If you’re not familiar with “bitcoin,” you’re probably not up-to-date on “blockchain” technology. Turn on the news, especially the financial news, and you will frequently hear this terminology. Blockchain technology is definitely part of the “internet of things.”
You will discover that the blockchain theory was designed to keep up with any and all bitcoin transactions. A great review is found on payever (Medium). “What Is the Blockchain Technology on the Future of eCommerce?” gives a quote you will see in other articles: “‘The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.’ Don & Alex Tapscott” You can think of it as an electronic spreadsheet that will be shared and updated amongst everyone that has anything to do with a product.
Many understand blockchain as a new revolution and the shift from Web2.0 to Web 3.0 which adopts these technologies (other than cryptocurrencies) is a reality, and it’s moving fast.
To understand how the blockchain technology can be successfully used in eCommerce, we should look at the challenges that buyers and sellers are experiencing. Found on APPSeCONNECT, “How BlockChain will affect Ecommerce Industry in the Upcoming Years”addresses four major areas of concern that are currently hindering the eCommerce industry: “trust, frauds, slow transactions, and other costs.”
The APPSeCONNECT article also explains why instituting the blockchain technology is important to e-commerce. In summary, blockchain can make eCommerce transactions “cheaper, faster and transparent.” The reduction of using a middleman to ensure trust will lower overhead costs for the seller and the buyer. A transaction can occur faster with the direct communication between a seller and a buyer. Every transaction is transparent to all, and no data can be changed without an imprint of who made a change.
One more point of reference adds another area that blockchain technology will improve. Found on Sales & Orders (2018, Feb. 20), “The Potential Impact of Blockchain Technology on Ecommerce” also includes the area of “Management Systems.” Backup systems can become fraud-proof, and the important departments of “accounting, logistics, inventory control, budgeting, and payroll” can all be transparently managed.
At Tavano Team we are excited about the blockchain technology, and we can visualize the value in every aspect of the eCommerce world. We welcome Oracle’s initiative to keep launching blockchain products and NetSuite’s involvement on those too, so we are looking forward seeing a significant impact on NetSuite SuiteCommerce businesses due to blockchain technologies.