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How is E Commerce tied to Blockchain Technology

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How is E Commerce tied to Blockchain Technology

E-commerce or electronic commerce is usually referred to selling or purchasing the goods using the internet via electronic gadgets such as tablets, laptops, mobiles, desktops etc. business transactions are carried out such as purchasing, selling, paying and others. An organization builds a website which represents a virtual store for the products they sell. Take an example of Amazon.com which deals in a wide range of products such as books, music, clothing, footwear, accessories, home appliances, electronic gadgets etc. which provides a gallery along with a detailed description to their end consumers. E-commerce websites are user-friendly and provide several payment options such as credit payment, debit card payment, net banking, cash on delivery, Digital currency payment etc. various key benefits of e-commerce are:

  • Enhanced convenience: end consumers can access the website from anywhere on their convenience regardless of the physical location and time. The best part is consumers can shop online without having to leave their home on their comfort. Ordered products are also delivered on the doorstep of the consumers which is comfortable for the consumers who are always busy.
  • Ease of fundraising: For a start-up up business opening up a virtual store is comparatively less expensive than opening up a physical store hence, it offers ease of fundraising.
  • Offers product and price comparison: same product from the various website can be compared, and the user can go for the cheapest product available.
  • Consumer reach: as social media and other internet engines are also connected with the e-commerce it makes easy to reach the targeted consumers. An online consumer is always aware of the trending brand based on its customer growth.
  • Prompt payments: online stores make use of prompt payment options which makes the faster online payments and eliminates the need to stand in the long queues for billing and payments.
  • Ability to sell a wide range of products: online stores are flexible and offer consumers with a large variety of products. The user can get hold of the product required by them by implementing the appropriate filters.

Although there are many benefits of e-commerce to the organizations and consumers as well some limitations are also there to e-commerce which is as mentioned below:

  • Poor quality of products: the products are displayed on the website and consumer doesn’t see it physically which causes the risk of poor quality delivered product.
  • Lacked support after the sale: lack of physical premises can result in hard to access after sale support which is kind of unattractive business model to the consumers.
  • Internet scammer: It is good to buy products online without having to travel to physical market in crowded places, but the internet is crowded with scammers. They can steal the credit card or bank details of the consumers and can steal all their money.

Blockchain technology

Blockchain can be said as a distributed database in a sequential manner which consists of records or public ledger of all the events and transactions that has been executed or shared among the participated parties. Every single transaction took place in blockchain is verified exclusively by consensus of the majority of the participants and in blockchain technology, once entered data or changes cannot be changed or erased. It consists of a certain and verifiable record of each transaction ever made in the records. A basic analogy can be taken to make it easy to understand; it is not difficult to steal a cookie from a cookie jar which is placed on a secluded place than stealing from a jar which is placed at a crowded place, being observed by thousands of people at the same time. Bitcoin is the most commonly used technology for blockchain technology and is intrinsically tied to the technology itself. It is also the most controversial example of blockchain technology as it is helpful in enabling a multibillion-dollar market of global transactions without having any government control over it. It encounters various regulatory and compliance issues which involve national governments and financial blocks. 

Nonetheless, blockchain itself is considered as a non-controversial technology as it is working flawlessly over the past years and is successfully applied in the financial and non-financial sectors. Blockchain distributed consensus model is listed by Andreessen, which can be considered as the most important invention after the invention of the internet itself. This software allows the digital currency to function in a stream or combustion which has the potential to transform the financial scenario of the whole world and beyond. If we talk about the current digital economy, it can be said that it is based upon the reliance of, particularly trusted authorities. Major transactions rely on the truth told by someone else like email or digital currency provider.

In the financial sector, blockchain technology is not seen as a threat to the traditional business models anymore rather is seen as an opportunity in fact by world’s largest financial institutions such as World Bank. By carrying out some research and innovative work on the technology of blockchain, it can be utilized as an optimized technology. Whereas in non-financial sectors, its application opportunities provision is endless which can be envisioned as the proof of the existence of all the health records, royalty payments, legal documents in the notary, private security, music industry and marriage licenses in blockchain industry.

The major advantage of blockchain technology is that it is distributed and can allow a wide variety of computers which take participation in the network to distribute the computing power. Distribution of technology reduces the risk of fraud, tempering and cybercrime whereas major disadvantage of blockchain technology is that it is trustless as the users have to trust on the truth told by third parties such as bank authorities, ledgers and others. It allows digital transactions to take place between two parties who may have trust issues.

How Blockchain technology works?

Explaining the concept of blockchain technology is a bit complicated as it intrinsically is linked to bitcoin. Nevertheless, blockchain technology is totally applicable in digital transactions performed online. Bitcoin makes use of cryptographic proof rather than making use of trust in the third party for performing the transactions between two willing parties. Transactions are protected using digital signature while executing the transaction online. Transactions are sent by implementing proper protection with the help of “public key” of the receiver to digitally sign the sent transaction using “private key” of the sender. Owner of the crypto-currency needs to prove the authorization over the private key to spending the money. While the entity receiving the crypto-currency verifies and validates the digital signature to correspondence to the  “private key” over the transactions used by sender’s “public key”. Every single transaction is broadcasted to each node in the network of Bitcoin to record it in a public ledger after verification and validation. There are two major things done to ensure the verification of transaction before recording transaction:

  1. Verification and validation of ownership of the spender who owns the crypto-currency with the digital signature.
  2. Owner of the cryptocurrency acquires sufficient amount of money in his account. Verifying every transaction performed against spender’s account in the public ledger to ensure the sufficient amount of money in the account of the spender.

But the main question exists that what is the order of maintaining the transactions which are broadcasted on every single node of bitcoin peer to peer network. The transaction is not placed or performed in the order; they are generated which forms the need for a system to track the double spending of crypto-currency doesn’t occur. Transactions pass through every single node if the bitcoin network but there is no guarantee or acknowledgement of the transactions performed which means there is a need to develop a technique to generate the acknowledgement for the online performed transactions. This problem in Bitcoin was solved by using a mechanism which is widely in use and popularly used as Blockchain Technology. It places the Bitcoin transaction in ordered groups of blocks and then links those blocks through the technology known as Blockchain.  But one problem remains there that any node in bitcoin network can capture the unconfirmed transaction and can create a block of transactions to broadcasting it to rest of the network of the blockchain.

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How is e-commerce tied to Blockchain technology?

Internet commerce is exclusively tied to blockchain technology and financial institutions as it is a great factor behind the global economy. Financial institutions serve as the trusted party while online transactions take place between user and providers. Validating, safeguarding and preserving the online transactions are the main role of the trusted parties. A certain amount of fraudulent are avoided and eliminated by the involvement of financial institutions, but a certain percentage is unavoidable due to the need for mediation by financial transactions which results in high transaction costs. An instance of this sort is transaction can be given as a consumer can buy products online by making use of their digital wallet. The money will be transferred to merchant’s wallet only when the product is delivered to the customer. It will cost nothing to the merchant, or the consumer and no intermediary is required.

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