How Blockchain transforms e-commerce
Over the years, the world of e-commerce has evolved, and it now has a prime position on the internet, with conventional bricks and mortar shopping centers continuing to see their market share consumed by eBay, Amazon, and Alibaba. Now, the Blockchain technology can totally transform this industry.
Payment methods over the internet have become usual, and with the cryptocurrency revolution, e-commerce is growing more successful, with PayPal and the likes starting to see its market share in danger.
Bitcoin became more generally recognized by merchants throughout the world over the last few years, and with it, other cryptocurrencies have also become a favorite substitute to the more conventional payment methods, as the Bitcoin network struggles with capacity problems and increasing fees.
The increased popularity has not just been down to the digital assets themselves, but the technology that created cryptocurrencies, the blockchain technology. With blockchain companies and blockchain jobs on the rise following the growing acceptance of digital assets, there are many ways this technology can transform the e-commerce sector.
For instance, even though there are many projects built around Ethereum blockchain and many cryptocurrency startup projects utilize the technology to release tokens as part of fundraising campaigns, the technology goes well beyond that to revolutionize the way we see E-commerce.
One of the blockchain applications that will revolutionize e-commerce is that the technology will provide the buyer, the seller and even the marketplace with a record of every transaction, eliminating the occurrence of fraud and conflict that can lead to lengthy analysis at the expense to both the buyer and the seller.
The blockchain will keep a record of each and every step involved in the purchasing process, from the customer placing the order and making payment, to the seller accepting payment and shipping the product purchased, and ultimately the buyer’s receipt of commodity rounding up the proof-of-work cycle.
The more popular e-commerce services also add to the buyer’s costs, reducing the cost savings made from purchasing online, with a percentage of sales and a one-off sales fee calculated with the total cost of buying. The built-in fees charged by e-commerce services are somewhat neutralized by retailers discounting commodities for sale, leaving retailers with pretty narrow margins, with only the e-commerce service providers getting the lion’s share.
While there have been some blockchain e-commerce platform providers in the market for a while now, Eligma is one to follow. Eligma a cognitive commerce platform based on the blockchain technology and completely AI-driven. Eligma has been hailed to be the ideal game changer the e-commerce world needs, as its primary purpose is to change the way which people find, buy, track and resell things online.
Eligma will provide users with a “one-place” platform where users can buy items in all the online stores across the world, compare the value of household items and discover the best time to sell them. The platform will also provide users with a decentralized universal loyalty program and help change every household into a business.
Using the “one-place” platform, buyers will have a single online account, save a significant amount of time when searching for the right product, and have the opportunity to pay for their items in cryptocurrencies.
The world of e-commerce is about to transform with Eligma and other innovative companies looking to give online shoppers and retailers a platform which will be secure and far more user-friendly, with incredible cost savings.
It is an undeniable fact that the blockchain technology, just like other industries, can influence the e-commerce sector, and it remains to be seen how and when those changes apply.