How Can Blockchain Revolutionize E-Commerce Sector?
A blockchain is a database in which information (stored in form of blocks) is linked together in form of chain. Blockchain is a public ledger that provides information about the digital transactions and database that has been executed. Blocks are created in a sequential manner, with each new block contains hash of the previous block. Since the database is shared and managed by more than one party, making it a highly trustworthy system.
Blockchain applications offer a number of promising business opportunities for e-commerce sector. Let’s analyze how one can apply these specific solutions for blockchain-based business ideas.
How Blockchain Will Revolutionize E-commerce Sector?
E-commerce is all about transactions and based on blockchain technology, an online system has been created that is convenient and helpful for both retailers and end-users. A number of blockchain-based applications help online entrepreneurs serve their customers in novel and efficient ways. In short, blockchain technology offers an effective way of improving customer experience. Let’s discuss few of these opportunities here.
It is not wrong to state that smart contract is the widely popular add-on feature of blockchain. It is a computer programme that can be stored on a blockchain to automate certain e-commerce related tasks according to pre-set rules. It helps entrepreneurs operate round the clock while cutting-down the cost needed to hire staff to perform the same tasks.
With the help of smart contracts, online entrepreneurs can manage their inventory items as well. Entrepreneurs cannot just decrements or check the numbers of items in the inventory but can also order replacement stock, when a certain threshold is reached. It means that depending upon the demand and order, an online store can never run out of products.
Access to Receipts and Warranties
Did you ever get frustrated when having to find out the specific paper receipt or being unable to prove warranty coverage? If yes, you will definitely be amazed by this feature of blockchain technology. Blockchain technology can help store product warranties and receipts. Recording all purchase information on blockchain is the solution to combat your agitation.
Thanks to blockchain that both buyers and sellers will be able to access the data of receipts and warranty claims to easily validate the proof of ownership.
Availing Loyalty Programmes’ Rewards
How about being able to share your online shopping history with multiple retailers and availing benefits from their offers? And what about availing loyalty programmes that can be used across retailers – making you choose where to redeem your rewards?
It is possible when the online entrepreneurs will use blockchain technology for their system, where all your purchasing history and points will be safely recorded. Later, the users can redeem these rewards across different e-commerce websites. E-commerce businesses can use these loyalty programmer offer to attract more and more customers.
After reading this all, you should jump onto the blockchain bandwagon because if you fail to realize the potential and the opportunities it offers, you will be too late to catch up, when the technology really takes off.