Tag: blockchain

Is Blockchain-Based Ecommerce Platform really possible?

As online retailers incorporate blockchain technology into their business processes, they give their customers redeemable bonus points when they reach certain spending thresholds. A network of computers known as nodes, miners, or peers maintain their blockchains by validating and transferring data about digital transactions and the movement of cryptocurrencies from one network user to another.

By using blockchain to track its supply chain, an e-commerce company can ensure that suppliers adhere to criteria, commit not to replace products without notice, and ensure transparency in maintaining the process. A single breach of data can cost an e-commerce retailer millions in revenue and much more brand expertise and blockchain provide a level of security that retailers can not afford. By capturing transactions along the chain and granting rebates and rewards to customers when they reach purchase thresholds, blockchain-based loyalty program management makes them faster and safer.

Blockchain – E-commerce secures the security of millions of users of private and confidential e-commerce platforms. Blockchain is based on Distributed Ledger Technology (DLT) which offers a greater level of security than what is available in online databases and platforms. Blockchain-based distributed ledger technology is based on DLT, which provides the highest security available in any online database or platform.

E-commerce sellers rely on leading bitcoin and a host of other cryptocurrencies to leverage low-cost digital payment solutions. One of the biggest advantages of blockchain technology is that it allows retailers to combine services such as payment processing, inventory management, product descriptions, etc. For retailers, blockchain software development enables them to handle transactions such as payment processing, product search and purchase, customer service, and securing digital assets.

Blockchain e-commerce companies can combine inventories management, payment processing, product descriptions, images, and other business activities. Distribution services, enabling loyalty programs, tracking transactions records, constructive criticism, and feedback, and efficiency are just some of the many benefits blockchain development brings to retail and e-commerce businesses. Smart contracts, Ethereum-based transactions, supply chain tracking (hyper ledgers), records, inventory management, better supplier relations, and better traceability of medicines such as medical marijuana in traditional retail are just some of the hurdles retailers face when they test blockchain deployment in their processes.

Blockchain-based technology is predicted to be a major disruption in many business applications and processes with a huge impact on e-commerce. Companies are exploring a range of blockchain-based e-commerce startups to improve brand management systems for retailers, secure international trade flows, reduce ubiquitous fees associated with financial transactions, and reinvent loyalty programs. This blog will discover innovators who are considering the implementation of blockchain technology solutions and e-commerce platforms in the development and development of the retail market.

Blockchain technology for E-Commerce Ethereum is a platform for e-commerce brands that want to manage their blockchain and bitcoin cryptocurrency, which led to the development of Blockchain technology that allows customers to make purchases locally and through apps accepting Bitcoin payments. The benefits of blockchain for e-commerce go beyond cheaper business processes, better security, and an improved customer experience. The most common blockchain technology in e-commerce is Ethereum, which provides a platform for e-commerce brands that want to manage their blockchains and bitcoin cryptocurrencies.

Ethereum provides a convenient platform for e-commerce sites that want to manage their blockchains. It is obvious that within a few hours, a blockchain-based e-commerce platform is needed to promote an improved and reliable online shopping experience.

Blockchain, a decentralized and distributed ledger technology, gives platform users the right and responsibility to own and protect their data without relying on a central authority, without sacrificing data integrity, security or theft. E-commerce brands can manage sensitive consumer information with the utmost security by leveraging the decentralized cryptographic architecture of blockchain ledgers. Blockchain is a distributed ledger technology that gives platform users the rights and obligations to own and protect their data without relying on a central authority and without sacrificing integrity and security theft.

For example, OpenBazaar is a blockchain-based marketplace system with multiple sellers and there are many ways to add technology to traditional online shopping marketplaces with multiple stores. Companies are exploring a range of e-commerce startups using blockchain technology to bolster retailers’ “reputation management, secure the flow of international trade, reduce the ubiquitous fees associated with financial transactions, and reinvent commercial loyalty programs.

Market is a blockchain-based online e-commerce marketplace aimed at small businesses looking to tap the digital retail space, enabling them to post products and accept payments in cryptocurrency such as Ethereum. MCART Protocol is a decentralized influencer marketing and attribution platform made possible by blockchain technology. It serves as a customizable solution for brands and influencers who want to launch marketing campaigns in a purchasable marketplace. RetailGlobal is a blockchain-enabled global trading platform that brings together players from the local and international e-commerce landscape.

