Blockchain Revolution in E-Commerce
Since Bitcoin, the world-famous cryptocurrency, has lost value, new technologies are being developed rapidly to facilitate both online and offline digital payments. With its Blockchain technology, Bitcoin has recently offered faster payments with better protection for customers. For this reason, it is likely to cause major changes in the e-commerce ecosystem and payment methods worldwide.
Blockchain technology continues to evolve with each passing day, both in compliance with traditional payment methods and by preparing itself to change the way we perform transactions. How will Blockchain technology change e-commerce?
One of the biggest advantages of using Blockchain for e-commerce is the speed and efficiency of transactions. This is because Blockchain has a technology designed to store process data securely.
As e-commerce volume grows and develops, hackers are more likely to access shoppers’ credit and debit card information. Billions of e-commerce payments are made every year, and the number of customers experiencing credit card fraud is increasing day by day.
“In 2014, 31.8 million US consumers became victims of credit card fraudsters.”
By providing more security, Blockchain prevents fraud and theft. Nodes in Blockchain are automatically created. With these nodes, the cryptocurrencies running on the blockchain are becoming resistant to situations such as cyber attacks, power outages or systematic failures. Crypto coins are more like cash than the cards. Currencies like Bitcoin do not require customers to share their private data during the purchase.
Supply Chain Management
The superior supply chain management, which Blockchain can bring to e-commerce, is another revolutionary process that helps save the market from its current flaws. Since the approved data at Blockchain cannot be changed, a supply chain-oriented Blockchain network can provide an ideal solution for error-free management. An organized blockchain network is the key to supporting a completely transparent supply chain where customers can see the order flow of the products they purchase. This creates a strong foundation in rebuilding consumer confidence and resulting in flawless management in the supply chain.
However, even if you do not use a blockchain, you can have a process that can be continuously monitored and kept transparent through Omnitro. It’s easy to grow your business with Omnitro!