Greetings to you all!
Blockchain have its a lot of applications in different fields but today I am going to discuss that what potential blockchain have in the field of e-commerce.
By the means of conducting online transactions in one of the more secure transparent and efficient way blockchain has ability in revolutionizing the industry and field of e-commerce. I am going to talk about my topic in different points which are just like practical examples and true implementation of blockchain in field of e-commerce which let you to understand this topic in a more efficient way.
Secure Payments
Payment systems in blockchain are really enabling more fast more secure, safe transactions which are also cheap and low cost so for that reason it cause in reduction and minimization of risk of any fraudulent and illicit activity so in this way we can say that online payments are those which are more able to trust due to their security.
Supply Chain Management
Block chains are able to be detect different goods from their manufacturing to their delivery so it ensures much originality and transparency. As an example suppose that Walmart is using a blockchain for detecting that from which place are product is basically originating so in this way it would be a way to minimise counterfeiting and in this way it would be a way for enhancing the quality control.
Smart Contracts
About small contracts I have talked many times that these are self executing contracts that have there predefined rules and regulations so they are automatic in processing businesses so in this way timely payments and products can be delivered and as an example you can suppose that there is a small contract which have released it's payment to seller after the confirmation of buyer that he have received some particular products or goods.
Product Authenticity
There are some of the platforms that are blockchain based and definitely they are decentralized including VeChain let's suppose so it would verify the product that either it is authentic and original or not so that it may prevent counterfeiting and gives surety that customers are receiving original products or not.
Decentralized Marketplaces
There are different blockchain based market places also present and maybe you know about that there is OpenBazaar and Uniswap like present which enables peer to peer and one of the most secure transaction without any need of intermediate entity so it reduce overall transaction cost and it also promotes decentralized commerce.
Inventory Management
Blockchain is also responsible for the management of inventory levels and fortunately blockchain can do this task in efficient way so it is a way of minimising stock out and over stocking so in this way products are available in a timely manner and it also cause reduction in products waste.
Customer Data Security
There are some solutions which are blockchain based including self sovereign identities (ERC-725) so it gives more safe store and Management to the data of customer so in this week is a great way of protection of privacy and reduction of risk of data breach of any customer.
Loyalty Programs
Just like blockchain based markets there are also blockchain based loyalty programs present such as block points so they are regarding customers with their tokens in this way customer try to more engage as well as customer retention also improves and enhance in this way.
That was all about some of the practical examples and amplifications of blockchain potential in different fields of e-commerce. So all these practical examples are important for increasing efficiency security transparency and enhancement of online shopping experience for customers so now you can understand that how blockchain technology is helpful in this field also just like other fields.
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