The Blockchain and E-comme...
9 mins read
E-commerce selling has been around for decades now and the evolution of the industry has been exceptional. Over the years the concept of online selling has been highly impacted by technological improvements. The latest amongst these technologies is Blockchain which is ready to revolutionize the industry with its unmatched potential. From the removal of middlemen to streamlining of operations and reducing complexities at all levels, Blockchain has a lot to offer to help e-commerce businesses resolve their everyday as well as long-term challenges.
In addition of course comes the fact that this technology is the foundation of cryptocurrency payments which makes it even more important for the e-commerce domain. It would not be wrong to say that blockchain is poised to change the way transactions are made. With this, both traditional brick-and-mortar setups and e-commerce businesses should be ready for radical changes. We will be focusing on the impact that Blockchain is going to have on e-commerce businesses shortly.
First Things First: Let’s understand the biggest e-commerce challenges
Before exploring the impact that Blockchain can cause on the E-commerce industry, understanding the challenges and pain points of the industry is a must. E-commerce is a complex domain where survival, sustenance and growth are even more difficult. Here are some key challenges that sellers in this domain have to face on a day-to-day basis as well as in the long run.
The e-commerce market has always been very competitive, with participants of all sizes offering similar products and services. Moreover, more and more sellers are joining the bandwagon at a rapid pace. This includes new businesses as well as those transitioning from the brick-and-mortar model to this one. So businesses have to embrace smarter business models and technologies to stay in the race, right from setting up exceptional E-commerce stores to streamlining the processes that are to be carried on as a part of the business.
Besides the challenge of huge competition, another pain point of the sellers is that the traditional business model has middlemen who take away a large share of the earnings during the selling process. For instance, sellers have to pay transaction processing fees to facilitate payments for the completion of the transactions. These fees cut down the profits of the sellers to a considerable extent and result in lower revenues.
Protection of consumer data is another key concern for these businesses as they need to build the customer’s trust assuring them that their personal and financial details are completely safe. Furthermore, the implementation of data security regulations such as the General Data Protection Regulation (GDPR) has made data security a critical concern for online enterprises. For this reason, sellers usually have to invest heavily in data encryption and other measures to prevent hacking.
E-commerce selling is a complex process as it involves an array of operations such as supply chain, logistics, payments, and more. Managing these operations and the intermediaries involved is another key challenge for the industry. From ensuring that the inventory is replenished at the right time, to streamlining the shipping and delivery functions, looking after customer relationships, and more, there are a lot of things that merchants need to manage.
As these challenges have been very great in the amount the sellers from the very beginning have been looking for one technology that is capable of handling them all. Fortunately, they have found their solution in Blockchain Technology. Being decentralized brings a host of benefits to the e-commerce industry. Let’s explore how:
Payment Methods will be Improved- Blockchain-powered Cryptocurrencies that are being used as an alternative to traditional currencies are the first implementation of Blockchain Technology. Customers can choose to pay with Bitcoin, Ethereum, or Ripple in the same way as they would choose to pay with any other payment processor. Some significant features are listed below,
Decentralized
Blockchain is not regulated by any Central Authority which simply implies that only the buyer and seller control Blockchain operations. Thus, no third party can alter, delete or manipulate your transactions. Blockchain technology offers high security, radical visibility, and faster processing speed with traceability through the decentralized system.
Identity Protection
Cryptocurrencies based on Blockchain Technology don’t reveal the identities of the transacting parties. Cryptocurrencies are like cash in that they don't require the customer to expose sensitive data such as Credit Card numbers.
Freedom of Transactions
There is no Governing body to control how a person uses his/her Cryptocurrencies. Regular payment methods are often imposed with several limits based on the amount and even geographical location. However, this isn’t the case with currencies like bitcoin — Blockchain-based currencies gives users absolute freedom to perform transactions without any spending limit.
Ease of Use
Blockchain-based currencies are unbelievably comfortable to use. One doesn’t need to visit any regulatory authority to create an account like traditional currencies. All this can be easily done in the comfort of your home. Additionally, the virtual currency wallet is free, so you don’t have to levy any charges to open an account.
