Blockchain Technology – One of the best things about modern-day technological evolution is it doesn’t matter which type of industry you will look at, it will be thriving on different types of technological solutions. Even the oddest industry that you can think of will be using some kind of technological solution. this is why when we talk about an industry that has technology at its base then there will be no surprise when a revolutionary technology will transform it. Yes, you guessed it right, we are talking about the eCommerce industry.

In the modern era, eCommerce is one of the fastest-growing industry and even the current crisis of COVID-19 couldn’t stop its growth, rather it fueled it. There have many improvements made to the world of eCommerce and with billions of people using the internet, buying from the digital platform has become a new normal. But soon, you will notice the eCommerce industry completely getting transformed through a revolutionary technology that is known as the blockchain.

Even with so much growth, the eCommerce industry is still facing many different types of problems and the best thing is that all these issues will be solved by blockchain technology. Let’s find out how in a detailed manner through this blog post.

Payment

It doesn’t matter which type of eCommerce platform you are using, one of the most important things that will matter to most of the users is payment. Just like the financial sector, even the payment sector of the eCommerce industry will be completely revolutionized by blockchain. Even with some of the best payment solution providers like PayPal and Skrill, there are many issues that will need to be addressed in the future for the betterment of the eCommerce world.

The high payment processing fee along with the high rate of the fee charged by most of the ecommerce platforms during sales makes most of the deals a bit costly. This fee is mostly 2–3% of the total purchase and that will be a lot when you will make a big purchase.

But with the help of blockchain projects like Request Network, we will get a blockchain based marketplace by thriving on fast and secure transaction process for each and every type of ecommerce model.

Supply chain management

This is another important aspect of each and every type of ecommerce model because when you will analyze the current supply chain model then you will find many loopholes in it. And it is only blockchain technology that will be able to solve these issues related to supply chain management.

There are many different types of blockchain projects like VeChain that is being used for creating an incorruptible visualization of the complete supply chain process. You should know that each and every type of data that is validate on the blockchain is virtually incorruptible and this will act as one of the biggest advantages for the modern day ecommerce platforms. In order to deal with all the problems related to supply chain management, the only thing that we can rely on is a supply chain focused blockchain network.

The incorruptible nature of blockchain will also build a transparent supply chain network where chances of mistakes will be less and the chances of seamless operation will be more.

Data safety

Although there are many issues that the modern day ecommerce platform is facing, you should know that one of the leading problems is related to how data is secured. Most of the ecommerce platforms out there is home to a very large amount of data and since this data comes directly from the customers, it is very much necessary to improve the current way of storing data on these platforms.

Currently, all the data that is collected from customers is stored on a centralized system and this makes it vulnerable. In the past, there have been many companies that have faced attacks from online hackers and all these companies have lost a significant amount of data and reputation as well. But when a company will start using blockchain for its ecommerce platform then it will become almost impossible for even the smartest hacker out there to breach into your data since the blockchain platform is basically a decentralized platform.

It will not be possible for any hacker to get their hands on each and every node. This means that when you will be dealing with a blockchain-based eCommerce platform then it will be safer.

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Transparent Marketplace

There are many retailers out there that have filed complaints against some of the biggest ecommerce platforms related to transparency and this is why this can also be considered as one of the biggest issues of the modern day ecommerce platform. You will be surprised to know that even the president of the United States recently tweeted about the transparency issue of Amazon and this can give you an estimate of the level of difficulties being faced on the online platform regarding transparency.

If we will start using e-commerce platforms like Bitboost, then the issue of transparency will become completely null and void. You should know that Bitboost is basically a decentralized system or platform that will facilitate online transactions between the buyers and the sellers in a transparent manner.

There are many technological evolutions that will help in transforming the modern day ecommerce platform. There is no denial in the fact that the modern day blockchain technology is not completely mature and it will take this technology a few years in order to completely become mature and errorless. Meanwhile, if you are running an ecommerce platform and looking forward to getting rid of all the current issues.

In order to prepare for blockchain technology, you will need to start looking for the changes that you will need to make in order to make blockchain an important part of your eCommerce platform. So get ready to witness an improved form of eCommerce platform through blockchain technology.