Chenango, New York Oct 22, 2022 (Issuewire.com) - Technology is constantly evolving, creating a true warrior shape that can hold hands and deliver high capabilities. The combination of e-commerce and mobile apps provides convenience and comfort. E-commerce is one of the areas where the adoption of blockchain technology can revolutionize operations. While the industry is booming every year with the increase in online sales and shopping, many e-commerce companies are struggling to achieve a high level of user security without sacrificing customer convenience. Against this background, blockchain fans easily claim that Blockchain Innovation Shaping the Future of E-commerce businesses. One of the best examples is the Jiffy world project from USA Solution creators' company (USASC), which has three parts focusing on blockchain technology JiffyStock platform, Jiffy tokens, and jiffy loyalty cards.
Blockchain in e-commerce
In the last few years, blockchain technology has affected many industries. With the e-commerce industry in mind, blockchain technology will help overcome short-term and long-term challenges. In online trading, buyers pay sellers through a payment system through third parties, but the ledger model gives ownership to all participants, reduces data abuse, and also supports cryptocurrencies as a payment mode. Smart contracts enforce security and rules for closing transactions.
According to experts in this field, the e-commerce industry may profit from the following benefits of adopting blockchain technology.
Greater transparency
With the help of blockchain, organizations can aim at a complete decentralized network because blockchain operates on a peer-to-peer network or node that performs and validates transactions. After validation, each node retains a copy of the transaction record. In this way, the blockchain network deals with transparency.
Easier, faster transactions
Blockchain transactions are basically done instantly and do not go through traditional banks, so there is no delay due to payment processing or transaction hold. Purchases can be made immediately, allowing customers to fulfill orders more quickly.
An immutable public ledger
Blockchain builds untampered transaction records. Just not a single institution has the power to change blockchain data somewhere in the second or third block. Everyone accepts it and expects it not to be noticed. Once a transaction is recorded, it cannot be modified or revised. It is almost impossible to forge a data system. Once a transaction is recorded on the blockchain, it cannot be edited or deleted. The only way to change this contract is to convince the whole blockchain network that changes should be made, which is virtually impossible. The authenticity of each transaction is verified and confirmed by all participants.
Better Supply Chain Tracking and Monitoring
A well-monitored and balanced supply chain is a distant dream for e-commerce businesses. Supply chains are the most important aspect of e-commerce business, but tracking products, inventory management, and even centralized database management can seem difficult for businesses. So, blockchain will help e-commerce in improving product tracking and overall monitoring.
Cost Reduction
Blockchain in the e-commerce industry enables the integration of different services such as payment transactions, inventory management, and product descriptions. Blockchain reduces costs by operating a single system for different processes.
Companies will be able to identify and easily identify which product inventory is causing something wrong. The blockchain is updated in real time so that network stakeholders can identify where unsafe products enter the supply chain. In this way, a business can increase the efficiency of products and outcomes. Being a fully decentralized system, you can forget all fees and commissions.
Final Thoughts: Blockchain innovation in E-commerce
Today, more and more companies are turning to blockchain to optimize supply chain management and other critical business processes, but there is a good reason for that. Processing transactions through blockchain networks also makes it much easier for sellers to provide customers with detailed information about their orders in real-time and track and resolve issues that arise. According to the survey, 25 million e-commerce sites worldwide, and the most prominent are Alibaba, Amazon, jiffyStock, and eBay. But recently, only one e-commerce site, JiffyStock, introduced blockchain technology in their e-commerce business. Blockchain has the potential to revolutionize the e-commerce industry by providing a safer and more efficient way to trade.
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Source :Techbooknet
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