Faster Transactions
Traditional transfers often take long, especially sending money across continents may take up to several days to accomplish whereas blockchain transactions take place on a single network, reducing or eliminating the need for middlemen. The speed of the transaction is limited only by the speed of the network and by the speed at which new blocks can be generated.
Reduced Fraud
Blockchain-based currencies are extremely secure to transact with. Because of peer-to-peer technology, it is tough to hack into the process and conduct fraud. Thus making it one of the safest modes of transaction.
Supply Chain Management will get Revamped- Supply chain management is perhaps one of the most pressing concerns every E-commerce business is impaired with. As the Supply Chain is a critical element of any E-commerce business- Blockchain implementation in the sector will likely solve many problems. Blockchain can be extensively leveraged to solve supply chain issues like recordkeeping, tracking of projects as a less corruptible and better alternative to the centralized database. Other use cases of a supply chain include,
Provenance Tracking
In a Blockchain-based supply chain, record keeping and provenance tracking have become easy, as the product information can be accessed with the help of RFID tags and embedded sensors. The timeline of a product right from its beginning to where it is at present can be traced through Blockchain. Besides this, the type of accurate provenance tracking can also be leveraged to detect anomalies in any segment of the supply chain.
Cost Reduction
When Blockchain is applied to increase the administrative processes in the Blockchain, the additional value incurred by the system is automatically reduced while still guaranteeing the security of transactions. The elimination of intermediaries also removes the risks of fraud, product duplicity while saving money at the same time. Customers and suppliers further process payments within the supply chain by utilising Cryptocurrencies rather than customers and suppliers.
Inventory Management
Blockchain can be extensively utilized in the backend of the supply chain as well. For instance, the management of inventory becomes a whole lot easier by introducing Blockchain in the process. Blockchain implementations in inventory management enable retailers to avoid unessential expenditure on hiring new workers time and again.
More Transparent E-commerce- With the recent backlash that big retailers have been facing in the wake of charges of lack of transparency — this is one of the more serious concerns faced by existing E-commerce platforms. For instance, Amazon was in the news for cutting off and even disabling a merchant’s page without any explanation. Thus, applying Blockchain technology in the E-commerce marketplace would establish a decentralized environment where any wrongdoings on the part of the business or merchant can be efficiently monitored. A transparent E-commerce marketplace also facilitates conducting transactions in a frictionless and efficient manner.
Secure- Blockchain today, can be easily deemed as one of the most secure platforms out there. The Distributed Ledger Technology or DLT which Blockchain boasts offers excellent security for online database platforms that makes it ideal for implementation in E-commerce. Also, there has been almost negligible reporting of security breaches in blockchain-powered networks. Another significant upside that blockchain offers for E-commerce businesses is that blockchain-based currencies don’t exhibit personally identifiable information. Cryptocurrencies operate like cash in the sense that they don’t require a user to expose sensitive data. The customer himself permits a transfer from his/her own personal “wallet” to that of the recipient. The only discerning piece of data tied to each user’s wallet is a randomly-generated unique identifier. Since cyber-attacks and data crime have rapidly increased, there is an unavoidable risk of losing customers' data. Therefore, adopting blockchain is the perfect solution to solve these challenges.
Genuine Reviews- Good or bad reviews can determine the order in which a business appears in an E-commerce marketplace or a search query result. Fake reviews tarnish the reputation of a good company while at the same time promoting a fraudulent one. The reputation of an online enterprise relies on the legitimacy of its reviews. Hence many online operators have increasing concerns regarding the product service reviews found on the internet. Thus, making Blockchain technology an important source to verify the reviews on their products or services. Bringing Blockchain into the game can help restrict fake reviews, as blockchain stores data in blocks which is then added to a chain of similar information blocks. Each block requires to be verified across a network of computers before it can be added to the chain — once verified — it cannot be altered or deleted. The technology can be employed to create a digital map of someone, one which cannot be modified.
CONCLUSION
Seeing the considerable benefits of E-commerce Blockchain, it becomes imperative for businesses to embrace it for achieving expansive growth. The E-commerce marketplace is waiting to be revolutionized by the applications of Blockchain. Although it may take us a little time to witness these implementations change is definitely in the pipeline.
Blockchain: Transforming T...
