology makes transactions more transparent and secure, making customers feel like they can easily do business with you.

Customers are starting to look for more ways to engage with companies through ecommerce—this trend is only going to continue as the market becomes more saturated. Businesses that can provide a high level of customer service and transparency through their ecommerce platforms will win out in the long-run.