The distributed ledger technology used in blockchains is currently instrumental in solving the challenges that the e-commerce sector is facing. There’s so much to expect from blockchains regarding their applicability in e-commerce.
Both blockchain and e-commerce involve transactions. Blockchain makes these transactions safer and faster while e-commerce activities rely on them. The blockchain technology enables users to share and securely store digital assets both automatically and manually. This technology has the capacity to handle user activities such as payment processing, product searches, product purchases and customer care.
The commonly used blockchain technologies in the e-commerce market are Ethereum and Bitcoin. Ethereum provides a practical platform for e-commerce websites that want to manage their own blockchains. Consequently, Bitcoin, a cryptocurrency, led to the establishment of blockchain technology. Consumers use it to make purchases in select online stores that accept Bitcoin as payment