Potential Benefits of Blockchain in eCommerce
Blockchain technology has the ability to create "trustless" systems in various business models, including B2C, B2B, C2C, and the marketplace. Trustless systems are those in which each party is confident that the other parties will fulfill their obligations without the need for a central authority to oversee the transaction.
Blockchain technology allows for the implementation of decentralized systems that can be operated without dedicated oversight. This enables businesses to create a trusted network of operations throughout their entire supply chain. In addition, blockchain provides unified access to immutable data, such as orders, transactions, and payments, allowing this information to be shared across different subsystems. The accessibility and traceability of data and payments are essential in today's business world.
The use of blockchain technology in ecommerce provides numerous benefits to businesses and consumers alike. For businesses, blockchain improves supply chain management, reduces fraudulent activity, and increases transparency. For consumers, blockchain is a more secure, efficient way to make purchases and track shipments.