Blockchain Technology: Improving Online Shopping Experience
Blockchain technology is at its all time high right now. Cryptocurrency’s market has grown within a few months to a complete new and unique place to trade and buy cryptocurrencies. But, we lost so much in discussing about cryptocurrency that we forgot about the core, Blockchain. So, let’s discuss the future of the blockchain technology in the context of consumer shopping experience.
When we talk about consumer shopping experience what do we have right now is, the same old Amazon, Alibaba shopping experiences.
- Price changing during the order process. Tax, shipping charges etc.
- Sometimes registration and verification process can be a headache.
- Infinite steps from selecting to buying.
- The payment dilemma. Extra transaction charges if using debit or credit card. Sometimes delivery and transaction charges makes greater amount than product’s.
- Security of website. Since your cards may be linked to your account, hacking the website would cause you a great damage.
- Warranty, delivery time and return policy is not clearly described. Customer support can be annoying sometimes if asked about such queries.
- The always happens problem: What I got is not what I ordered!
- It’s only in the hands of almighty god that exact what time your package is gonna delivered.
Possible Blockchain Solutions:
So, when we talk about blockchain and e-commerce, the third thing that is required to complete the conversation is Smart Contracts. Smart Contracts are the base of blockchain-isation of e-commerce. Half of the problems are already solved when we use Smart Contracts between buyer and seller. If you are wondering about what is smart contracts? Have a short visit to the smart contract land first. Here it is: Understanding Smart Contracts – What, What Not and Why? Now, let’s see the solutions of the problems mentioned above:
- We are using smart contract at each step between all parts of a supply chain, such as there is contract between seller and logistics team, contract between buyer and seller, contract between buyer and logistics etc. So, the price is fixed and at each step when the needed work is done, contract is completed and fixed amount of money is deducted from the account of respective person.
- Its blockchain guys! During all your entire life, you need to create and verify your id for just once. As it is on blockchain, reserved for millions of years, same can be used at any blockchain based platform without the hassle of verifying yourself again and again.
- In blockchain, there lives the entire previous history of the seller with customer reviews and ratings. Only those sellers will be shown to you who had a really good past. Then all you need to do is just to select, and buy!
- Blockchain solves payment dilemma very efficiently. You can purchase your favorites even across the borders. While, it is happening on blockchain, transaction charges are no longer a transaction. It is just a name now.
- Hacking the blockchain? Ain’t gonna happen. How could someone hack the millions of nodes in blockchain with different keys simultaneously?
- Warranty is no longer a contract. It is a smart contract now, so during your warranty period you can ask for warranty services anytime. Same is with return policy, a smart contract. About delivery time, as mentioned before there is a contract at each step from packaging the product to shipping, so each step will be shown on the blockchain and you will be able to decide the exact day when it is gonna delivered.
- All the products are cryptographically signed, so you are gonna get the right product at right time.
On the contrary, nowadays online shopping has become more efficient. But, everyone wants the best and if blockchain technology is introduced in e-commerce sector, Online shopping experience is gonna be the best, for sure.
There are a lot of startups and big names like IBM, Microsoft who are working on introducing the blockchain in supply chain management and soon enough we can see this working in real time. In Online shopping, or e-commerce sector major use of blockchain is in supply chain management. Managing the products from packaging to shipment with blockchain technology is the future of e-commerce. Well! get familiar with blockchain in supply chain management with Blockchain Technology in Supply Chain.
You can ask your doubts or queries in the comments below! Happy reading!
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.