4 mins read
Blockchain is an undisputedly innovative technology that is propelling various cryptocurrencies and has skyrocketed the cryptocurrency market cap by storm. Each block of Blockchain contains a reference to the previous block, chaining the blocks together to create a permanent secure record of all verified transactions. Blockchain is an encrypted ledger that has disrupted various industries that take security seriously, including finance and healthcare. The Education sector is just as important as healthcare and finance, and there are areas within this sector that could be improved using Blockchain technology.
Blockchain technology builds a self-checking network that is better in its transparency, security and cannot be corrupted in any way.
Blockchain technology is sure to transform the education industry like it has transformed the financial sector. The fact is true that the education system is far from where it needs to be. Using this technology, plenty of improvements can be made in the education sector.
There’s no denying that blockchain technology is poised to disrupt almost every industry. But, before moving ahead, let's understand the main problems of the traditional education system.
Crucial data can be tampered with or can be deleted due to natural disasters or accidents
Foundation/Student can prevent access or put conditions on the access of data
An individual can utilize essential information in an unauthorized way
Overseeing huge volumes of data and Hassles of dealing with gigantic amounts of paper applications
The issue of fake certificates
The requirement for carrying of original certificates to verify the authenticity
The absence of automation and spending of enormous amounts of labor to conduct manual verification
Technologies like Artificial Intelligence and Virtual Reality are already paving their way into the education sector. It’s only a matter of time before blockchain technology becomes popular too.
Let’s see how exactly blockchain technology fits into the education field:
ALTERING THE CURRENT EDUCATION MODEL
Now education is not just restricted to schools or colleges, there are numerous other opportunities where students can get educated in formal and informal environments. There are multiple online courses and open schools which provide learning and certificates to students at different levels. Micro accreditation can happen through a Blockchain allowing for the easy validation and transfer of skills and credentials.
NO USAGE OF PAPER
Applying Blockchain technology solutions to Educational institutes will keep track of learning achievements, securely and permanently for the lifetime, store all records, certificates, and awards, and reduce endless tree-killing for making paper.
LESS EXPENSIVE
With the Blockchain system, every individual will be engaged and will have control and ownership over their data. This way the cost of data management and administration costs can be directly reduced by the educational institutes. The data has to confront legal issues if it is not kept safely.
MORE CREDIBLE CREDENTIALS
Blockchain technology enables you to create an app to issue virtual diplomas. These digital certificates are secure and can not be tampered with. Also, students can easily receive and share these certificates via smartphones. There are many Educational sectors developing Blockchain platforms which compile and manage records of students from various schools, to verify the credibility of the credentials submitted to them.
BUILD TRUST
The consent of individuals is taken before accessing their records to build greater trust in the process while verifying the credentials. Various educational institutes across the world have already implemented blockchain technology and acquired huge benefits.
KEEP EVERY RECORD OF STUDENTS SECURE AND ACCESSIBLE
Individuals teaching and studying in the institute can misplace essential papers or lose their certificates due to unfortunate reasons. Data may also get lost due to any natural disaster or get removed or hacked by some unknown person. Implementing blockchain can save an Educational Institute from all of these mishappenings.
Implementing Blockchain to Education will benefit both institutions and students as Blockchain technology is a transparent and cost-effective model. There are no intermediaries. Individuals can store their data securely in the blockchain, protecting it from malicious insiders who can manipulate it. With the help of blockchain, it becomes easy to verify every individual’s record in time. Therefore, reducing the time and effort during the admission process.
Bloomberg: Crypto Companie...
2 mins read
Blockchain technology has received a lot of attention over the last few years and despite the highs and lows in 2018 cryptocurrencies have actively made headlines in recent months due to the rise in popularity. Cryptocurrencies are leaving a direct or indirect impact on people, organizations, and countries all over the world. When Bitcoin was introduced in 2009, only the people who were associated with it were able to participate in this network. Not many people were aware of the existence of blockchain technology until it received media attention and information about this groundbreaking technology began to emerge. Media coverage is one of the major reasons behind the popularity of cryptocurrencies.
