Over the last few years, e-commerce penetration is growing unprecedentedly and it has occupied an inevitable space with the buyers and sellers. It also supports social networking to connect with regions, customers, that weren’t possible quickly through a physical reach earlier. Today, every small scale and medium scale enterprises can leverage this through their online presence.
As per Google research, the value of online retail in 2021 would be around $100 billion, particularly eCommerce rate in India would be around $36 billion. Be it B2B or B2C, eCommerce has helped business grow significantly, more so it has increased even further due to deeper mobile penetration.
Amazon which has started its journey by selling books online, has become a top player in the online space. Be it the top player or the smaller online portals, customer acquisition and more so, retention is becoming increasingly challenging. Customer’s expectations and aspirations keep changing and technology as an enabler should help in bridging this gap. To keep up with this pace of change, every player must look the road ahead filled with opportunities to satisfy customer needs. “Blockchain” is one such technology that can propel ecommerce and the user experience by itself to the next level.
3 Good Reasons to adopt “Blockchain”
- Data Security and Interoperability
As more and more personal and confidential information gets exchanged over the web, trust and security are prerequisite. Blockchain is an impregnable technology which doesn’t allow anonymous heads to tap/destroy the data. The impressive feature of this technology is that every copy of the data or changes made to the data gets stored on every authorized nodes (computer) over the internet whereas destroying the whole chain involves infinite risks.
- Smart Contracts
Smart contracts are digital ledger that get stored on shareable unbiased system, making it safer and clear. Particularly for Supply chain management, this technology brings transparency and minimises cost by showcasing transactions to all the prospects at any time. Data accuracy can be achieved as every record is verified every time and stored sequentially.
Imagine, that world of trade that has no middlemen!! Buying and selling products or services without any centralized entity will viable as there will be no need to trust any third parties to carry out the transaction process.
As already stated one good feature of this technology is that it has no centralized data avoiding fraudulent access, single point of failure, malfunction, access to the personal information, etc. Decentralization, enhances transparency amongst those who are involved in the transaction/process.