The world of digital commerce has been highly influenced by blockchain. It has acted as a complete game changer in the paradigm of digital transactions where security, transaction turnout time and decentralization are vital. Digital commerce is a hyper rich network with millions of transactions being conducted on a daily basis across all corners of the globe. When it comes to blockchain, we can easily say that it has revolutionized traditional digital commerce with certain features which takes digital commerce strategy a step forward. For example, let us say that a particular digital transaction would take a total of 90 minutes to mature and for the confirmation to reflect on the consoles of both parties.
To understand how blockchain is making such a big impact, we must first understand the true architecture of blockchain powered platforms. It is a continuous list of records called blocks, linked using cryptography. Each of the blocks has a record of the previous block maintained through a hash, a timestamp and detailed transactional information. In design and spirit, a blockchain is simply impenetrable i.e. it cannot be tampered with and nobody can actually hack or modify any existing information.
To summarize a blockchain technology simply redefines digital commerce
Revamp the entire structure of payment methods:
- Prevents anyone and everyone including the root users and administrators from getting hold of sensitive information
- Prevent modification or bifurcation of any existing data
- Safeguard the encryption using the most robust security platforms
- Decentralized system which prevents the devaluation of the currency in case a country’s economy collapses in the eventuality of a war or a natural calamity
- Strict identity protection which does not showcase the identity of the parties involved in the transaction
- Freedom of transactions since cryptocurrency transactions do not have any capping limits on them
- Quick transactions which happen within seconds making it one of the quickest methods of transacting over the digital network
- Fraud minimization with blockchain technology’s robust security systems which denies any wrongful access to the users
Enhanced muscle added to supply chain management in the fabric of blockchain technology:
- Easy tracking of shipments using RFID tags and embedded sensors
- Reduction of costs by the elimination of several intermediary bodies acting as third parties in the supply chain without compromising the digital commerce strategy
- Inventory management using a more secured blockchain platform which minimizes the dependence on support staff to manage the network
Risk mitigation in the segment of e-commerce:
The digital commerce industry’s risk factors have been significantly mitigated through the implementation of blockchain in the world of digital commerce namely e-commerce, virtual payments and other platforms.
Blockchain can also help in managing the reputation of businesses by giving the consumers an authentic view of businesses which is devoid of fake reviews. Crypto technology would prevent false good/bad reviews from building up and influencing the opinion of the consumers. Blockchain also maintains or brings about transparency in the market.
The entire spectrum of digital commerce strategy has witnessed a quantum shift in technology with the advent of blockchain technology. In short, blockchain has given significant value addition to the world of digital commerce. In future, this vast technological platform would bring about more modifications and improvements to the world of digital commerce. The next three years will be very vital for the crypto-currency and blockchain industry since we would be able to witness more modifications/improvements on the same. Let us keep our fingers crossed for better acceptance of blockchain technology in the fray of digital commerce.