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Blockchain To Reinvent E-Commerce

Blockchain To Reinvent E-Commerce

The ecommerce sector refers to websites that exist as stores. In the same way the high street offers us shop fronts through which we can explore and trade with merchants, the internet offers us a far more convenient option that allows us to trade with merchants on a virtual basis. Eventually, these trades make their way to use via a delivery of goods in exchange for money. It’s a simple concept that has changed the way we all live, giving way to massive companies like Amazon who have built what is now seen as the biggest ecommerce empire the world has, and probably will ever seen. 

That is, until you start to introduce blockchain technology however, this is a product that promises to pave a new era in ecommerce, making our lives and our online experience far superior to what we currently endure now. According to Crypto News Z, one way that the blockchain is changing ecommerce can be seen when we look at gambling online:

"Another great plus for blockchain and crypto-based casinos is that there is no need for the casino to store reams of personal details on centralized servers. Traditional casinos will have all kinds of records stored on their systems to make them compliant with banking regulations. With cryptocurrency, there are no accounts as such. You don’t register your personal details when you create a wallet. Not only does this reduce the risk of the casino being compromised by cybercriminals – customer data is incredibly valuable – it also means that players can enjoy casino games with a much higher degree of anonymity than previously possible."

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Not to mention other obvious benefits that blockchain technology offers ecommerce websites, advantages through cryptocurrency like Bitcoin and XRP. Using such currencies to purchase products online increases security, increases the speed and efficiency of payments and it also makes the whole online buying process cheaper for the merchant, meaning their profit margins eventually benefit.

Furthermore, referring back to gambling and game type ecommerce, blockchain technology allows us to start trusting service providers again:

"Blockchain technology completely revolutionizes the concept of trust in the online casino. If a game is written in open-source code and built on a blockchain, it is possible for a computer savvy-user to check all the code to see if the game has been built to behave according to the rules. For example, in a game of roulette, all numbers on the wheel were indeed entered into the random number generator."

The same goes for traditional shops too, with the blockchain, all operations become transparent which ensures we as customers know the company is operating within legitimate means, making us trust them more and inevitably, making us spend more money.

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