How e-commerce can benefit from the blockchain industry
Blockchain technology is gradually entering the e-commerce industry as a viable, efficient solution to operational constraints.
Since the adoption of digital currencies and the supporting blockchain infrastructure that supports them, a business revolution has slowly taken place. More industries and sectors across finance, supply chain management, manufacturing, retail, commerce and even entertainment are starting to integrate blockchain into their processes. One industry that is positioned to experience a quantum leap from the proper deployment and use of blockchain is e-commerce. This is because e-commerce already supports the necessary concept of wireless transactions that can help blockchain use. As it stands, credit card payments are the preferred option in e-commerce. However, a more efficient, faster, simpler and more secure alternative to the credit card scheme may overtake this e-commerce payment method.
Credit card payments currently pose many problems and limitations for buyers and sellers in the e-commerce space. These include transaction limits, obstacles related to payment conversions and problems arising from traditional bank payment systems. In addition, e-commerce merchants also face high transaction fees, while buyers risk using vulnerable payment channels. Furthermore, the necessary infrastructure from merchants for this form of traditional digital payment arrangement can be sky high. These merchants typically seek out highly experienced IT personnel with esoteric knowledge that is rare.
Additionally, due to strict KYC verification requirements, many sellers feel compelled to adopt a “pay first” strategy before verification.
E-commerce looks to Blockchain for all-round operational improvement
However, a growing number of e-commerce merchants are beginning to explore the power of blockchain in executing transactions. This trend has seen crypto fintechs rapidly explode in popularity as they compete with the limitations of traditional banking systems. Crypto and blockchain provide a sustainable option for businesses to receive total service value. In addition, this decentralized technology also allows businesses to grow seamlessly beyond the reach of their respective locales.
Global blockchain deployment for e-commerce operations is still in its early stages. However, the new technology currently offers no conversion fee. In addition, sellers can also trade digital assets on exchanges at the best possible prices.
Solid cases of blockchain innovation in e-commerce
Tangible ways blockchain can innovate the e-commerce sector include securing customers’ data and fraud prevention in the system process. Since blockchain is a public ledger that tracks the movement of digital assets, it allows buyers and sellers to exchange data securely. Most importantly, both parties can do so without fear of third parties stealing their information. Blockchain can also create a tamper-proof record of transactions that ensures legitimacy and accountability and prevents fraud.
Blockchain use in e-commerce could also see faster checkout times due to efficient handling of customers’ payment information. Furthermore, the decentralized technology’s efficient data handling and storage can also benefit other e-commerce activities. These include logistics, efficient tracking of packages and shipments, an efficient system for reviewing customer data and easier returns and refunds.
1TN to the rescue
1TN is a global IT crypto-processing initiative able to facilitate a seamless blockchain experience in e-commerce. The company enables sellers to receive payments in fiat, while buyers can make payments using the correct crypto. According to 1TN founder and CEO Denys Ustymenko, the crypto processor would be the safest and most reliable platform. Ustymenko cites 1TN’s revolutionary security solutions as its standout features. Furthermore, he also stated that his company has partnerships with leading IT players such as Chainanalisys, Fireblocks and Finerymarkets. All of these current and many more potential partnerships are planned to create a more exciting and secure e-commerce experience using blockchain technology.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the basics so anyone anywhere can understand without too much background knowledge. When he is not deep into crypto stories, Tolu likes music, loves to sing and is an avid movie buff.