Blockchain offers many other benefits, including cost reductions, improving transaction business processes, and improving the overall customer experience. The introduction of blockchain technology into the supply chain will help users track orders and buy online. Alibaba’s cloud blockchain technology and its TMALL e-commerce platform allow users to track TMALL and their orders from luxury pavilions.

This allows the platform to offer its users unlimited cash and recoins based on ecosystem purchases of goods and services, resulting in financial rewards for the buyer. Tradove is a blueprint for corporate networks in the digital age and enables an e-commerce marketplace where users can sell and buy using cryptocurrencies.

How are Utility Tokens different from Security Tokens?

even though tokens are not issued as an investment, they are exempt from compliance with federal securities regulation legislation. In a June ruling, the SEC found that the most popular cryptocurrency, Ethereum (ETH), can now serve as security because it is a service token.

When a company creates a service token, it usually means that it creates a kind of digital voucher that can be redeemed for discounts, fees, and special access to products and services in the future. Unlike security marks, which are designed as investments, utility marks are not intended to give their owners the ability to control decision-making. Remember that unlike security token contracts, which are the ownership of a legitimate asset, supply tokens are a tool to motivate holders to contribute to the governance and decision-making of the network.

In short, a voucher entitles its holder to property rights, while a voucher can be considered a voucher that grants the holder access to a particular product or service. Utility tokens provide added value to users of a particular DAP or blockchain ecosystem that is different from security tokens that are purely an investment contract.

As discussed above, companies use tokens to raise funds for project development, store value, and create an economy on a particular blockchain. Unlike tokens, when investors purchase a token, they are not offered an actual share or monetary ownership of the company.

While most ICOs represent investment opportunities for the company itself, most tokens are considered securities. Security tokens are created as investment tokens and holders are responsible for receiving dividends in the form of additional coins every time the company emits tokens or makes a profit on the market. Security brands, created as investment and supply brands to finance an ICO, serve to create both an internal economy based on a project and a blockchain.

Even if the token is classified as a security, the return on the investment is not controlled by the investor. If the investor controls the profits, the token is not considered a security.

A token represents the security or benefit of a company when, in the context of a public sale, it gives its investors a token that in the case of a supply token is called an ICO (Initial Coin Offering) and in this case an STO (Security Token Offering) token. Even though ICOs are closely associated with the concept of initial public offerings (IPOs), ICOs rarely include security marks, and utility mark developers prefer to use the term “token generation events” to refer to crowd sales that include such tokens. Although there are occasionally token offerings of securities (STOs), the vast majority of projects with IDOs, initial DEX offerings, and CEOs (initial exchange offerings) list their benefits.

In essence, a securities token is an investment contract representing legal ownership of physical or digital assets, such as real estate or ETFs, and whose ownership is verified via blockchain.

Securities can be used to represent assets of various classes of instruments, including equities, fixed income securities, real estate, structured products, mutual funds, equities, commodities, etc., that can be traded on a blockchain (distributed ledger). Digital tokens represent tradable assets in ICOs developed using secure blockchain technology. Tokens can be tokens, security tokens, trade tokens, rewards tokens, asset tokens, or currency tokens, depending on the type of project in which you are investing in.

Whether you are an ICO investor or blockchain cryptographer, you need to understand the difference between security tokens and benefit tokens. Security and supply brands can both make a profit, but it is difficult for many people to distinguish between them. In this case, it is worth knowing the difference between utility and security brands, as regulatory debates continue to influence the development of the blockchain industry.

A better balance can be found in securities brands that are digital, liquid contracts for a fraction of an asset, such as a house, a car, a painting, equity in a company, etc. The securities token ideas, known as partial ownership of real assets, are highly structured, meaning that investors can expect their ownership stake to remain on the blockchain register. Security brands are asset-backed, so they derive their value from the real equation of supply and demand, making them more stable than supply brands.

Supply marks help holders to trade in a certain way, while security marks are contracts that constitute legitimate ownership of an asset. The convergence of these one-time projects bridges the gap between traditional capital markets and blockchains, by symbolizing assets and transforming them into security tokens that give them the security and stability that regulated assets entail. Today, tokens and symbolized securities are a million-dollar concept that startups around the world embrace when crowdfunding.

