The blockchain is a digital ledger that is decentralized and secure, and we expect every industry to adopt some form of blockchain in the coming years. the business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030.”
These are the main areas that are going to disturbed in the Ecommerce
Decentralization as Opposed to Monopoly
As we all know, the monopoly of e-commerce by a handful of players is almost complete. There are hardly any challengers to existing players, and the cost of change is too high. Normally, if you look at any industry, whenever a near monopoly emerges, a new technology emerges and disrupts that industry. In 2007, Nokia was the king of mobile phones. Then came Apple, which was the least expected disruptor.
The data protection law will have an impact on blockchain technology and e-commerce players. Whether it is GDPR or other regulatory frameworks, monopolies in the e-commerce world will come under different kinds of attacks. The new regulatory changes will have a definite impact on existing players.
How is the traditional ecommerce going to be benefited by saying stop to the above era?
Recently, blockchain technology has been employed in different sectors of industry ranging from the financial services sector, to the energy sector, from logistics to supply chain management, from the health sector to the gaming industry, and is even being used in online gambling.
However, the sector it is aiming to transform, and hopes to have the highest impact on day to day consumer and seller activities, is the e-commerce industry. The e-commerce industry has arguably changed the way we shop and live, which to many people has basically become one in the same.
Blockchain e-commerce projects such as Request Network and Ecommerce have an aim to create a blockchain based marketplace using fast and secure transactions for any e-commerce business model. Request Network also wants to utilize blockchain technology for the financial transactions aspect of the e-commerce industry by providing low cost financial transactions, high security standards, and an overall amazing customer experience.
Customer’s data is stored on centralized servers where it is vulnerable to online criminals. Some e-commerce companies have suffered attacks from cybercriminals and a substantial amount of data has been stolen. However, with a blockchain based e-commerce platform, it is virtually impossible to suffer such attacks since blockchain platforms are decentralized, which in turn means customer data is also decentralized. It is virtually impossible to hack all the nodes of a blockchain platform, so data on a blockchain based e-commerce platform is relatively safe.
We are just beginning to see the potential for Blockchain to disrupt ecommerce payments. As Blockchain and cryptocurrency continue to mainstream attention from merchants, consumers, alike, we will continue to see new applications and solutions roll out into the ecommerce payments space. The benefits of rapid increase security and greater accessibility are unstoppable. Only time will tell how Blockchain stands to stop activity ecommerce payments on a grand scale.