How Blockchain will Revolutionize Ecommerce

A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the Blockchain. Each block in the chain contains several transactions, and when a new transaction occurs on the Blockchain, a record of it is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).

Several multinational companies are adopting or have dabbled in blockchain technology in the ecommerce space to enhance security and track supply chains. Leading firms like Amazon, Walmart, IKEA, Nestle, and Alibaba have collaborated with tech giants like IBM and Microsoft to explore blockchain solutions.

Using blockchains, supply chain companies can document production updates to a single shared ledger, which provides complete data visibility and a single source of truth. Because transactions are always time-stamped and up to date, companies can query a product’s status and the location at any point in time.?

Moreover, by combining Blockchain with other techs like IoT, supply chains can automate tracking of the conditions of production, transportation, and quality control. Companies can also choose to share track and trace data with their customers as a way to verify product authenticity and ethical supply chain practices.

Ecommerce platforms may integrate Blockchain technology to create a chain of information that vendors and customers can easily access to check the origin and authenticity of the product. The transparency enabled by technology offers an opportunity to build consumer trust and strengthen brand reputation.

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Ref:- Forbes, theindianxpress.