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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
With blockchains, e-commerce businesses can conveniently combine inventory management, payment processing, product descriptions and images with other business activities. In return, they get to spend less on maintaining systems that facilitate these activities or hiring IT support staff to maintain the systems. Cryptocurrencies such as Bitcoin cut down the fees that banking institutions charge on facilitating transactions.
Most online retailers experience difficulties when trying to keep up with their competition and the rising customer expectations. Besides these challenges, they are also at risk of losing customer's data and millions of cash due to cyber attacks. Blockchain technology is perfect for solving these challenges that online retailers face. The technology offers the highest level of security in form of distributed ledgers for e-commerce database management systems.
Through blockchain technologies such as Waves, customers of e-commerce sites get to make fast online payments. Unlike in the past when buyers used to wait for several hours or days to make the payments, blockchains offer them the convenience they need when shopping online. In this case, they can have their products shipped after making the required payments.
It is amazing how blockchain technologies are offering third-world countries a chance to trade online. Through Bitcoin’s peer-to-peer system, consumers in these countries don’t require a middleman to process their payment requests. Furthermore, these technologies are opening doors for online retailers to make use of the consumer markets in developing countries.
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