Last Post importance of using blockchain technology in the E-Commerce business industry was discussed. This post I am going to share some way of solutions of the traditional eCommerce problem that can be solved by the blockchain technology.

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Identity Verifications:

Blockchain can easily verify identity of both buyers and sellers. Users can have their identities verified on the blockchain. Mainly a lot of anonymity is shown in this verification process of identification. Blockchain can eliminate the anonymity often associated with online transactions. The real seller and buyer will be under verifications and there will be the legal issues at all with proper verification of the Identity. One of the major risk of fraud in online E-Commerce business can be resolved in this way. This ensures that consumers are dealing with legitimate sellers and reduces the risk of fraud.

Smart Contracts:

Smart contracts are self-executing agreements. Certain terms and conditions will be fixed and when conditions will meet then automatically transactions between the buyer and seller will be done. They automatically execute when the conditions specified in the contract are met. In e-commerce, smart contracts can be used to execute transactions and enforce agreements without the need for intermediaries. This reduces the risk of disputes in e-commerce parties. So smart contracts has the solution of many of the problems between the two parties. When the specific conditions will be made than it will be easily executed automatically. This is the very beautiful features of smart contract which can be easily implemented in e-commerce businesses for ensuring the trust and reliability between the two parties.

Some other benefits like Supply Chain Transparency, Enhancing Security in E-Commerce, Data Encryption, Decentralization in e-commerce business, Immutable Records, Multi Factor Authentication etc. is possible with blockchain network in e-commerce.