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With the growing popularity of Bitcoin and blockchain in the past years, some believe that the latter can make or break the e-commerce industry.
But what does blockchain do in the first place? How can it affect the e-commerce industry?
According to eShop World, blockchain technology “is a decentralized digital ledger of transactions.”
Meaning, it is designed to record information that has something to do with financial transactions. The information is blocked by an impenetrable code, thus making blockchain one of the safest ways to transact money.
More and more e-commerce retailers are implementing blockchain technology. That’s because it offers solutions regarding cross-border retail.
If you are curious about how you can leverage cryptocurrencies for your e-commerce business, listed below are some of the ways blockchain can help your online store grow.
A decentralized platform means that the blockchain technology does not come from just a single point of control. Thus, the system is considered fair and secure.
Instead of relying on a single authority, the use of blockchain technology allows you to use consensus protocols across a network of nodes. These nodes validate and record the transaction, as well as make sure that the data is incorruptible.
Since blockchain records information, it is imperative that the data being stored is authentic and accurate.
Track Supply Chain
In relation to point #1, having a secure and fair system of recording and tracking online transactions could mean endless possibilities for the e-commerce supply chain.
According to Jon-Amerin Vorabutra, VP of process and technology at Nova Molecular Technologies,
“Every time a product changes hands,