Ethereum Market: How to Make Blockchain Work Better For e-Commerce

sergey44 (66)in #crypto • 7 years ago (edited)

From transaction records to payment system, the global e-commerce sector which is projected to increase to $4.058 tln by 2020 needs the Blockchain to evolve with the growing trend, particularly in the Ethereum market. Statista notes that the number of people buying goods or services online will increase from 1.46 bln in 2015 to above two bln in 2020.Aside contributing to breaking the monopolistic tendencies of top corporations such as Google which commands 77 percent of US search-ad revenue and Amazon that handles over 40 percent of US e-commerce, the decentralized technology could help improve trust and reputation
which has been centrally-governed by big marketplaces.According to Monetha’s Co-Founder, Justas Pikelis, who argues that most of the noted situations are not likely to happen with the application of the Blockchain technology, the e-commerce industry is also faced with another major problem of expensive and long payment process.His company says the payment process entails about 16 different steps to settle a transaction and up to 15 separate fees to pay for payment gateways, thus making transaction fees range from two percent plus 0.1 to six percent plus 0.7, a long route that could be cut short with Blockchain use.Pikelis states via email:“E-commerce needs the Blockchain technology to keep up with the future. Blockchain is the perfect tool for e-commerce to be more efficient and more trustful. For example, payment processing through Blockchain has a significantly bigger potential for transaction high speeds and low prices, let alone all the possible variety of ways smart contracts can improve both e-commerce and payments. In Monetha's case, the Decentralised Trust and Reputation System is the best proof for that. The powerful benefits that DTRS brings would be impossible without the Blockchain technology.”