Without a doubt, blockchain technology should be regarded as the most turbulent invention since inception. Why is that? An invention that has the potency to transform and impact the economic sector as well as leveraging it via a top-notch efficacy shouldn't be underrated. Blockchain technology is definitely one for the books when it comes to decentralization.
Lately, blockchain technology has been integrated into diverse sectors roving from the health sector to the energy sector, as well as the financial services sector, educational sector, down to the gaming sector. Recently it is even being used in online activities, like gambling etc.
Nevertheless, blockchain technology is aimed to transform and revolutionize as well as igniting productive hopes on the day to day buyers and sellers in the e-commerce industry. It is true that e-commerce has made shopping easy and swifter than our traditional method. And as such, the majority of us are comfortable with it.
The convenience, affordability, and vast array of products offered by e-commerce platforms shows some of the benefits of the e-commerce industry, but with the growth of the industry (a global online retail market that is expected to surpass $4.5 billion by 2020), large e-commerce companies like Amazon, Alibaba, EBay and a large group of other companies which account for over 50% of that market valuation, the problems associated with e-commerce are beginning to emerge. Source
With great power comes great responsibilities and setbacks, there are lots of challenges facing e-commerce today. Delayed payment, transparency, effective management system as well as discontent customers are some of the major challenges e-commerce is experiencing. Thanks to blockchain technology, these challenges can be eradicated.
Based on the aforementioned, I'll be pinpointing some of the physical quandaries e-commerce is experiencing and how it can be resolved with the help of blockchain technology.
1. Payments
First things first. Since the advent of e-commerce, payment has been a major concern when shopping on things that are of interests to us. Payments solutions have never been perfect regardless of the available payment system, like E-wallet, PayPal, and Skrill, the payment industry still needs some amendment.
Let's not forget about the extravagant fees that come along when utilizing the e-commerce platform via the sales made by the retailer. In fact, this hobble has been a major concern to many, most times the fees range from 2-3% of the total amount of goods purchased.
With the unique power integrated on the blockchain, transactions and security are assured for any e-commerce business model. An example of e-commerce projects is; Ecoinmerce and Request Network. Both models will implement blockchain technology so as to carry out swift transactions at the same time reducing the cost of high financial transactions, high-security measures, as well as granting users an amazing experience.
2. Data Security
Another major challenge facing the e-commerce world is the storage of data. A large amount of data resides on e-commerce platforms, about 70% of them are extracted promptly from registered retailers and customers respectively.
Experts have proven that customers data is stored in a centralized atmosphere where it is most likely exposed to online fraudsters. As a matter of fact, data security is one major challenge e-commerce platforms encounters. Majority of existing e-commerce companies are victims of data robbery. This is what makes a blockchain so disruptive, it has the potency to avert such fraudulent attacks where ever it is integrated since it is decentralized, customers data and security are also decentralized.
3. Transparency
Transparency is also regarded as one major problem existing in e-commerce space. It was this reason that propelled the President Of The United States, Donald J. Trump to tweet about the transparency concerns faced by consumers. In his words he added;
Amazon’s transparency concerns since big-name e-commerce stores like Amazon are known for cutting off direct contact between consumers and sellers, and sometimes disabling a merchant’s page with little or no explanation. source
With the immense power behind blockchain technology, it'll ultimately tackle the instinctive problems of the e-commerce industry. Successful companies such as Alibaba, Amazon, and eBay are already integrating the blockchain technology on their companies.
SimplyBrand... The Game Changer
SimplyBrand is a decentralized innovative anti-counterfeit platform that leverages on blockchain technology and crowdsourcing with the aim of annihilating counterfeit products in the digital e-commerce space. SimplyBrand is arguably the solution against counterfeit products and other quandaries. With its unique A.I, simplybrand is capable to fix enhanced verification and identification processes within every transaction.
In case of any violation, information of infringing parties will be published on the blockchain’s “blacklist” for public reference — increasing costs and creating new barriers for counterfeit retailers. Brands who wish to uphold their reputation will join, knowing that any end users will be able to check for security through simplyBrand’s links before making any purchase. source
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This is not financial advice. Please do you own research before investing in cryptocurrencies or any digital asset. This blog post is done for entertainment and knowledge purpose only.