Also Read: What is Swapping Token In cryptocurrency on Ethereum blockchain?

What is up with HODL and all the bitcoin buzz?

Know your parodies first because today we are going to talk about the term HODL and Holding in the crypto world. HODL originated on a bitcointalk.com forum as just a short-form for the expression “hold” and even the crypto community thought it quite interesting because they know about using “HODL” as a phrase to describe the holding (instead of selling) in one’s cryptocurrency.

Industry sources said that India’s biggest crypto platforms witnessed exchanges almost triple and potential users greater than double to weeks before what is recognized as ‘half’ of bitcoin on Monday. With over 400,000 users, WazirX claims to be India’s fastest-growing cryptocurrency exchange, with an average app score of 4.6. WazirX is a part of the Community of Binance.

On the other hand, Giottus by building a strong customer site with top-tier customer service on par with the world’s best exchange markets is revolutionizing the way Indian users trade their digital assets.

Bitcoin brought investors periodic optimism in December, as its price increased exponentially and set records. The glorious spin in its price had pioneers of bitcoin making wild predictions away of its price.

Three months later, their predictions were much bleaker. If bitcoin was a stock, — equivalent will also be induced by market movements next year.

Fundamental drivers keep reinforcing organizational focus to Bitcoin:

  • Traditionally low interest – Set by the Federal Reserve and new policies in place verified that we can consider near-zero inflation rate for the near future, including an adverse influence on the bond as well as banking system set portfolio management of investors, and create opportunities for investment fund distribution.
  • Geopolitical uncertainty – As political tensions between the United States and China rise as well as the global currency value of the dollar has a significant effect on overall, maintaining an investment primarily exchangeable throughout the USD offers the long-term investor with such riskiness.

For relatively decentralized crypto assets such as bitcoin and ether, each of these developments seems predominantly optimistic. Although decentralized digital currencies. present risks in the field of competitive pressures of regulatory scrutiny for more decentralized cryptocurrency exchange platforms (e.g., stablecoins), greater digitalization of fiat currencies and transactions are more compatible than competing for decentralized crypto assets such as bitcoin, which have less competition in existence. There’s also the issue about who, including Bitcoin and Ethereum, controls or influences its major international blockchains. Acting U.S. Currencies Comptroller recently fretted about China’s enormous dominance over cryptocurrencies like bitcoin through their significant rise of decentralized technologies’ cryptographic hashing capacity. Overwhelming support for cryptocurrency among all those connected with liberal ideals as well as the strategic distribution of wealth could indicate that the most enticing market trend for crypto-assets can also be witnessed swiftly: policymakers having a significant role in developing or even holding crypto assets. While undoubtedly optimistic, it is hard to understand that both China and The United States benefit from far more truly understanding crypto assets.

  • Expansive govt spending and even the money printing

The largest mechanism underlying accelerated market values in acceptance with crypto assets is probably the issue regarding government expenditure and fiscal expansion. Indeed, due to pandemics, government debt already was concerning, with several (like myself) sounding the alarm about world-war levels of public indebtedness, without a world war.

  • By questioning bitcoin on online forums, policymakers and analysts all over the world have added pressure. The position has made regulators cautious of putting Bitcoin under government protection. Online sites that welcomed bitcoin aggressively after its announcement have entered bitcoin bears and placed limitations or entirely dropped cryptocurrency from their ecosystems.

For its past year, the value of Bitcoin was already on a wild ride. Even so, the current price drop has provided investors reasons to contemplate their stance, considering that it comes after an extended stage of prosperity. The Bulls claim that the price of bitcoin follows a straightforward pattern based on previous patterns and that it will grow again. Interestingly, to present their point for the sale of bitcoin, the bears point to overall aggressive perceptions and problems associated with the current cryptocurrency.

Also read: How does digital currency have an edge over traditional currency?

How is blockchain helping in fueling the logistics industry ?

Achieving excellence in logistics entails working collaboratively with others to optimize the flow of physical goods as well as the diverse flow of information and financial transactions. However, there is a substantial amount of trapped worth in logistics today, owing to the competitive and volatile nature of the logistics industry. 

For example, it is estimated that there are over 500,000 personal trucking companies in the U.S. alone. With so many stakeholders involved in the supply chain, low transparency, unstandardized processes, data silos, and varying levels of technology acceptance are common. Many parts of the logistics value chain are also constrained by traditional methods imposed by regulatory authorities. Blockchain technology has the potential to help address logistics frictions as well as realize major gains in logistics process efficiency. This innovation can also improve data transparency and access among supply chain stakeholders, resulting in a system of record.

