Is Blockchain the Future of Secure E-commerce?

Is Blockchain the Future of Secure E-commerce?

Blockchain technology has long moved beyond the scope of a digital concept that was once concurrent with crypto currency, like Bitcoin. It has a potential to transform various industries, including app development, which is under active exploration. The unique advantages of blockchain in improved security and transparency make it a more and more preferred choice for building modern applications

What Makes Blockchain a Game-Changer?

  • Decentralization and Transparency:

    Blockchain distributes data through a series of computers to get rid of a central authority. From this, it would evoke trusting and accountability since each participant has shared, identical records of the transactions.

    Concept-of-Decentralization-1

  • Immutability:

    Data, once recorded on a blockchain, cannot be tampered with. This will guard the integrity of the information and cause fraud not to become a problem.

  • Security:

    Cryptographic hashing makes data recorded on the blockchain confidential and integral. Innovatrix InfoTech is one of the top companies in app development, so it stands at the forefront of implementing blockchain technology in its projects. It could bring the power of blockchain to clients seeking cutting-edge solutions for mobile app development, website development, and e-commerce development.


    security

    Innovatrix InfoTech is one of the best app development companies in Kolkata. We, being at the forefront of this tech revolution, implement blockchain in most of our projects.

    Security is like the bridge between the customer and owner that builds the robust and reliable system, making the transparency and security interdependent.

    These real-world use-cases shall help executives spot solution spaces that are mature enough for investment.

    Graph

  • Blockchain Market Size Statistics in billion US dollars
  • Finding good suppliers takes time and involves risks!

    Trust Your Supplier, an IBM collaboration gets this right with a blockchain system. Enterprises share verified information such as credit score, securely, making finding reliable suppliers both faster and easier.

Results :

  • Cut over 70% of the time involved in supplier on boarding.
  • Cut data verification costs in half.
  • Make compliance easier with instant verification of international quality certificates.

Connected to this case study, we can understand four key features that are of high importance and have the power to develop a secure world using this technology.

Remember that feeling of unease when you first entered your credit card details online? Or the frustration of not knowing exactly where that new gadget came from?
Enter new player, blockchain, onto the scene. This cutting-edge tech is changing the e-commerce and app landscapes, promising a future that’s secure and actually, it gives you one more chance to get your life on track with your data back under control. Interesting?

Let’s get into some real-world examples of how blockchain is ruffling the feathers in e-commerce and app development.

1. Hive:

This is a blockchain-based social media network with the primary example of users owning their data. Here, on Hive, users own their data and get cryptocurrency by generating content and participating in the platform. That is to say, participation is rewarded in this form by sustaining continual collaboration and further ownership by users.

hive

Hive has a cryptocurrency-based reward system to keep you active. Anything you do at the platform, from making a good post to upvoting a good post, goes on to reward you with something called HIVE tokens. These are, in a way, digital currency inside the platform, which would enable one to participate in a self-maintained economic model.

2. Coil:

Some websites are already trailing blockchain-based micropayments for creators. For instance, Coil, a blogging platform, leverages blockchain to let readers directly compensate bloggers they enjoy with micropayments. Blockchain will ensure secure and efficient micropayments.

Coil works seamlessly with the reading experience. No confusing wallets or headache-inducing transaction management are needed to be bothered with by readers. They just enjoy the content, and the micropayments flow in the background. This seamless experience is what at times promotes readership and content consumption.

3. Voting Machine System:

Blockchain improves voting by recording votes securely in a decentralized, immutable ledger whereby tampering is null. Cryptographic hashing and consensus mechanisms guarantee data integrity, while transparency provisions afford real-time auditability to engender trust in election results, thereby creating a robust, fraud-resistant voting system. Moreover, blockchain’s transparency makes it possible to be audited and verified in real-time by parties involved, thereby increasing faith in electoral outcomes.

These examples depict the strengths that blockchain technology confers most: more security, transparency, and user power. In electronic commerce, this will then provide a safe shopping experience to users with reduced risks of fraud.

For more applications check out this link:  5 real-world applications of blockchain technology – CNBC TV18

We have seen how Blockchain is empowering e-commerce and app development with security, transparency and user control but how does it do these magic things?

The section is bound to appeal to the tech-curious, showing how the many consensus mechanisms are what keep blockchains secure, just like Proof of Stake, which, when compared to Proof of Work, proves to be more considerate of energy.

For example:

Company Walmart is to revolutionize its supply chain management with blockchain.

Voting Machine System

These examples depict the strengths that blockchain technology confers most: more security, transparency, and user power. In electronic commerce, this will then provide a safe shopping experience to users with reduced risks of fraud. For more applications check out this link: 5 real-world applications of blockchain technology

We have seen how Blockchain is empowering e-commerce and app development with security, transparency and user control but how does it do these magic things?

The section is bound to appeal to the tech-curious, showing how the many consensus mechanisms are what keep blockchains secure, just like Proof of Stake, which, when compared to Proof of Work, proves to be more considerate of energy.

For example:

Company Walmart is to revolutionize its supply chain management with blockchain.

supply chain management

  • Challenges: It was not possible to trace the origin of the product. Ensuring ethical sourcing and solving foodborne illness outbreaks was a challenge, too.
  • Solution: Walmart has set up a blockchain to track produce from farm to shelf.
  • Benefits: More Transparency, Less Food Waste, Faster Identification of Contamination Sources.

This is an example of a real-world company that has successfully implemented the Blockchain solution. The challenges they have faced, the specific solution in which they invested is underlined, and the quantifiable benefits they have got.

Now you are ready to see how your business can benefit from blockchain?

Want a free consultation? Write to us at [email protected]. Building trust and security in the digital age is the prime business for us at Innovatrix InfoTech and not just making apps and websites. Just you imagine—to buy from an e-commerce platform, with complete trust of personally knowing the authenticity of the connecting products to ensure secure transactions is what we are going to build for you.

Contact Innovatrix InfoTech today and unlock the future of secure and transparent applications.

Despite its exciting applications, blockchain technology is bound to face some futuristic challenges. In some cases, blockchain can be unwieldy—resource-intensive in computing power and their scaling is feared to be at stake due to huge energy consumption. Nevertheless, developments in the consensus mechanism, like Proof-of-Stake, make blockchain somehow green; this opens the route to mass diffusion.

Conclusions:

Blockchain technology is no longer a faraway dream but an emerging reality reshaping the course of e-commerce. This powerful tool empowers establishments and shoppers alike for secure, transparent, controlled online shopping in the future. Imagine a world where the requirement for building trust were inbuilt and you had total control over your data. In this way, blockchain paves the highway to lead you to safe and empowered online shopping.

We, at Innovatrix InfoTech, are enthralled about helping businesses unleash the potential of blockchain. If you are looking to know for yourself how blockchain can empower your e-commerce platforms, then let us offer you a FREE consultation today!

Open pathways for securing the future by unfolding transparent applications together!

Blockchain technology has long moved beyond the scope of a digital concept that was once concurrent with crypto currency, like Bitcoin. It has a potential to transform various industries, including app development, which is under active exploration. The unique advantages of blockchain in improved security and transparency make it a more and more preferred choice for building modern applications

Sakshi photo

Written By

Sakshi Bonde