Whenever a new technology pops out, rumours abruptly resonate with them, the same as in the case of blockchain technology. Even after ten years of its birth, some pronounce it as synonymous with Bitcoin. While others are unknown to it pondering over what is blockchain technology.
While going through technology and financial sites, you probably stumbled upon two types of stories. Those who declare blockchain an evil technology that will eventually fill the world with narcotics, immunition deals, black-money transfer, and wasting natural resources and electricity. The others advocate blockchain a revolutionizing technology that will transform accounts, supply chain, healthcare, polling system, e-commerce, and real-estate.
But, this article is solely focusing on how blockchain is reshaping the e-commerce companies. So here are some of the startling implications of blockchain technology in the e-commerce marketplace that will let you surprised. Even, Walmart, Unilever, Subway, and other consumer and food management chains are bringing blockchain into their system.
Blockchain brings transparency in e-commerce:
Who knows about you, but I feel a huge lack of transparency in the e-commerce industry. It is a filthy world of fake reviews, cheap material, low quality, and rotten shipment. By applying blockchain will create a decentralized e-commerce environment where every wrongdoing will be gauged instantly. Blockchain stores data in blocks that take subtle effort to be created and went through a cumbersome verification process before creation. So, no one will upload fake reviews, neither the merchant or the platform will be able to play with data and transactions.
Blockchain offers enhanced personalized marketing:
Blockchain keeps precise track of every single transaction or event that occurred on the network. It is eventually helpful for your business and branding. By utilizing the data, firms can create ideal personalized efforts, which are incredibly beneficial for marketing. Whenever a particular customer reaches a specific limit of purchases, a company/brand will enable specific discounts, offers, or hampers for him. A personalized offer will boost customer loyalty bringing higher revenue for the company.
Blockchain technology enables provenance tracking:
The technology makes it simpler to manage the shipment of cargo, cuts off the cost, and deals with inventory management. Moreover, it also allows us to track the source or origin of the product. By using RFID tags, one can easily trace the information about the item he is interested in by giving complete information from its inception to its current status.
Summing up, blockchain technology can effectively deal with the existing problems of the e-commerce industry by offering a more reliable platform. Want to learn more or have to develop a blockchain-enabled system for your firm? Click here to connect with our blockchain consultants.