Previously, we mentioned that the world of blockchain was not limited to cryptocurrencies and digital assets in general. In fact, it did exceed these narrow boundaries long ago. We can already see how it is revolutionizing other industries.
eCommerce is no exception. As a team of experienced blockchain experts who have successfully delivered a lot of software development projects, we would like to share some thoughts on this subject.
Let us assume you want to launch your eCommerce platform. What would you begin with?
One of the right answers would be: ‘I would try to use blockchain to boost my project in terms of transparency and efficiency.
Why are we so sure about this? Basically, eCommerce is nothing more than a channel enabling transactions between sellers and buyers trading online. The more secure and clear these transactions are, the more popular and successful your e-business is.
And this is where blockchain can help you a lot.
Cryptocurrencies as a payment instrument
Depending on your jurisdiction, such prominent cryptocurrencies as Bitcoin and Etherium might already be legal tender. More than that, in some countries and industries it is not even necessary to wait for complete legalization. It would be sufficient if crypto assets are not explicitly prohibited in your field of online trade.
As a rule, in this case, people either use personal wallets or use third-party payment solutions. However, if you want your eCommerce venture to offer its own corporate wallet right now, the team of Evercode Lab will be happy to assist you.
With our Everchain Software Development Kit (aka SDK), you can swiftly create a customized wallet with your preferred look-and-feel to process payments.
Smart Contracts for Transactions
Another enormous benefit of blockchain for eCommerce is all about smart contracts. It addresses the very concern many people are experiencing online: an obvious lack of trust.
By definition, smart contracts are fulfilled in an automated fashion after certain conditions are complied with. In addition, a smart contract may contain all the applicable details of a transaction. What is even more important, any deal of this sort will be indefinitely stored on blockchain ledgers. As a result, it will never be possible to alter them.
This fact alone may instill confidence in your partners and buyers.
Tracking and Monitoring Your Supply Chain
With Blockchain, your eCommerce business is capable of performing more transparent and precise operations through tracking your chain of supply in real-time. In other words, your venture is in the right position to expediently digitize physical assets and build a decentralized and unchangeable record of every single transaction. Thus, you will benefit from the capability to track goods from manufacturing premises to delivery or even to purchase and use by the end-buyers.
Such a level of transparency will help you deal with both partners and consumers.
Effective Inventory Management
According to the recent study by the MHI, the usage level of blockchain in inventory management was as high as 5% back in 2018. However, it was expected to reach 54% within the coming five years. The increasing demand for inventory management performed via blockchain is comprehensible. After all, it makes it possible for eCommerce entities to link every section of their supply chain with a dependable, crystal clear, and stable record of contracts and deals.
As for other advantages, blockchain can provide another significant benefit for your eCommerce business. It is all about lower transaction costs. Normally, the expenses associated with blockchain-driven transactions are lower than transaction costs in regular eCommerce.
Any single data breach can inflict enormous reputational and economic costs on your eCommerce business. If you trade online, you inevitably store great amounts of personal data including payment details, preferences, and search results. That is why you need to use blockchain technology: since it is built on the basis of distributed ledgers, it will offer an unprecedented and unseen level of security to your online platform.
We hope we have managed to persuade you to consider using blockchain for your future eCommerce platform. Our team invites you to contact us to discuss how you can actually integrate it. Whether you are interested in payments, data storage, transaction tracking, etc., we can help you with this.