In the present time, technologies are changing every industry in a better way. Among all these advanced technologies, there is one technology that has been on the center stage for the past few years. Here, we are talking about Blockchain Technology. In the year 2020, things have changed for the betterment of mankind. It was all super easy for the consumers but was really struggling for the developers and the business owners.
But they found a solution and were able to make something really great. Blockchain development services have been a great entrant in the market with a number of benefits along the way such as security, reliability, robust transaction and transparency.
This technology has become the backbone of almost all the eCommerce stores that are present over the web. There are some of the apps that you might have used a day before but you might not have realised that there was blockchain technology integrated with them.
In 2021, the trends are changing but still, one thing is constant that every business using blockchain has some benefits that others don’t. Now, when there are a lot of benefits integrated with this technology, we don’t think that there is anything that can stop businesses from using it.
What is Blockchain?
Blockchain came out for use in 2008 and since then it has been one of the most attractive, promising and useful technologies. This technology has developed itself in multiple directions and that is one of the reasons why it is so popular and helpful to so many businesses around the world.
Satoshi Nakamoto, the person behind the idea is someone who could really see the future back in the year 2008, and it is all because of him that we are able to see so many great changes in the industry right now. Blockchain back then was coined to make sure that the data and all the things in web development services can be safe and no one can hack or cheat while the files are in the transaction. That has been one of the things that have taken up a lot of sensitive information from people.
The earlier paragraph tells us why blockchain is becoming a pioneer in transaction-based technologies and businesses.
What is eCommerce Blockchain?
If we look at the eCommerce stores, they are just like a physical store scaled up to serve people at a bigger platform. Now, this development creates a lot of problems as stores have a lot of orders, they have to manage the data, the inventory, and more. Therefore, these stores require something that can help in managing the data and making it all secure and fast.
Also, these stores need some partners who can help them in all the transactions as all of them need to be fast and safe. When there is proper Blockchain integration into the eCommerce stores, all the things become really easy.
Why Should You Use Blockchain For Software Development?
The main purpose behind this article is to know why you should be using the blockchain for your software needs? Software development can also be done without using blockchain and there are many alternatives but none of them can give you such integrity and transparency for the transactions and ongoing processes within the software. It is something that you need to consider at the time of eCommerce website development.
Another reason is that you need a technology that allows you to efficiently and smartly use the data that is generated from the visitors and their behavior on the website or the app. This technology can ensure that you get the best out of all the collected data and all the processes that keep happening on the eCommerce website, or the enterprise software that you are using in the backend.
Benefits Provided by Blockchain Technology
As we all know, integration of Blockchain technology into eCommerce apps has made various things possible. Businesses are having great benefits through it. What are they? Look at the below:
Data Replication
You know that the data is secure when there are multiple copies of it. It is because even if one of them gets damaged or corrupted due to some external intrusion, you still have other copies that are still intact and can be used just like the one that was there, before the corruption.
Trust
All the transactions happen in software or a website are all checked & verified with the help of blockchain. It makes sure that all the transactions are safe, and are always completed.
Data Recording
All the data that enters or leaves the system with blockchain is recorded. It gives a lot of information that can be used for multiple things afterward by the planning and strategy team.
Cryptography
You must know what cryptography is? It is one of the methods through which we secure the files that are sent over the networks and some keys are used to decrypt the message or the files after they reach the receiver’s end. It is all done very efficiently with the help of a blockchain system. Also, it turns out to be the reason why software and websites, and apps built with this technology are considered really safe when compared to simple software.
We hope that now you got the answer why you need to use this technology? If not, you still have more things to know and we are sure that you will be convinced till the end of this article.
Read Also: Blockchain App Development Cost and Features
Opportunities for Developers in Blockchain Development
The Blockchain development process is lengthy and involves a large team in the whole scenario. Generally, it happens that a major part of the commission is consumed by middlemen as well as the client. As a result, the developers do not get as much funding as they deserve. Here blockchain comes into play and solves this problem.
Blockchain provides several tools that help in eliminating the role of a middleman. Eventually, the problem of the commission also gets cancelled. Now, no extra person is involved between the client and the service provider. It is done by providing a peer-to-peer software development network and integration with smart contract technology.
Unlike any other technology, Blockchain is easy-to-use for both amateur and experienced developers due to its tools. Some examples where blockchain has proven to be extremely useful in several industries have been mentioned below:
- With the help of blockchain, insurance companies no longer need to do all the computational requirements manually. If a company is still going with the paperwork, the records are more prone to fraudulent claims. You can hire blockchain developers to resolve this issue. Thankfully, blockchain ensures that there is an independent and secure infrastructure so that none of it can happen.
- Blockchain is often associated with finance. Banking, cryptocurrency are some common terms that come to mind when someone says blockchain. In the banking system, blockchain can be used for trading. Trading is done through safe and secure cryptocurrencies.
- Many companies use a blended technology mixing two of the greatest inventions of recent times i.e Blockchain and IoT. Software companies use these technologies to build an ecosystem that can be used by clients without worrying about security.
- Blockchain is also widely used for providing owners with the help of a decentralized system. It is why governments of most of the countries in the world are showing their interest so that the election system can be improved and reliable & fast results can be achieved through the same.
