{"id":1592,"date":"2019-07-16T11:43:27","date_gmt":"2019-07-16T11:43:27","guid":{"rendered":"https:\/\/www.futurismtechnologies.com\/blog\/?p=1592"},"modified":"2025-03-12T06:39:44","modified_gmt":"2025-03-12T06:39:44","slug":"blockchain-for-ecommerce","status":"publish","type":"post","link":"https:\/\/www.futurismtechnologies.com\/blog\/blockchain-for-ecommerce\/","title":{"rendered":"Blockchain Implementation for Ecommerce"},"content":{"rendered":"<div style=\"text-align:center;\">\n<a href=\"https:\/\/www.linkedin.com\/company\/futurism-technologies\/\" style=\"display:inline-block; text-decoration:none; outline:0;\"><noscript><img decoding=\"async\" style=\"margin:0 5px\" src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/05\/linkedin-logo.png\" alt=\"LinkedIn\"><\/noscript><img decoding=\"async\" style=\"margin:0 5px\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"LinkedIn\" data-src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/05\/linkedin-logo.png\" class=\" lazyload\"><\/a>\n<a href=\"https:\/\/twitter.com\/FuturismTechno\" style=\"display:inline-block; text-decoration:none; outline:0;\"><noscript><img decoding=\"async\" style=\"margin:0 5px\" src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/05\/twitter-logo.png\" alt=\"Twitter\"><\/noscript><img decoding=\"async\" style=\"margin:0 5px\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"Twitter\" data-src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/05\/twitter-logo.png\" class=\" lazyload\"><\/a>\n<a href=\"https:\/\/www.facebook.com\/FuturismTechnologies\/\" style=\"display:inline-block; text-decoration:none; outline:0;\"><noscript><img decoding=\"async\" style=\"margin:0 5px\" src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/05\/facebook-logo.png\" alt=\"Facebook\"><\/noscript><img decoding=\"async\" style=\"margin:0 5px\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" alt=\"Facebook\" data-src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/05\/facebook-logo.png\" class=\" lazyload\"><\/a>\n<\/div>\n\n\n\n<p>What\u2019s next? No sector has faced this question as regularly and as relentlessly as the e-commerce sector. At its core, lies the extra-volatile nature of e-commerce. From voice search to virtual shopping rooms, the world of online selling has seen many breathtaking innovations, and the sector is not done yet. <\/p>\n\n\n\n<p>Once again, it\u2019s on the verge of disruption due to possible use cases of blockchain implementation for e-commerce. It\u2019s hardly a surprise, as blockchain is all set to become the de-facto technology for financial transactions worldwide. <\/p>\n\n\n\n<p>In fact, Statista reports that the global blockchain market is expected to see a surge of more than 400% by 2021. Naturally, it will affect that e-commerce sector, arguably one of the most lucrative sectors of the 21st Century, in more than one way. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Here is how its implementation of blockchain for ecommerce will shape up<\/strong>     <\/h4>\n\n\n\n<h4>1)   Payment Methods: <\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><noscript><img decoding=\"async\" width=\"640\" height=\"423\" src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/Webp.net-compress-image-27.jpg\" alt=\"Bitcoin currency created on Blockchain platform\" class=\"wp-image-1593\" style=\"width:800px;height:400px\" srcset=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/Webp.net-compress-image-27.jpg 640w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/Webp.net-compress-image-27-300x198.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\"><\/noscript><img decoding=\"async\" width=\"640\" height=\"423\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20640%20423%22%3E%3C%2Fsvg%3E\" alt=\"Bitcoin currency created on Blockchain platform\" class=\"wp-image-1593 lazyload\" style=\"width:800px;height:400px\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20640%20423%22%3E%3C%2Fsvg%3E 640w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-srcset=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/Webp.net-compress-image-27.jpg 640w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/Webp.net-compress-image-27-300x198.jpg 300w\" data-src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/Webp.net-compress-image-27.jpg\"><\/figure><\/div>\n\n\n<p><\/p>\n\n\n\n<p>It\u2019s an open secret that payment solutions for international e-commerce are marred with imperfections. Even though it is backed up by payment solutions like PayPal and Skrill, the payment industry has not reached the desired level of networking and accuracy. <\/p>\n\n\n\n<p>Moreover, current payment methods come with high payment\nprocessing fees along with the high fees charged by e-commerce platforms.\nGenerally, these fees start from around 2-3% of the total purchase price of any\ntransaction.<\/p>\n\n\n\n<p>Cryptocurrencies were the first implementation of <a href=\"https:\/\/www.futurismtechnologies.com\/services\/blockchain-technology\/\"><strong>modern blockchain technology<\/strong><\/a>, with Bitcoin being a clear leader in popularity and global adoption. As cryptocurrencies are emerging as a credible alternative to traditional currencies, customers can use Bitcoin in much the same way as they would choose to pay with PayPal, Stripe, or any other payment processor. <\/p>\n\n\n\n<p>Apart from being relatively easy to implement,\ncryptocurrencies are much safer.