eCommerce business has always been a challenge in pre-pandemic times, on top of that the coronavirus crisis had worsened the situation. Along with providing quality products, minimizing delivery time, keeping customers happy and your employees safe; it was also important to provide secure payments, inventory management and keep costs down. However, in such a competitive environment we’ve got to utilize the best and the latest technology to gain a competitive advantage and Blockchain has been a lifesaver.
Before blockchains, you couldn’t scale agreement. It does not mean that the blockchain functions a lot by itself. However, the development of the Internet of things would not be possible, that scales or set up open exchanges that eliminate central third parties.
The blockchain promotes the creation of virtual third parties; agents that can legally act on your behalf as well as validate agreements. Before, the transactional activities were carried by humans that had a negative impact on the overall speed of the processes, and humans were the only means to trust the validity of any transaction. But blockchain gave the rise to the overall growth of the eCommerce industry by all means. It provided a cryptographic means of computer validating transactions and autonomously executing the terms of legally coded agreements.
The development of the blockchain is exceptional in promoting the speed of the e-commerce era with respect to expectations and market adoption.
Below are five of the greatest advantages of blockchain innovation. Transparency
Blockchain is an open source that makes changing logged information inside a blockchain inconceivably troublesome.
Each block in the blockchain is connected to one successive block in a tamper-resistant chain. Once the data is added to the blockchain it becomes permanent, not alterable or removable.
That means there is no room for access to remove the data from the blockchain, and if a change occurs, a complete history of previous versions remains available. It also secures duplication and data theft.
Reliability and Security
The Blockchain network does not consist of any central point of failure in the system. It means every blockchain transaction is digitally signed through a shared public and private key. Further, these keys use different cryptographic schemes which assure that the transactions are entirely coded. It also strongly prevents any malicious attacks from occurring, thus improving the overall reliability of the network. Therefore, connections established are 100% secured that no information can be hacked.
Low transaction costs
Blockchain promotes a cost-effective trade process which means that you don’t require a third party for a guarantee. Since there’s no agent association attached to blockchain transactions, it eliminates the expenses to the client or organizations after some time.
Inventory management
Inventory management is one of the most important parts of the eCommerce business. Blockchain implementation promotes a well manageable and simple process for inventory management that can help significantly reduce imbalances faced by manufacturers. It helps the companies to process their supply chain with a secure, transparent, and permanent record of the transactions resolving the complications faced by the teams.
Verified reviews
Blockchain is capable of mapping digitally if the review has been submitted by someone who actually purchased from any shop. It means that it has the power to give confirmation of genuine or fake reviews.
Author Bio:
Crystal Albert is a passionate writer experienced in technical, health, fashion and business-related content for more than 5 years. Helping businesses share stories to their customers.