Furthermore, the inherent cryptographic protocols of blockchain technology improve the trust required among interested parties to share the information. Furthermore, blockchain can help to reduce costs by enabling leaner, more automated, and error-free processes. It can speed up its logistics process all while increasing performance and stability in logistics operations

Provenance traceability of goods can enable efficient and sustainable supply chains on a large scale, as well as aid in the fight against product counterfeiting. Furthermore, blockchain-based solutions have the potential to facilitate new logistics services and more innovative business models.

Blockchain acting as Fuel in Logistics Industry Blockchain solutions will document and record the movement of all commodities used during a shipment. Every time a container moves, a package is filled, or a distribution attempt is made, a record is created. This creates an unbreakable digital paper chain. Blockchain software can record transactions and store digital copies of important paperwork such as a purchase order, bill of lading, customs documents, and other documents. It is also possible to update it on the fly. This enables carriers to notify shippers and recipients of any transportation delays or shifts in expected arrival times while on the road. Temperature zones are recorded by this type of software for cold storage supply chain operations. It not only provides a digital database but also improves the safe transport of temperature-sensitive materials. As a result, it reduces the possibility of bacteria spreading or foodborne illnesses. Blockchain also connects tracking software and hardware tools like serial numbers, bar codes, RFID tags, and the product itself.

Also read : Is green blockchain technology a way to go today ?

Is green blockchain technology a way to go today ?

is According to the most recent estimates, the network consumes as much energy in a year as in Argentina. China, which generates the majority of its energy from coal, is home to 65 percent of crypto diggers. Some proponents claim that up to 74 percent of energy needs are met by sustainable sources, while these estimates are debatable. Every year, the network generates 11.5 kilotons of electronic waste. Not all cryptographic types of money have significant environmental consequences. A significant majority of them do not use mining in any way.

. A significant majority of them do not use mining in any way. Some people do require this cosmic energy, which is expensive due to the cutthroat premise of proof-of-work blockchains. Cryptographic money exchanges are documented by a conveyed group of excavators, who are aided by block rewards, rather than being saved in a central data store. These specific computers are competing in a computational competition to create new squares by solving cryptographic puzzles.

Cryptographic money proponents agree that this framework has several advantages over other monetary systems since it does not rely on a trusted intermediary or weak link. Regardless, the mining puzzles necessitate multiple energy-intensive calculations. Coal and other petroleum products are currently a substantial source of electricity in many parts of the world, both for cryptographic currency mining and other companies. In any case, because of the carbon dioxide produced by the interaction, coal consumption is a significant supporter of environmental change. According to a CNBC study, digging releases roughly 35.95 million tonnes of carbon dioxide each year.

MODERN EVOLUTION OF CRYPTO MINING

Supporters have downplayed the energy consumption of cryptocurrencies, claiming that mining operations tend to concentrate around areas with surplus renewable energy like solar energy. Sun-based – a regular fuel source – could supply just 40% of framework power before utilities would confront the need to support critical speculations with higher power costs. With mining incorporated into a close planetary system notwithstanding, energy suppliers – regardless of whether utilities or autonomous elements – would play the exchange between power costs and mining costs, just as conceivably sell the “excess” sunlight based and supply practically all matrix power requests without bringing down productivity. This deployment, along with energy storage, not only facilitates the transition to a cleaner and more resilient electricity grid but is also cost-effective. In conjunction with renewable energy and storage – is especially well suited to accelerate the energy transition. This work is merely the beginning of a fruitful exploration of solutions that help usher in an abundant, clean energy future. Solar is now the least expensive energy source in the world, but are hitting deployment bottlenecks primarily because of their intermittent power supply and grid congestion. It is a flexible loan option that could potentially help solve much of these intermittency and congestion problems, allowing grids to deploy substantially more renewable energy. By deploying more solar these generation technologies will likely fall even further down their respective cost

Businesses and world leaders have been striving for ways to go green for more than a decade. As technology continues to advance, the possibilities for eco-friendly movements expand. Now, one of today’s most promising technologies, the blockchain, could offer an innovative solution to addressing climate issues. 