&nbsp; It\nstems from its use of peer-to-peer technology, which makes fraud a remote\npossibility. Note that its non-centrally- driven mechanism ensures that no\nthird party can look over or manipulate your transactions. As identities of the\ntransacting parties don\u2019t get revealed in the blockchain model, transactions\nmaintain greater transparency due to centralized ledger storing. <\/p>\n\n\n\n<p>Clearly, there are enough signs to believe that the first implementation of blockchain in ecommerce marketplace will be in the payment domain.             <\/p>\n\n\n\n<h4>2)   Supply Chain Tracking and Inventory Control:<\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><noscript><img decoding=\"async\" width=\"640\" height=\"426\" src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/boxes_cases_containe_N0XGo.jpg\" alt=\"image of Supply Chain Tracking\" class=\"wp-image-1594\" style=\"width:800px;height:400px\" srcset=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/boxes_cases_containe_N0XGo.jpg 640w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/boxes_cases_containe_N0XGo-300x200.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\"><\/noscript><img decoding=\"async\" width=\"640\" height=\"426\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20640%20426%22%3E%3C%2Fsvg%3E\" alt=\"image of Supply Chain Tracking\" class=\"wp-image-1594 lazyload\" style=\"width:800px;height:400px\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20640%20426%22%3E%3C%2Fsvg%3E 640w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-srcset=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/boxes_cases_containe_N0XGo.jpg 640w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/boxes_cases_containe_N0XGo-300x200.jpg 300w\" data-src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/boxes_cases_containe_N0XGo.jpg\"><\/figure><\/div>\n\n\n<p>Supply chain management will top the list of issues that stress the e-commerce entrepreneur. That\u2019s mainly due to the fact that monitoring the supply of goods from the retailer to the e-commerce platform and then again from there to the customer is a tedious task.&nbsp; <\/p>\n\n\n\n<p>The store department needs to assess the stocks that are supposed to arrive and those that are to be delivered. In case, inferior products get supplied, a possibility of fraud arises. <\/p>\n\n\n\n<p>Applying blockchain for e-commerce can eliminate this\npossibility by allowing the e-commerce platform to track the movement of goods\nto and fro from its premises. As the recorded data is transparent, any mismatch\nin the quantity or quality becomes traceable. <\/p>\n\n\n\n<p>Similarly, by the simple addition of smart contracts into the blockchain, e-commerce stores can manage their inventory with more efficiency. It enables them to order the items automatically from the retailer when the pre-defined limit (minimum limit) is reached. Consequently, stores neither have excess products nor they remain out of stock.<\/p>\n\n\n\n<p>                                                                <\/p>\n\n\n\n<h4>3)   Security: <\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><noscript><img decoding=\"async\" width=\"640\" height=\"300\" src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/regulation_3246979_6_x67Zw.jpg\" alt=\"cyber security for eCommerce \" class=\"wp-image-1595\" style=\"width:800px;height:400px\" srcset=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/regulation_3246979_6_x67Zw.jpg 640w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/regulation_3246979_6_x67Zw-300x141.jpg 300w\" sizes=\"(max-width: 640px) 100vw, 640px\"><\/noscript><img decoding=\"async\" width=\"640\" height=\"300\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20640%20300%22%3E%3C%2Fsvg%3E\" alt=\"cyber security for eCommerce \" class=\"wp-image-1595 lazyload\" style=\"width:800px;height:400px\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%20640%20300%22%3E%3C%2Fsvg%3E 640w\" sizes=\"(max-width: 640px) 100vw, 640px\" data-srcset=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/regulation_3246979_6_x67Zw.jpg 640w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/regulation_3246979_6_x67Zw-300x141.jpg 300w\" data-src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/regulation_3246979_6_x67Zw.jpg\"><\/figure><\/div>\n\n\n<p>The Distributed Ledger Technology or DLT, which blockchain offers, makes it one of the most secure platforms out there. It becomes a natural choice for e-commerce business that handles countless data pieces. That\u2019s why we have seen almost negligible security breaches in blockchain-powered networks.<\/p>\n\n\n\n<p>Another added layer of security comes from blockchain is the fact that blockchain-based currencies don\u2019t reveal personally identifiable information. Currencies like Bitcoin, thus, operate like cash in the sense that they don\u2019t have to expose sensitive data of customers. Customers authorize a transfer from his\/her own personal \u201cwallet\u201d to that of the receiver. <\/p>\n\n\n\n<p>A randomly-generated unique identifier is the only individual piece of data tied to each user\u2019s wallet.