Blockchain is a public ledger of all transaction related to cryptocurrency. It is open and decentralized to allow the market participants to keep track of all transactions containing digital currency and thus removes the need for central recordkeeping. Here are some advantages of using blockchain as per the blockchain development company
It decentralizes control and achieves consensus-based trust without any need for a central authority.
Also, it enables consumers to connect with other companies, omitting the middlemen from the process.
Blockchain technology creates transparency on a different level.
How does blockchain technology work?
As per the blockchain development company, here are 3 ways blockchain affect the E-Commerce Businesses:
On the basis of blockchain network Nodes which are nothing but electronic devices. They are connected to the blockchain network that performs the task of validating and relaying transactions. When the new node joins the blockchain network, the entire copy of the blockchain gets download automatically.
Buyer and seller use third parties as they may not trust the other party, but they trust that the middlemen will assure the transaction is completed correctly. This trust comes from these middlemen charge the buyer or seller a fee for the ledger.
As per the blockchain services provider, most of the E-commerce companies are facing huge problems with counterfeit or substandard product of original products due to the difficulty in regulation and selection of various vendors which ultimately diminish the brand image.
Basically, the supply chain in e-commerce involves various parties with some amount of commissions and shipping rates. Also, ordering, shipping tracking, delivery confirmation, tendering and settlement of the costs and charges make the whole process complicated and delayed for weeks or sometimes for months.
Blockchain technology and e-commerce together unlocks many business opportunities in the quest for transparency, cost reduction as well as make it trustworthy. If you want to grow your eCommerce business then there’s no better time to use blockchain technology for your e-commerce than the present. To know more about blockchain or to know more about how you can use it for your business contact the consultant team of Minddeft – blockchain services provider on,+1 (415) 968 5466