Blockchains are decentralized digital ledgers most often seen in the financial industry. These technologies are the foundation of cryptocurrencies like Bitcoin, but that’s not their only use. In early September, the Global Manufacturing and Industrialization Summit (GMIS) revealed a new blockchain application — green energy.

It aims to apply blockchain in several areas to foster the most growth. First, it will use blockchains to enable global crowdfunding for green energy projects. Blockchains have become popular among financial institutions for their ability to run fast, secure transactions. It will apply these same benefits to crowdfunding, helping fund renewable energy globally. Ideally, manufacturers could then use these new green technologies to produce more sustainable products. 

Also read :What is TRON 4.0 and zk-SNARKs cryptographic technology ?

Which are the most widely influential Stablecoins in the market currently?

Stablecoins were created in an attempt to reduce the crypto sector’s brutal volatility.Tether (USDT), the first stablecoin, is indeed the highest and most influential in the category. It has the daily maximum trade volume of any digital asset. Today, USD Coin is the highest growing reserve, backed 1:1 by the US dollar. The New York State Department of Financial Services controls its USD-backed Paxos Standard (NYDFS).

Volatility has been almost consistent with cryptocurrencies. Stablecoins are a distinct type of cryptocurrency that tries to eliminate the uncertainty that has been heavily condemned in the sector. Stablecoins simply exist to get a non-volatile crypto substitute, thus the name.They deliver the right level of consistency for being backed by fiat currency or product they represent.  Now that we’ve established what stablecoins are, let’s take a look at the most widely known stablecoins upon its market currently.

Binance USD (BUSD)

Binance, the biggest cryptocurrency exchange, introduced the BUSD to get a Binance-native solution to several other major stablecoins. Binance offers 2 fiat-backed stablecoins: BUSD, which is pegged to the Very same USD, and BGBP, which is pegged to the British pound. BUSD is the more extensively used of two and it can be used in a variety of DeFi protocols. It is the default main currency on Binance Smart Chain’s decentralized trading pools. It is not to be mistaken with Binance Coin (BNB), the native token that controls the Binance DEX (decentralized exchange).

Tether (USDT)

Tether, the first stablecoin, has been established in 2014 and it is still the highest in the sector. Tether has tried to maintain the position as one of the most powerful stablecoin on the market and take leverage of the first mover’s effect. Tether’s popularity is reflected in its daily trade volume, which places it first in the industry. In the last 24 hours, for example, more than $170 billion in USDT has been traded. Tether has a market cap it is at least twice larger than any other stablecoin.

Paxos Standard (PAX)

Since it is fully regulated by the New York State Department of Financial Services, Paxos Standard is among the most influential stablecoins (NYDFS). When Tether arrived under severe pressure during the early Bull Run, this same coin was introduced in 2018. PAX is an ERC-20 stablecoin that is pegged to the US dollar at a 1:1 ratio. PAX tokens are authorized using an audited smart contract to improve efficiency.

US Dollar Coin (USDC)

USD Coin (USDC), the most recent stablecoin, does have the quickest reserve, backed 1:1 by the US dollar. It’s not just that, but the funds are held in US-regulated financial institutions.USDC was founded in September of 2018. It is a BEP-20 token and a highly sought-after cost asset in BSC’s DeFi lending. These are some of the aspects that influence the prominence of the USD Coin. Among stablecoins, USD Coin effectively has the second-largest market cap. With a market capitalization of $11.1 billion, it is also the 16th-largest cryptocurrency

Is MG Astor SUV the first car in India to have a blockchain-powered passport?

Car manufacturer MG, owned by Chinese auto company SAIC, will use blockchain to record driving data in a digital passport for its new SUV car model, MG Astor. The car will be commercialized in India and MG has partnered with Indian blockchain firm Koinearth for the project,

In the automotive industry, insurance rates and resale value can be impacted by driving data. In a world without asymmetric information, insurance companies could calculate an individual’s likelihood of getting into an accident based on their driving history. Similarly, people looking to purchase a used car would be able to accurately compare the quality of cars and rely on the stated mileage. 

Unfortunately, we don’t live in a world where information is fully shared, which results in higher insurance rates for good drivers and the classical lemons and plums problem in the used cars market. 