&nbsp; Indeed, considering the havoc that cyber attacks can cause, adopting blockchain for e-commerce becomes a need.<\/p>\n\n\n\n<p>                   <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">4)   Better Transparent Marketplace: <\/h4>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><noscript><img decoding=\"async\" width=\"1024\" height=\"438\" src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2-1024x438.jpg\" alt=\"Image of ecommerce market place\" class=\"wp-image-1596\" style=\"width:800px;height:399px\" srcset=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2-1024x438.jpg 1024w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2-300x128.jpg 300w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2-768x329.jpg 768w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"><\/noscript><img decoding=\"async\" width=\"1024\" height=\"438\" src=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%201024%20438%22%3E%3C%2Fsvg%3E\" alt=\"Image of ecommerce market place\" class=\"wp-image-1596 lazyload\" style=\"width:800px;height:399px\" srcset=\"data:image\/svg+xml,%3Csvg%20xmlns%3D%22http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%22%20viewBox%3D%220%200%201024%20438%22%3E%3C%2Fsvg%3E 1024w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" data-srcset=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2-1024x438.jpg 1024w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2-300x128.jpg 300w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2-768x329.jpg 768w, https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2.jpg 1280w\" data-src=\"https:\/\/www.futurismtechnologies.com\/blog\/wp-content\/uploads\/2019\/07\/online_sales_2108028_4AGH2-1024x438.jpg\"><\/figure><\/div>\n\n\n<p>All major e-commerce players are facing the wrath for being non-transparent in their overall operations. The controversy that happened recently concerned Amazon, where the e-commerce giant disabled the merchant\u2019s page without any explanation and thereby cutting off the merchant\u2019s communication with buyers. Its gravity can be gauged from the fact that President Trump has recently tweeted about Amazon\u2019s transparency concerns.&nbsp; <\/p>\n\n\n\n<p>Blockchain for e-commerce, with its decentralized environment, can become a panacea here. As there is no central control, blockchain can efficiently monitor any wrongdoings by business or merchants. <\/p>\n\n\n\n<p>It\u2019s then not at all surprising that industry bests like Amazon, Alibaba, and eBay have already responded by working on blockchain research. In fact, Walmart and Unilever are working on <a rel=\"nofollow noopener noreferrer\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.reuters.com\/article\/us-ibm-retailers-blockchain\/nestle-unilever-tyson-and-others-team-with-ibm-on-blockchain-idUSKCN1B21B1\" target=\"_blank\">blockchain projects<\/a> with tech giant IBM. &nbsp; <\/p>\n\n\n\n<p><br><strong>In A Nutshell:  <\/strong><br><\/p>\n\n\n\n<p>There is hardly any doubt that applying blockchain for e-commerce ensures a greater possibility of transparency, reliability, and cost reductions. However, it also underlines imminent threats to the companies which cannot add any value to their customers. With the exclusive benefits of blockchain in e-commerce, as this blog has explained, it now becomes essential for the business to look at it holistically. <\/p>\n\n\n\n<p>Blockchain technology offers more than credible solutions for those vendors who want to include transparency in their business transactions and to manage the consumer data dependably. It also helps in reducing the dependency on paper-based legacy systems.&nbsp; It\u2019s not unfair to say that if e-commerce businesses want to stay efficient and relevant for future customers, then they should start to explore the potential benefits of blockchain technology as soon as possible.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What\u2019s next? No sector has faced this question as regularly and as relentlessly as the e-commerce sector. At its core, lies the extra-volatile nature of e-commerce. From voice search to virtual shopping rooms, the world of online selling has seen many breathtaking innovations, and the sector is not done yet. Once again, it\u2019s on the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.futurismtechnologies.com\/blog\/blockchain-for-ecommerce\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Blockchain Implementation for Ecommerce&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1603,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1592","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ecommerce","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain Implementation for Ecommerce - Futurism Technologies<\/title>\n<meta name=\"description\" content=\"Blockchain Implementation for E-Commerce is all set to transform the way online selling used to happen in the past. 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