Blockchain Set to Redefine Ecommerce - OpenXcell
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Blockchain Set to Redefine Ecommerce

Ecommerce Blockchain

Blockchain is a new force poised to revolutionize the Ecommerce and retail business.

Yet, there are several who have less clarity about its potential.

Imagine a business without centralized supply chains, un-tampered logistics, excessive fees, or exposing customers to risky transactions. This is exactly what a blockchain network can offer for your Ecommerce business.

Blockchain is destined to change the way the retail industry functions. By 2021, at least 25% of the Global 2000 will use Blockchain services as a foundation for digital trust, says a market intelligence firm. It is time to embark on your Blockchain journey now.

What?

As a decentralized model, the Blockchain technology brings along with it its transformative ability to streamline all the retail operations including; logistics, supply chain, product authenticity, payments and trustable configuration of a network of agents.

“A programmable economy is the foundation for corruption free Business. Blockchain underpins a programmable economy”

Digitally conducted transactions between business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business initiating an online shopping are termed as Ecommerce. But, the progressing global digital transformation poses the greatest challenge for any business irrespective of the size. Security, consistency, cost, time, quality, accountability and risk come as key factors to consider while running a business online. Distributed and decentralized systems like Blockchain is poised as the solution to this issue.

When a business transaction is coded in Blocks via Smart Contracts and connected to a networked Blockchain, it is then termed as Blockchain Ecommerce.

Ecommerce Blockchain

(Source: i-scoop)

There are enormous benefits of managing your digital business transactions with the Blockchain technology.

Distributed and decentralised ledger technologies, smart contracts promises to offer streamlined workflow, consistent and secured functions without the intervention of any middlemen. Trust of such transactions is established via a technology framework and not by any human governance. Records of each of the transactions are stored in a ledger like Hyperledger. Since the whole process is done cryptographically, trust is initiated in the data itself.

So, What?

The Ecommerce market is growing intensively fast. By 2020, a majority of the businesses will depend on the ability to deliver products, services and experiences in a friction-free way based on the evolving customer expectations.

Will the investment in Blockchain be worth it?

“The Visionaries Will Persevere, While Those Hoping For Quick Fixes Will Give Up,” says Forrester.

As far as the retail or Ecommerce industry is concerned, customer expectations outpace the brand’s ability to evolve and invest in the upcoming technologies. This means that businesses need to adjust fast and fill well quickly according to the evolving innovations. This is one of the critical responses needed to satisfy the customers and retain them. Businesses in retail will need to transform to accommodate the evolving customers and technical innovations.

Delivering anything anywhere to anyone at any time without any agency or without any friction, duplication or manipulation is the key intention. This can be easily achieved by moving your business on to a Blockchain.

This is not about changing your business, but it is about changing the way your business functions. If you are slowing to change, you are sure to struggle.

Have a look at the way your business transaction can happen with Blockchain;

Ecommerce Blockchain

One of the well known Cryptocurrencies, Bitcoin is gaining big momentum now. Ethereum too is in the race. Several ecommerce sites have well adopted the change and have started accepting such currencies. Soon, Cryptocurrencies like Bitcoin could well be the most accepted payment option for consumers. It’s better to be prepared.

Value chains handled by Ecommerce Blockchain

#     Supply chain

  • Automated suppliers validation
  • Automated suppliers payment
  • Tracking and tracing asset
  • Logistics partner contract bids / Execution
  • Storage monitoring
  • Inventory management

Benefits:

  • Save time, cost and manpower
  • Eliminate errors and delays
  • Deliver high value and trading relationship

#     Delivery/Shipping

  • Automated delivery system once payment is received
  • Tracking the item movement with smart contracts on Blocks

Benefits:

  • Error-free
  • Cost-effective

#     Tokenised ledger

  • Tokenizing assets like assets: stocks, real estate, gold, carbon credits, oil, etc., that are not physically transferable or dividable.
  • Tokenizing intangible assets like patents, brand names etc.
  • Tokenization of fungible items

Benefits:

  • Reduce complex paper and legal agreements
  • Reduce overhead expense
  • Security, speed and ease of transfer of assets
  • No manipulation

#      Smart contracts

  • Digitally coded credible transactions on Blocks – Each transaction is automated, time- stamped and linked to the previous transaction.

Benefits:

  • No third party intervention
  • Cryptographically secured transactions
  • Irreversible

#     Customer relationship management

  • Secured blocks carry the right information of each customer
  • Such valuable blocks are user controlled
  • Data hampering by any party is totally ruled out

#    Business process automation

  • Avoid fragmented systems and use shared ledger to manage your entire business process.
  • Blockchain creates the next level of automation and integration

Benefits:

Both operational and business benefits

Now What?

Ecommerce Blockchain

To thrive over the next decade, businesses in Ecommerce will need to work on very critical capabilities to include Blockchain as their running model. True. The technology has been proving well for Cryptocurrencies. The other areas are tested and being tested. The potential is undeniable. Your success depends on how well and how quickly you adopt this technology and move ahead.

If you still want to wait-and-watch, or wondering what alternative can be, then you are going to find it difficult to catch up with the force as the technology has already started crystallizing for the retail industry. So, yes, it is worth to invest in Blockchain and transform your digital business efficiently. Do not dismiss.

Click here if there is anything else you wish to learn about this technology.

 

Meenakshi Krishnan

Meenakshi Krishnan

Meenakshi Krishnan is a Content Consultant at OpenXcell, a pioneering Mobile App Development Company in India and USA. A techie at heart, Meenakshi is passionate about the start-up ecosystem, entrepreneurship, latest tech innovations, and all that makes this digital world. When she is not writing, she loves to read, cook and paint. Prior to this, she was working for a technology marketing company based in Norwalk as a content contributor. You can reach Meenakshi at LinkedIn and Twitter

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