How Blockchain-based Ecommerce Platform will Change the Shopping Experience
Blockchain is a distributed (decentralised) ledger technology that enables peer-to-peer transactions and has possible uses in a variety of industries, including e-commerce.
Basically, what blockchain does is it allows people to trade directly with each other, removing the need for and cost of middlemen. Blockchain can be considered as a network through which people can perform digital transactions like money transfer, payments, and more. The transactions are verified and processed by programmable smart contracts without the need for intermediaries. These kinds of transactions are fast, secure and private. Moreover, all blockchain transactions and records are encrypted and stored in an immutable, distributed public ledger such that they cannot be tampered with.
But, how does blockchain change or improve the experience of shoppers?
The Libra Ecosystem is the best and probably the latest example of the use of blockchain technology to improve the e-commerce industry and shoppers’ experience. Here’s how it does that.
What is the Libra Ecosystem?
Libra is a digital currency that provides access to an ecosystem of next-gen blockchain apps and products designed specifically for the benefit of the e-commerce market and to improve the shopping experience. These include the Libra Pay wallet-based digital payment system, Libra card, Liba PoS, Libra exchange, and others.
Through the innovative use of blockchain technology and a powerful digital payment system backed by the Libra coin, the Libra ecosystem aims to enhance the user experience and provide outstanding quality services to e-commerce users. Here’s how.
Benefits of Libra Blockchain E-commerce
1. Increases security: Transactions on the Libra blockchain-based e-commerce platform are more secure and resistant to cyberattacks. Since all information is encrypted and public, it is impossible to penetrate or manipulate transaction records on the blockchain. This will ensure users can shop online with complete security.
2. Saves cost: By automating processes and streamlining many e-commerce operations, Libra will help reduce the operating cost for ecommerce businesses. The reduced cost of transactions will further help reduce the cost of products/services for end consumers.
3. Faster transactions: In Libra’s blockchain, transactions are super fast and typically performed in milliseconds. This helps ensure more translations are executed per second and users can do more in less time.
4. Improved shopping process: In place of intermediaries like banks, Libra’s e-commerce system uses Smart Contracts, which are programs designed to self-execute based on underlying conditions, like auto payments. This can greatly help automate e-commerce transactions and make processes more efficient, cost-effective and secure.
5. Global access: The integration of blockchain enables Libra to provide its services to people all over the world, especially in developing countries where people have limited access to the internet and online shopping facilities.
6. Fast, low-cost payments: One of the blockchain benefits is, of course, low-cost payments. Because there are no intermediaries and the fee per transaction is very low on the Libra blockchain, users get to save considerable money and can use cryptocurrencies (Libra coin) to pay for their online shopping orders.
7. Better overall customer experience: Libra’s blockchain e-commerce helps automate processes, reduces transaction cost and offers fast and convenient payment options to increase the overall experience of e-commerce users. One token for all transactions within the ecosystem to ensure increased transparency and reduced operating cost.