Benefits of Blockchain in eCommerce
Businesses need technologies that can be beneficial for them. It is the reason why a lot of them are even ready to invest in the development services, when it is required. Blockchain is such a technology that can help eCommerce website owners greatly.
Some of its main benefits are mentioned below and there are even many more. You can experience them when you apply them to your eCommerce model. Read these below points carefully to understand the overall picture:
Enhances Security
We get the news of some websites getting hacked, data being manipulated, the information of the customers getting leaked, and more. These are threats that are faced by every website and present over the internet. Now, there has to be something that can solve this frequent problem. It is where every web developer needs to think about using blockchain technology as it offers better security for all types of websites including the eCommerce website.
Saves Cost
An eCommerce development company has to incur a lot of taxes in transaction costs and other things. With the help of blockchain, they can reduce all the costs and can use the same money in scaling up their business or something else that is important. It is something that helps with other things like inventory management and product descriptions and all. All that can also save the complete cost. Overall, it gives several opportunities to save the total cost that has to be incurred along with great security and efficiency.
Faster Transactions
It is one of the known benefits around the world. Blockchain technology has improved transaction speed and efficiency. If we look into the eShopping industry, the retail ecommerce software development is more in demand for the blockchain based peer to peer transaction. The transactions are faster and impressively transparent without third party involvement.
The reason is that like normal transactions, the payment is not done with the bank gateways. It is a totally unique payment system where the money goes from the sender account into the receiver’s account and there is nothing in the middle. In the traditional system, there is always a bank system that comes in the way.
That is what becomes the reason for the transactions getting canceled. Sometimes, the server of the bank might be down or some other problem. But with the blockchain transactions, there is nothing that can cause the cancellations, and it gets completed fast too.
Better Efficiency
Blockchain helps websites to save more than just transactional data, especially in custom ecommerce development. It helps in keeping the smart contacts, and the data that comes from the behavior of the users. It is important because that is how websites do remarketing. Imagine you went to a product page, but then you closed the website without buying it.
You might have got an email saying, we saw that you checked it but didn’t buy it, tell us what you need? It is their way of selling the product back to you, or they might provide you with some better alternatives. There are chances that they would offer you a special discount, if they think that you are coming back again and again to that product but not actually buying it. With blockchain, everything can become more efficient and impactful.
Global Customer Access
There are some countries that can’t bypass the banking limitations and that is why they can’t buy a lot of things that they want. But now, the global market is growing rapidly, and eCommerce development services aren’t limited to specific regions. When it comes to cryptocurrencies and blockchain, there are no such limitations for users from any region.
They can buy everything that they want from the eCommerce websites that use the blockchain transaction system. It increases the target spectrum of such websites. Looking at the rise in the crypto culture, the chances of seeing this tech more frequently in big eCommerce stores are high.
How Blockchain will Revolutionize Ecommerce?
We just read the benefits and here we are talking about how this amazing technology can revolutionize the eCommerce market? Thus, there are a few things that we think can really revolutionize the eCommerce industry in the future and they are:
Smart Contracts
The time has changed and it is the right time when we must change the way contracts are written and signed. Blockchain provides smart contracts that can be stored and secured and act as legal as physical contracts. It may change the way people deal with eCommerce.
Easy Receipt And Warranty Access
Your product receipt and warranty can be easily managed and availed if blockchain is there in the backend.
Payment Of Content Creators
Content creators play an important role in the eCommerce business. They are responsible for the website and social content. They would be able to get the worth of their work. It is all digital notes and they get tokens for it.
Easy Monitoring Of Supply Chain
One of the biggest challenges that people face is the management of the supply chain in the eCommerce business but blockchain makes it really easy. There are options that let you monitor the supply chain at each stage.
Generate Better Revenue
Who would not want better revenue generation for their business? It is one of the reasons why people do business? Blockchain gives you data that can be further utilized to generate better revenue. Also, it saves a lot of cost for the eCommerce business as we have already read in the above points.
Read Also: A Complete Guide for Ecommerce App Development Cost
How Blockchain improves eCommerce development services?
We have talked about security and efficiency provided by Blockchain and those are the same things that are demanded in ecommerce development services. It also improves the efficiency of the processes, data handling, record creating and tracking of the user activity, and many more. Hiring ecommerce developers is the second stage task for stakeholders, the first is to determine what exactly the industry needs. And blockchain is the unanimously accepted technology.
Though the blockchain technology is competitively new, the most vivid reason for its demand is the benefits for both consumers and merchants. Industry has to agree that although the blockchain development services are in its early stages, it is still in the early stages of adoption. Study proves blockchain is gradually becoming an integral part of the ecommerce ecosystem and financial transaction.
Conclusion
In this article, we read about different things about blockchain and its benefits in eCommerce. The eCommerce industry is one of the fastest-growing sectors and it needs technologies like blockchain that can increase efficiency and can secure all the data that is there on the website. People keep sensitive information like card details and bank details on these websites so they can buy things out easily and can-do payment, but if the security of the website gets compromised, all of that data will get leaked. It is like inviting danger.
The smart thing for the new age eCommerce websites is to use blockchain technology and change the way of transactions. It will help the business and the customers both. You will be able to sell worldwide without worrying about banking restrictions because there is a mediatory banking system in the blockchain transactional system. Also, it will let people use their cryptocurrencies to buy things.
