How to Apply Blockchain Technology to Online Shopping?
How does blockchain technology work? Blockchain is a distributed digital public ledger that can be used to track business activities. It is intended to record all activities, including money transactions. The best feature of a Blockchain is that it allows to view user's holdings and the transactions that they have carried out over the system publicly. Furthermore, it uses strong cryptography to hide a user's identity. It is the safest method of exchanging money because it takes a long and difficult calculation to decrypt the cryptographic code. E-commerce Sector Challenges By decentralising control and eliminating the need for middlemen, blockchain technology is revolutionising the e-commerce sector. Before delving into the promise of Blockchain technology for the e-commerce sector, let's first examine the difficulties it is now dealing with. High Costs: One of the main problems with the traditional e-commerce business model is the presence of a middleman, who keeps a size...