In the summer of 1994, Pizza Hut started an ecommerce division, PizzaNet, making the leap to accepting online credit card payments. At the time, technology was still not as easy to work with, but their move gave them a competitive edge over others have been the first in the ecommerce space.
This helped the American restaurant chain that’s now six decades old, and an international franchise, normalize what is now accepted as an online payment system. Similar things are happening with the Altcoin and Bitcoin transactions, with ecommerce retailers that embraced blockchain early having the first mover advantage. Ecommerce businesses today should, like Pizza Hut, make the leap and begin to embrace crypto and blockchain technology.
Firstly, blockchain technology protects the privacy of consumers by not revealing their true identities. Instead, consumers get addresses that don’t relay their private information. At the same time, transactions are transparent and part of the chain owing to blockchain’s real-time transaction ledger.
Secondly, blockchain technology allows you to track payments, and inventory from manufacturer to warehouse (directly to their origins).
Thirdly, ecommerce businesses gain from blockchain technology as it reduces costs that would come from overheads like staff salaries. Increased transparency, communication and security in blockchain also helps reduce costs that come with inventory management, monitoring product lines, shipments, and checking for counterfeits.
Fourthly, blockchain technology eliminates the need for a middleman during transactions as payments are placed directly on the blockchain’s payment ledger.
Lastly, warranty and receipt information is added to each block on the chain, making this information accessible, while protecting your business from unscrupulous customers. Blockchain technology will revolutionize ecommerce, by providing an unrivalled blend of transparency, security, and reduction on costs, among other benefits.
Your eCommerce business will also have a competitive edge over rival brands as most such businesses aren’t savvy in blockchain system.
Additionally, the technology isn’t readily available so most ecommerce platforms aren’t tailored to implement it. This means you’d have to rework your whole technology system to ensure it is implemented, as it will soon become a necessity.
The infographic below captures reasons on why must e-stores consider applying blockchain:
Blockchain-based applications are bouncing up, covering different fields including cash related organizations, reputation system, and the Internet of Things (IoT), and whatnot.
Source: Information Technology Blog
Author Bio:
I am Roberto Garvin, co-founder of Mofluid. It is absolutely amazing to see how technology continues to evolve, from email to browsers, search engines and mobile. I am fortunate to witness it all and I’m really excited to see what’s next! Twitter – @mofluid