Blockchain can resolve these issues because drivers could choose to share their driving data with insurers, which can be used to calculate fair insurance rates. For car sellers, sharing the data with potential purchasers about the car’s driving history and mileage will yield a more accurate price, and if drivers are unwilling to share the data, it might be a sign that the car should have a lower value.

MG’s partnership with Koinearth will record data in a digital passport, which drivers can access through MG’s app. Despite being operated by MG, users can choose with whom to share the data, and explicit consent is required before sending any information to other parties. 

The digital passport gives cars a digital identity. Driving data such as gas consumption and speed are automatically recorded and stored on the passport. Other aspects that can influence the car’s “identity,” like maintenance services can be added to the app by the user. For the customer, the digital passport is simply an interface on the app, which shows the data the car has recorded. However, Praphul Chandra, chief executive officer of Koinearth, explained that it is at the center of a blockchain-based platform that connects various parties. In this case, the passport is created by MG Motors, but the data in it is owned by the user, meaning they will have to explicitly provide consent before someone else can access this data.

MG Astor will be the first car to be commercialized in India with a digital passport. Meanwhile, other initiatives are working on similar solutions. Leading names in the automotive industry, including Renault, Ford, GM, Honda, and BMW participate in a consortium, MOBI, that has been working on a Vehicle Identity Standard since 2019. The consortium conducted a proof of concept and the second version was released at the beginning of this year. In addition, Daimler developed a car wallet solution. 

Also read: Is green blockchain technology a way to go today ?

What is the Future of Logistics with blockchain?

Understanding the past and observing the present enables extrapolation to what the future holds for the logistics Industry. Increased globalization, free trade, and outsourcing all contribute to a continuing and growing interest in logistics/SCM.

A McKinsey & Company study found that “By 2020, % of the world’s goods would be designed and produced in a country other than where they are consumed, up from 20 % today.” There will be a massive shift in the movement and consumption of goods, necessitating ever better management of the associated supply chain processes. With the recent pandemic, logistics services have become even more in demand, with everyone requiring online purchases due to the current lockdown.

This situation has demonstrated the effectiveness of this industry in keeping things running as smoothly as possible during a crisis. Consider a realm without logistics; it would be chaotic, even more so than life currently feels. Logistics has aided our personal development. Improvements in logistics services help the world run smoothly, allowing us to enjoy essential and luxury items from all over the world. This industry has often embraced technology and will continue to do so

Purchasing items online has become a simple process. It means that people can buy goods in a matter of minutes and have them delivered in a matter of minutes. With just an increase in competition, its warehouses that store the goods and the distribution network that gets them to each of us have seen a dramatic change. Purchasing items online has become a simple process. Because of the industry’s tenacity and foresight, those at home can maintain some semblance of normalcy in terms of getting what they need when they need it.

By definition, logistics is the art and science of obtaining, producing, and distributing material and products in the proper place and quantity.

Transport, Shipping, and Logistics Issues to be solved Using Blockchain

Technology Payment for transportation and risk management

 The average amount of day’s sales in inventory in trucking is 36.9 days. Smart contract payment technology can reduce payment delays and disputes. 

Administrative expenses

 The cost of document processing and administration can reach 20%. blockchain aims to reduce transportation costs accounting for two-thirds of total costs. Blockchain-based technology can significantly help to reduce it. 

Quality control and freight monitoring 

Cold chain monitoring is a significant challenge for the pharmaceutical industry, where temperature variations affect 8.5 percent of global shipments. This figure can reach 20% in some countries. 

Transparency and faith

 Cargo thefts alone are estimated to cost the world $30 billion per year. The implementation of blockchain results in a reduction in illegal behavior and its detection throughout the supply chain. Blockchain enables transportation and logistics companies to run more efficient and cost-effective businesses. 

What are the advantages of currency backup on the blockchain ?

The system and the data are particularly resistant to technological failures and malicious attacks because blockchain data is commonly kept in thousands of devices on a distributed network of nodes. Because each network node can replicate and store a copy of the database, there is no single point of failure: a single node falling does not affect the network’s availability or security.

Many traditional databases, on the other hand, rely on just one or a few servers and are thus more vulnerable to technical failures and cyber-attacks.

STABILITY

Confirmed blocks are very unlikely to be reversed, meaning that once data has been registered into the blockchain, it is extremely difficult to remove or change it. This makes blockchain a great technology for storing financial records or any other data where an audit trail is required because every change is tracked and permanently recorded on a distributed and public ledger.

