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How will blockchain help improve online store buying?

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How will blockchain help improve online store buying?

E-commerce today is considered one of the largest and most successful technology applications around the world, as it was the main reason behind the rise of many companies in the field of the Internet, and the most prominent example of that today is Amazon, of course, in addition to the many benefits it provided in facilitating product searches and the possibility of Expanding internationally, in addition to the presence of many options that were not available previously as well.

Despite the many advantages offered by e-commerce platforms, there are still many problems that have always affected the spread of these platforms in addition to their impact on the customer experience as well, and among the many solutions available to reduce these problems, blockchain has a great opportunity in The impact on this field, and in this article we will talk about the aspects that can be improved through this technology, so follow us to learn about it.

Providing better online payment methods

Buying through electronic stores

Electronic payment services are the main link between e-stores and customers, as most of them adopt the method of payment before ordering products, and for many years the traditional payment methods through credit cards and then payment through the Internet such as PayPal are dominant in this field, to the point that some stores Like eBay, it only allowed purchases via PayPal, which was a problem for customers who did not prefer this service.

When blockchain is adopted, there will be wider options for customers to pay, which mainly include digital currencies such as Bitcoin and Ethereum, and in the event that these currencies continue to fluctuate continuously, it is possible to adopt the stable currencies that are more suitable for this type of use, as this will provide A better level of security for users of those currencies, as well as the privacy that payment companies or stores are not able to know what customers have purchased.

Cryptocurrencies will also help in terms of speed of completing the payment process at times, as some blockchain platforms are able to process a lot of transactions in a relatively short time, in addition to the fees that are often low compared to what PayPal charges, for example.

Decentralized e-commerce platforms

Buying through electronic stores

When you look at the e-commerce sites available today, you will find that there are some big names that dominate this field, whose spread varies according to the country and region, such as Amazon and Walmart in the United States and AliExpress in Asia and many others as well, and because of that, these platforms always impose conditions that may not be It suits all merchants and clients who use it, and of course there is no solution to this problem or to reduce its negative consequences better than adopting decentralized trading platforms via blockchain.

Due to its ability to operate in a decentralized manner, blockchain helps to give greater freedom to customers and merchants alike, so that these platforms will not be able to increase the percentage of commission that they get as they like, and they will also be able to sell all the products they want, which ultimately benefits customers. Also.

Protect customer identity

Buying through electronic stores

There is a huge amount of information that e-commerce platforms obtain from customers, which include matters such as e-mail, payment information, the site, and many others as well, as many of these platforms require the entry of real information in order to be able to create an account and purchase, given the lack of specific legislation Help protect customers from misuse of their data by these platforms. Identity protection is very important today.

Blockchain can solve or reduce this problem through decentralized e-commerce platforms or by adopting central platforms themselves for this technology, so that it becomes possible to encrypt customer identity information or not to request it in addition to securing payment transactions and purchases as well, and thus it becomes impossible to access Only by the user himself, or at least the option to use anonymously, along with other options that involve users entering their information, are provided.

The ability to better adjust product prices

Buying through electronic stores

In many developed and stable countries, the value of their local currency always remains constant with relatively small annual inflation, but for many developing countries that suffer from economic problems and internal tensions, the value of their currency is always subjected to permanent fluctuations that make the process of buying and selling return many losses to the trader. Or the client sometimes, as everyone will then lose confidence in those currencies as a basic method of pricing and trading, and in many cases the option to use foreign currencies such as the dollar and the euro is not available or legal there.

Given that digital currencies are still free and far from any legislation or restrictions that governments may impose, it may become possible to use them when selling products on those stores, and the destination here is stable currencies such as Tether that can be adopted to know the prices of products and facilitate transactions for everyone.

Ease of use (to some extent)

How the Blockchain Will Impact UX and UI Design – Intersog

Ease of use has always been the last thing blockchain and cryptocurrencies have to offer in many areas, but in reality.

Ease of use has always been the last thing that blockchain and digital currencies have to offer in many areas, but in fact, many companies have begun to develop new solutions to avoid this problem and design software that any user can deal with, and when this is achieved it will become the process of online shopping and payment. With digital currencies, it is easier compared to the current situation.

In order to shop online, the user needs to have a payment method such as a credit card or bank account, for example, but with blockchain, digital currencies will help facilitate this process, as the presence of an electronic wallet address that includes some digital currencies may be sufficient to purchase, and thus many users who They don’t have bank accounts or credit cards than shopping online easily.

Also read: Buying digital currencies: The most important thing you must know to buy and store currencies securely

Reducing fraud problems

There are many problems that e-commerce platforms suffer from today, and the most prominent of which is the widespread prevalence of fraudsters in many stores, as there are many loopholes that they can overcome within the system of these platforms so that they can repeat their fraudulent practices and add fake reviews as well.

In the event that blockchain is used, it will become possible to follow the history of those reviews and activities of fraudulent merchants, as transactions, merchants’ evaluations and other details are present and available to the public to view, in addition to the impossibility of modifying this information given the way the blockchain operates.

Optimizing supply chains and tracing the source of products

Supply Chain Transparency Through Blockchain: The Missing Link

In fact, supply chain management systems suffer from a lot of problems, and far from the details of these problems, blockchain has helped in this aspect through supply chain platforms such as R3 and many others, but in reality blockchain can help customers in this aspect as well, as its features The registration of all information about a specific product, including its source, other specifications, and how it is imported, will help provide a higher level of transparency and improve the overall user experience.

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