Some positive impact of blockchain technology in e-commerce business have been discussed in last Post. There I just mentioned about the utility of blockchain in The E-Commerce business. Now I would like to share some key points where the efficiency can be improved in e-commerce business by using the blockchain technology in the system. Blockchain is not only enhancing the trust and security in the eCommerce business but also it can significantly improve the efficiency of the business. Let's see some points.

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Faster Payments:

Blockchain technology ensure not only the fast transaction but also the cross border payment system. In this system, there is no need of middle parties like bank or other financial institutions. So you can easily understand here time and cost of payment and transfer obviously reduced. When the time will be less and cost will be less obviously the efficiency will be high in the system.

Reduced Fraud:

Business may incur some substantial financial loss due to fraud activities. As the trust and the security system of blockchain is very high so it can prevent the fraudulent activities and ensure the record of data security. In the blockchain system it is also easy to find or detect the fraudulent activities very easily. Finally the efficiency will be increased as there is less risk of losing fund with the product activities.

Streamlined Supply Chains:

Blockchain can optimize supply chain management by providing real-time visibility into the movement of goods. This will reduce delays, lower inventory costs, and improved overall efficiency.

Along with these key points we can also mention the reduction of the fee in many of the cases for cross border payment and transfer. And this is how the blockchain technology can help in increasing efficiency of e-commerce business.