For example, a business could use blockchain technology to prevent fraudulent behavior from its employees. In this scenario, the blockchain could provide a secure and stable record of all financial transactions that take place within the company. This would make it much harder for an employee to hide suspicious transactions.

Trustless system

In most traditional payment systems, transactions are not only dependent on the two parties involved, but also on an intermediary – such as a bank, credit card company, or payment provider. When using blockchain technology, this is no longer necessary because the distributed network of nodes verify the transactions through a process known as mining. For this reason, Blockchain is often referred to as a ‘trustless’ system.

Therefore, a blockchain system negates the risk of trusting a single organization and also reduces the overall costs and transaction fees by cutting out intermediaries and third parties

Blockchains are an ideal fit for the e-commerce business because they are designed to hold transactional data. Due to the significant influence of technology advancements, the concept of online selling has only been more exemplary with time. The most recent of these is blockchain technology, which is poised to transform every industry with its enormous potential. Blockchain has a lot to offer the e-commerce industry, from removing intermediaries to optimizing processes.

Faster Transaction

Traditional payment processing systems, which entail roughly 16 processes, can have total fees ranging from 2% to 6%,  a payment processing startup based on the Ethereum blockchain. Simplifying the transaction process can help both customers and merchants, given the various parties involved in a transaction. The need for intermediaries is eliminated because blockchain transactions happen on a single network. The network speed, as well as the rate at which new blocks are created, determine transaction speeds.

Data Security That You Can Trust

A centralized e-commerce store is always susceptible since inadequate encryption can quickly compromise it. Even systems that are well-encrypted can become encrypted as a result of new hacking techniques. Because of its decentralized ecology, it is hard to hack a blockchain system from a single point of entry. Hackers will be prevented from entering into networks and gaining access to sensitive consumer information and databases by using blockchain-based e-commerce. This will also guarantee that the company follows data security guidelines.

Also read: Is there any technological rise in cryptocurrency in recent times?

 

 

Is blockchain a boon for businesses ?

Blockchain is essentially a database system with characteristics that, by themselves, are not unique to it, but when combined, result in a technological breakthrough in the storage, verification, and interchange of digital information.

What is the significance of blockchain in the business world?
Investing in enterprise blockchain will almost certainly become necessary simply to stay competitive. Many analysts believe blockchain will command the same attention as achievements like the PC revolution of the 1970s and 1980s and the mid-90s surge in the internet, knowing that their competitors were making use of these technologies.
Indeed, FOMO (fear of missing out) is likely the driving force behind the recent surge in interest in blockchain-based commercial applications.
However, as you’ll see in the following sections, herd mentality isn’t the only element that drives blockchain. Today, the technology has the ability to save IT costs, extend B2B and B2C networks, enable new products, and increase wealth. Furthermore, as corporate implementations spread and become more polished, blockchain’s business value is projected to expand.
Vlo What are the advantages of blockchain for businesses?
Forrester Research vice president and lead analyst Martha Bennett
Bennett, Martha
Enterprise blockchain shines in procedures involving several stakeholders who all need access to the same data but have slightly different or out-of-date information, according to Bennett, “and a huge amount of effort is spent reconciling data.”
Blockchain has the ability to reduce firms IT and labour expenses, speed up e-commerce and banking, and enable new lines of business because it eliminates middlemen and primarily automates activities that take time and effort. It can also assist companies in growing their consumer bases, reaching them more effectively, and expanding their universe of suppliers and partners.
The benefits of blockchain stem mostly from the trust it inspires, as well as its built-in privacy, security, and data integrity, as well as its transparency.
Trust allows businesses to do business with strangers, thereby extending markets and potentially increasing demand for goods and services, which can lead to increased profitability.
Trusting the accuracy of the data and believing that the system is largely impenetrable, and that privacy is guaranteed in most circumstances, can decrease fraud, eliminate data breaches, and, like trust, attract new consumers and partners. It can also lower data management expenses, improve data accuracy, and make auditing easier.
Blockchains’ transparency helps with supply chain management, visibility, and traceability. Blockchain is already making it easier and more economical to extend supply chain transparency to the tiniest suppliers, such as coffee growers, tuna fishing companies, and miners, while also bolstering trust in product provenance information as commodities flow through the supply chain to consumers.
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