Bitazure build a Blockchain based e-Commerce platform for your business

The use of Blockchain for E-commerce will aid in establishing a revolutionized economy. While both Blockchain and E-commerce enable transactions, Blockchain makes the transaction even quicker and more secure than ever.

Integration with Business Processes – Blockchain can be implemented in many more ways than just for processing online payments. The main reason behind the growth of Distributed Ledger Technology (DLT) is its ability to integrate with new and existing business systems. For an E-commerce retailer, this can facilitate integration between their web store and a plethora of external and internal processes, systems and partners.

Cost-Effectiveness – Blockchain has the power to combine product images and descriptions, online payments, inventory management, with other business processes. This results in reduced system maintenance, the lesser requirement of IT support personnel, and fewer administrative activities to be performed. Blockchain empowers E-commerce businesses to invest more time for the core business operations and less time in managing their E-commerce store.

Ease of Use – Currencies powered by Blockchain are immensely comfortable to use. Unlike traditional currencies, a person need not visit a regulatory authority to register an account for themselves. Blockchain allows you to accomplish the process from within the comfort zone. Moreover, the process is free of cost. You pay nothing to create your account. The virtual currency account comes at zero cost.

Faster Transactions – It takes an enormous amount of time when it comes to transacting traditionally. For instance, transferring money across countries or continents may take up to several days. But Bitcoin-based transfers, on the other hand, are swift. They take only a few minutes to accomplish money transfers. Most essentially, Bitcoin transfers can be processes anytime, from anywhere and almost instantaneously.

Security – DLT facilitates the highest level of security for online databases. Though there have been examples where some vulnerabilities or loopholes in smart contact coding led to fraud, there have been zero verified frauds occurring due to a major Blockchain backbone framework. Even a single data attack can cost an E-commerce retailer millions in revenue, alongside a blow to their market share and reputation. But with Blockchain, they can have a level of security that safeguards that entire data structure and prevents possible data breaches in the future.

Supply chain - Reducing the cost and complexity of the supply chain has become a key use for blockchain. Many of the largest retailers have adopted blockchain for that purpose, or they are testing it. Most of these retailers use the blockchain to eliminate the paper and manual work associated with international product shipping. For example, data from a bill of lading for cargo shipments can be manually placed on the blockchain at each stage of the supply chain or automatically entered, eliminating the lengthy and expensive administrative process of approvals and receipt guarantees. This allows all participants to track the shipment through its journey, verify the product information (such as pallet weight) at each step, and know that the data is accurate and trustworthy.

For smaller merchants, there can be similar opportunities for eliminating cost, but it may not be worth the effort to get your suppliers blockchain-enabled.

However, for merchants that sell unique items for which authenticity matters or higher risk products that may be tampered with or have expiration dates, the blockchain helps confirm the validity and quality of their inventory and reassures consumers that they are getting what they pay for. Provenance and Codex Protocol are examples of companies that help merchants implement supply-chain blockchain solutions.