As cryptocurrencies have come to unchangingly dominate the news agenda and have become a topic of interest and curiosity to a much wider consumer audience, banks have had to decide where they stand. But all cryptocurrency companies are still facing problems as reported by the major financial publication Bloomberg on March 3, they still have trouble opening bank accounts. The report is based on the complaint of CEO of quantitative crypto trading company Alameda research, Sam Bankman-Fried, that “the standard answer of ‘just go to your local chase branch’ doesn’t work in crypto.” He added though it is not illegal for banks to serve crypto businesses, it’s a massive headache that they don’t want to put resources in to solve.
The report has also pointed out that, while the larger banks avoid serving companies involved in crypto, smaller ones are trying to get hold of this underserved subset of the market. The example mentioned in the report is Silvergate Bank in San Diego, which reportedly said in November 2018 filing for an initial public offering that crypto businesses have as much as $40 billion to deposit.
NKB Group, a blockchain investment, trading and advisory firm is another example given by Bloomberg of a company that has hustled to establish banking relationships. According to a report, companies in Malta purportedly also struggled with opening bank accounts. However, Swiss Bank has recently made an announcement that it will be providing access to digital asset services to its clients, following a partnership with crypto bank start-up Seba Crypto.
Artificial Intelligence: R...
3 mins read
Artificial Intelligence is one of the most disrupting business models in the technical world. This is all because of its five key technology attributes as Data Ingestion, Adaptive, Reactive, Forward-looking, and Concurrent. It has acquired deep momentum as it has capitalized under every department right from finance to sales, operation to administration, and HR to marketing.
All the industries like manufacturing, finance, retail, and real estate are facing different types of issues such as security, incapability to understand the data, analytics, and many more. These problems could be solved by AI.
How AI benefits businesses?
Online Security
Security is one of the most important concerns for businesses today. Every organization is finding ways to prevent data from the fraud and deception process. The utilization of AI in companies is to protect their data from the various cyber-attacks and threats of their most important business customer's data.
In some organizations, AI is used for identification and avoiding deceptions and it is also implemented for reliable online security for their employees & customers’ data. Industries like banking and insurance are implementing AI for biometrics, voice recognition, face recognition, and preventing frauds. These systems are very much efficient to verify the person and permit them access.
User Experience
AI implementation helps you to automate the procedure which can deliver the response to any queries asked by the clients. It is also used to provide a highly personalized user experience.
In 2020, the companies can actively manage the huge amount of data that is arriving from various related resources. It also can learn from the customer's requests, inquiries, and deliver the content as per the necessities.
Data Insight
Big Organizations have lots of data that is generated from various channels. This is generally used for setting the predetermined value by analyzing the information or data. To understand the business conditions in 2020, there is a need to analyze the data insights that can only be achieved by Artificial Intelligence.
Decision Making
Decision making plays a vital role in customer management which includes the understanding of customers’ desires and perspectives to follow products. It has the efficiency to develop value in business decision making.
In 2020, AI will help analyze the variety of high volumes of data more accurately and faster. Because of the complexity and high volume of data, the analysis task is not performed by humans. It's only performed by machine learning by applying some methods and takeout meaning full data which can be important in the decision-making process of the organization.
Inventory Management
AI can store valuable data that can be used for future demands. It is used to do the predictive analysis of the markets which are expected to generate the business. Large industries use AI for receiving more information regarding clients and visitors. In 2020, all the industries can use AI as it has the efficiency to deliver real-time analytics.
Conclusion
From the above content, we can conclude that Artificial Intelligence plays an important role in every industry. AI already has a profound impact on technology and finance. In 2020, every business will choose AI for its growth.
RevInfotech Reaches Top 10...
2 mins read
Over our 14+ years of market experience, RevInfotech has established a name in numerous sectors. Our achievements span through IoT, digital marketing, blockchain, crypto, ERP, Cloud, and many more industries. Recently our efforts in the AR/VR industry were recognized by Tech Behemoth as well.
Why AR/VR Services?
AR and VR are two of the most advanced technologies on the web. Both techs possess the potency to revolutionize every global industry. The technologies can be used to gain market insights, offer enhanced user experience, and improve routine business proceedings. Over time, using AR/VR services will become a norm in the market.
