We appear to be just boarding the classic “hype train” that is blockchain technology.
Tech analysts need to begin filtering out the hype around blockchain and begin focusing their skeptics on the potential future it creates for online users and businesses worldwide.
As blockchain begins to inch closer into taking over real aspects of our economy, online communities have now begun to discuss the possibility of blockchain finding it’s way into new lucrative forms of finance, especially in the most popular market of them all; e-commerce.
The e-commerce industry has shaken up the way we live, shop and spend our well-earned money, however, it looks like blockchain is on its way to shake up e-commerce as a whole. The implementation of blockchain technology into e-commerce will set off a chain of numerous changes in the economy itself.
To analyze exactly how blockchain is on a path to transform e-commerce entirely, I have analyzed the cases of a few large and growing e-commerce platforms and the way they all present opportunities to their users by exploring the subtle integration of blockchain.
Change in Payment Methods
The very first cases of blockchain implementation in the way we make our payments was clear with the introduction of new cryptocurrencies like Bitcoin Etherum and Ripple. These cryptocurrencies have made it even easier to complete transactions online and have become an easier alternative to standard currencies.
Bitcoin has created a world in which transactions can be completed faster, easier and with the reduced risks such as fraud. Shopify has begun allowing it’s merchants to offer payments through bitcoin whilst Krepling has also begun a partnership with CoinGate to offer Bitcoin-based payments methods for its users.
With such major developments, payment gateways like Stripe will begin finding difficulty to implement their platforms into the e-commerce industry, as consumers will begin opting to pay with Bitcoin as opposed to the standardized currencies.
This relatively easy way of making payments has allowed for blockchain to already making its presence known to merchants and consumers in the e-commerce industry.
Reduced Scam Merchant Accounts and Pages
Amazon recently made headlines for suspending a few of their merchant accounts for unknown reasons. The accounts were later reinstated as they were proved to have committed no wrongdoing. Allot of similar retailers and merchants face similar charges, this has created a surge of false charges and accounts being suspended on a large scale.
The application of blockchain in this marketplace will create a sense of transparency by establishing a decentralized environment where the actions of each and every merchant can be monitored and charges can be placed accordingly for any authentic wrongdoings.
The retail giant Wallmart have begun to apply these blockchain based offerings.
The Importance of a Secure Environment
Blockchain has already been dubbed one of the most secure forms of data on the planet. Krepling’s CEO, Liam J.E Gerada, has said that the security that is provisioned by blockchain technology and crypto-based payment gateways has provided huge security opportunities for all online database platforms, thus making it a highly suitable platform to be integrated into e-commerce on a larger scale.
Another upside to blockchain technology in terms of security is that currencies like Bitcoin do not create an open source for identifiable personal information. Bitcoin has been deemed to be completely untraceable. Once a crypto transaction has been completed, the only identifiable traces of data distinguishable to the individual user is the unique identifier of each user’s own “wallet”.
Due to the huge increase in the rate of cyber attacks, having a platform that reduced the risk of customer data falling into the wrong hands can be crucial in the e-commerce industry.
The e-commerce industry is changing every day, blockchain is already beginning to find it’s way into the marketplace. These changes may take some time to begin noticing but it defiantly worth noting that the world of e-commerce might be on the peak of a revolution.