Challenges in Ecommerce Addressed By Blockchain Development

With a tremendous growth in the ecommerce sector, more and more users are involving in online shopping and share every sensitive data on the internet while making a purchase. To name a few – Credit/Debit card details, billing addresses, personal information etc. The hackers can use this information and misuse as they please. Although, most of the ecommerce solutions are secure and encrypted, they aren’t fraud proof. The shortcomings in ecommerce include –

Frauds: The problem that rules the list is counterfeit products and transactions due to difficulty in regulating and selecting vendors and products or even when the connection is not secure. This damages the brand image.

Trust: There are users round the globe that make purchases and sales online every day. They do all they can to use trusted payment gateways for monetary transactions but there is always possibility of information leak and this can cost big to the consumer. If the businesses are using third party payment gateways, then businesses and consumers have to pay an extra charge for the secure transactions.

Slow Transactions: When doing funds transfers, or initiating a bank payment, it usually takes 2-3 business days for it to go through and which ultimately delays everything that depends on these transactions.

These simple to explain problems are actually a lot bigger than their explanation. But as they say every lock comes with a key, the key to solving these issues is Blockchain application development. Blockchain is detangling all the tangles that come in way of a secure and smooth transaction. Blockchain ensures –

Cheaper transactions: because of the “Smart Contracts” the complexity and cost of transactions over the internet between two parties has become very low. The smart contracts are actually software programs which execute contract agreement between sender and receiver.

Faster transactions: No more waiting for days for transaction approval and get things moving. All the information like shipping information, delivery information etc is all saved in the smart contracts. This information thus is made visible to respective vital data visible to others hence lowering the chances of any disputes, delays and disorganization of the transaction and hence results in speedy transaction process.

Transparent transactions: Blockchains contain the history of every transaction in it. Regardless of where the product is, how many times the product was repurchased, Blockchains store everything. This eliminates possibility of any fraud and keeps information of every transaction transparent for both parties.

With the features that it has, and value that it adds to the websites, custom ecommerce website development companies are integrating blockchain into their solutions for taking care of sensitive financial information of consumers and businesses.

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