Our Achievement
Hundreds of service providers offer AR/VR solutions on the web. But RevInfotech stands out even amidst the global competition. That is why Tech Behemoth has ranked RevInfotech on its list of best AR/VR development companies globally. Following an official partnership with Microsoft, the achievement is another benchmark established by RevInfotech.
Ranked Among Top 6 SEO Agencies
Global Reach with 24/7 Support
Affordable, Dynamic, and Customizable Solutions
Ranked Among Top 20 C# Developers
Why RevInfotech?
Worried about not keeping up with the modern market needs? We can equip your business with quality AR and VR solutions at the most esteemed prices. With 14+ years of work experience, our team is adept at every market proceeding. Choose from our 100+ experts today and enter the AR/VR industry with comprehension.
Why Trust Tech Behemoth?
Tech Behemoth has been in the market since 2012. he platform connects projects with 56,128 IT companies spanned across 6,681 cities and 146 countries. They believe in providing reputability to deserving firms. They have also been featured on Bloomberg, TechCrunch, and awards.
5 Ways to Minimize the Mob...
4 mins read
Human Attention has become one of the valuable assets for social media marketers. They carefully create digital products that can cater to user attention for a longer time. But when it comes to mobile apps, the competition is fierce. More than 2 million apps are available on the app store and they fight for the coveted spot on a person's device. We all know attention is a very temporary thing. If a user faces some issues or something that he/she doesn’t like, it becomes harder to hold the customer on the app. This is the reason why apps are getting uninstalled at a very higher rate. The reason could be anything-from complex UI to privacy concerns and the list goes on.
Let us get detailed insights about the 5 ways that can help to minimize the app uninstallation rate:
1. Keep it Simple
Most of us love simplicity as it makes things easy for us. If a user downloads the app and after installation, he is unable to understand the app, there are chances he will leave the app very soon. For instance, if any app requires user authentication, adding more than three fields can be frustrating for users. A lot of options on the app screen confuse end-users and eventually, the app would be uninstalled. Hence, make your app UI as simple as possible.
2. Avoid Asking for Too Many Permissions
If your app asks for too much information, here is some bad news for you. People never like compromising their privacy and security as they have become more cautious about their security and avoid downloading such apps that want too much sensitive information from them. Developers should take care of this while developing an app. Permission asked should be very clear and relevant to the users.
3. Focus on App Performance
You can’t ignore this vital aspect of mobile app development. First impressions of your app can be a very decisive factor in the success and failure of your app. Slow loading time, lagging, complicated login irritates the users and they uninstall the app without any second thought. This works so straightforwardly. A mobile app development company should focus more on app performance. Some common factors must be considered as the speed of loading, size of the app, login interface, social media links, etc. while building the app.
4. Go Easy with Notifications
We all hate push notifications if they come constantly in our phone’s notification bar. But for an app owner, these push notifications are a great way to engage with their customers, sending offers & the latest updates to targeted audiences. Let us understand with an example. If an app user is asked to rate an app every single time they use it, it's easy to lose patience and eventually they uninstall it. You should avoid persistently nag users with notifications. Give them enough time to use the app before you ask them again to rate it.
5. Under Promise and Over Deliver
This technique always works. If you want to sustain for the long run in the market, you must focus on what the customer is expecting from you. In many cases, to provide more and more features to users, developers often forget what was the prime goal of developing the app. When a customer realizes that the app is not offering the value of what it climbed, they feel cheated and uninstall the app soon. This is the reason, you should focus more on delivering what the customer needs. Avoid making false promises to gain user attention. It will hurt the brand image of your app.
The Final Thoughts
Now, you know what kind of mistakes you were making and how you can correct them to make your app more user-friendly. We hope these tips can help you make your app more optimized and customer friendly so that your customers love using your app for a long time. When you deliver what you promise and provide value for money, we can guarantee you you can get the ROI that you deserve.
If you want to know more about such tips, you can contact RevInfotech. We will help you out and resolve your queries in a matter of minutes. We are a well-reputed mobile app development company and have a proven track record of developing world-class mobile apps at a very affordable budget.
Disclaimer: This blog is for information purposes only. We strongly advise our readers to do their diligence about views expressed in the blog and our company is not responsible for anything
