Byline: Zeeshan N Ahmed
The online retail industry is defining new trends across the globe, but another tech trend is shaping the future of numerous industries - blockchain technology. For the retail industry, this means opportunities as well. Discussing the role of blockchain technology in the online retail space, Simon Cocking recently explained for Irish Tech News: "Technology has been constantly evolving and joining hands to bring forth a true warrior format that can make you highly capable. eCommerce combined with mobile apps to give convenience and comfort to you. Eventually, it went on to join hands with the mobile wallets and Fintech, which allowed you to commit transactions anywhere at any given time.
Today, transactions are being monitored through the Block chain technology. We are going one step further to make the transactions secure, and disrupt the lives of the shoppers to make way for better experiences.
Block chain is a distributed ledger, which allows you to store, share and transact upon any digital asset that seems important to your needs. So, in simple words every transaction that happens has public viewership, thus protecting your assets against all the digital attacks and vulnerabilities. If any changes are made to this digital ledger, then they are automatically shared with the people. This can occur manually or automatically, depending on the type of distributed ledger you are working on.
In the case of Block chain technology combined with ecommerce, you will notice that it is capable of handling product searches, selection, payment processing, and other aspects virtually, thus giving out a desirable experience to the users. There are obvious advantages associated with block chain in e Commerce. A well-monitored and balanced supply chain is a distant dream for e Commerce businesses. Though it is the most crucial aspect for e Commerce businesses, tracking the products, managing the stock and even centralizing the database seems hard to achieve for the businesses. That's where Block chain can help ecommerce in keeping track of the products, and improving the overall monitoring.
With Block chain technology, businesses can easily manage their inventory. In fact, the technology makes it unnecessary for businesses to invest in other resources to manage and monitor the inventory.
The technology allows you to check on the flow of the products within the chain and also offers you an incorruptible visualization into the...