Blockchain technology is going to change e-commerce in ways that consumers don’t see. We’re talking inventory management, supply chain oversight, and administrative processes.
That’s where the greatest untapped value lies, because blockchain can bring new efficiency to business as usual.
There are nearly endless possibilities of what blockchain could do for e-commerce. But the immediate future of blockchain application here is unlikely to be sexy.
Retailers will consider automating administrative processes to save costs and harness greater efficiency. They should consider the blockchain when weighing the pros of automation.
Then there’s security, which arguably blockchain’s greatest asset. As hackers continue to make short work of conventional security, e-commerce leaders should consider decentralized security powered by blockchain technology.
These blockchain use cases might not exactly give you a warm tingly feeling, but they could save millions of dollars for e-commerce businesses.
1. Payson Johnston, CEO and Co-Founder of Crowdz
“Blockchain ultimately will become the backbone of e-commerce in the same way that TCP/IP became the backbone of the Internet. Today, information, documents, and monetary value flow across the Internet through multiple, inconsistent, and incompatible channels that require reconciliation and correlation at multiple nodes throughout the process. This deficiency not only causes delays, but also can produce errors and financial losses that undercut the efficiencies, timeliness, and value of e-commerce applications.
If there is one phrase that defines the future of blockchain in e-commerce, it is this: blockchain will speed up e-commerce operations from months to milliseconds.”
2. Justas Pikelis, Co-founder of Monetha
“Blockchain will revolutionize e-commerce, or at the very least have a strong impact on how things are done there. Low transaction fees and almost instant payments will make buying online easier and further erase geographical boundaries. The decentralized nature of cryptocurrencies like Bitcoin will give the unbanked unprecedented access to electronic money and in consequence online services. Blockchain as a distributed ledger will improve areas like delivery, inventory management, and trust. There are many uses for the technology, and businesses are racing to identify and capitalize on them.”
3. Rob Maille, Head of Strategy and Customer Experience and Co-founder of CommerceCX
“Blockchain will fundamentally reshape the shopping experience in e-commerce – both in B2C and B2B. Whether it’s a consumer ordering a meal that aligns to dietary needs or a business purchasing new machinery and having transparency into where every part came from and how it was made, when the entire supply chain is known to the purchaser the whole shopper experience is more informed. This will allow e-commerce transactions to be more transparent along the entire journey.”
4. Susan Akbarpour, CEO and Co-founder of Mavatar Technologies
“A grandma who sells jams online, never needs to know how the internet protocol works. In the near future, when we learn how to push the complexity of blockchain to the background, it’ll be almost invisible to ordinary end users. Blockchain-based systems run in the background as they should, powering applications that promise fairer, faster and more transparent networks such as affiliate sales systems, cross-border sales, chargeback fraud prevention and more. While we are currently seeing an explosion of transformative ideas but not that many working applications for blockchain in e-commerce, I suspect that the future of the industry will calm down and this technology becomes a commodity very soon—isn’t that the natural path to disruption?”
5. Monica Eaton-Cardone, Co-founder and COO of Chargebacks911
I don’t know how many businesses will accept blockchain payments; that will depend on whether prices for Bitcoin and other cryptocurrencies stabilize.
Businesses can revolutionize how they both store transaction data and manage their supply chain using a blockchain system. And as time progresses, I think we’ll identify more ways to apply blockchain technology.
While many e-commerce businesses remain understandably skeptical of new technologies, there’s only so long they can write-off the potential benefits.”
6. Julian Kahlon, CEO and founder of Project Verte
“The future of blockchain in e-commerce will become clearer as we see more blockchains adopted in the space. Experiencing this technology in market and watching it grow, we’ll be able to better define where exactly it fits in the industry. In my opinion, improved accuracy and coordination of product information is the most important advance for the e-commerce industry. This is something people can experience themselves, whether they’re brands, retail service providers or consumers.”
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