Blockchain Revolution in E-Commerce Sector

Blockchain Technology Has Brought a Revolution in the E-Commerce Sector

The impact of Blockchain apps in the eCommerce sector is immensely huge and gigantic. To access every type of service and walking down the road or to the mart, is a period now.

Welcome to the world of eCommerce which is filled with different technological advancements that are reshaping the face of online shopping, and giving you the convenience to sit on the couch and shop.

Here in this post, we are specifically going to discuss the positive impact of Blockchain technology that has brought us a great charm to access services through eCommerce platforms, and offer convenience that was not imagined ever before.

Let’s take a look together…

Blockchain and E-commerce

On hearing this fusion, you are often left scratching your head that how this can even grow possible, but little we know that this once-considered payment based technology has crossed leaps and bounds, and have become an integral part of the eCommerce sector today.

It is not just giving a rise to different opportunities for the consumers to buy products with the utmost safety and security but also helping retailers to cut costs and excessive efforts to trans and monitor the supply chain.

Blockchain Technology in Ecommerce Industry

But hold on, there is much more than meets the eyes, and to help you grab a closer look, we’re here with this post today.

Also Read: Invasion Of AR Technology In Different Industries

Effective Supply Chain Tracking & Monitoring

Amid the COVID-19 chaos, we all have witnessed how the supply chain has become one of the most critical aspects of online deliveries. And it was way too difficult for the business owners to monitor products, manage supplies, and centralize the database since the physical existence of the workforce was missing. Here Blockchain paved a smarter way for businesses to make tasks easier to achieve. Blockchain lets e-commerce businesses manage their inventory effectively and help them to stock the required products to invest in and offer services.

Keep a Check on the Fake Products

The fake products are one of the most concerning objects, leading to some sort of security issues, and maligning the brand image. On an online platform, it is very hard to keep a check on the product quality and genuine factors, however, with time the blockchain technology has advanced its mechanism and has let people spot counterfeit products, because it goes through the scrutinizing process of blockchain laden supply chain management system, where transparency is available at every corner of technology, leading to a much safer and decentralized environment, that would keep a strong check on the slightest changes made in the transaction, ensuring safety and authenticity of the products.

Digital and Secured Makeover for Payments

Cryptocurrency has won the hearts of users and has gradually become one of the most preferable sources of transaction. As we are turning towards the digital revolution, it is very common for users to raise their hands to virtual currency. 

As it doesn’t have any sort of central authority to deal with the blockchain, leading people to get involved in the transaction that can control the operations. And has got nothing to do with the economy of a specific country, but goes as a standard for everyone across the world.

Comprehensive Security for E-Commerce Business

Security is the challenge that every eCommerce business has to tackle to avoid the unnecessary clutter of safety invasion. This very issue is well-addressed and picked by blockchain technology, where it offers detailed and added layers of security with data and wallet protection. It gives customers a satisfactory platform to share their details, as they know their personal details would not be compromised and the decentralized mechanism of blockchain makes it extremely difficult for hackers to invade personal data. 

Cuts Costs for Retailers & Consumers

The eCommerce transaction doesn’t happen without a cut of profit margin in the total profits. This makes consumers get the product at slightly higher prices, as the merchants have to share the cut. However, with the blockchain integration, this middlemen contact is removed from the plate and ensures customers receive the products directly at a lesser cost.

No wonder, but this freedom for intermediaries, paves a way for the retailers to decrease the number of fees charged to additional parties.

More Transparency

The major advantage of Blockchain on the eCommerce industry is all about offering an unparalleled blend of security, transparency, and cost-efficiency. It has offered a new look to retails to redefine the way they work while keeping the competitive chord on the supply chain.

Also Read: Best Cloud Services To Stream Your Game On

Will Blockchain Drive Ecommerce?

The year 2020 has twerked our world and the global economy to a great extent. We never expected blockchain technology would only be sufficed to digital money only, but gradually it covers all the obstacles and has reached out to the eCommerce sector as well. 

In the current spectrum, eCommerce has turned out to be a technology that has revolutionized the concept and has turned out to be instrumental to address the challenges faced by the eCommerce sector amid COVID-19.

Just keep your fingers crossed to witness the mind-blowing advantages of Blockchain technology to become a part of the eCommerce sector.

Ankit Singh

Ankit Singh is a seasoned entrepreneur, who has crafted a niche for himself at such a young age. He is a COO and Founder of Techugo. Apart from holding expertise in business operations, he has a keen interest in sharing knowledge about mobile app development through his writing skills. Apart from sailing his business to 4 different countries; India, USA, Canada & UAE, he has catered the app development services with his team to Fortune 200, Global 2000 companies, along with some of the most promising startups as well.