Can Blockchain Make E-Commerce Platforms a Safer Space For Users?

The rise of e-commerce platforms in our times, is probably one of the fastest emerging trends that stuck around. Online shopping has become the preferred way of purchasing items for most of the world’s population. So based on that, it can be clearly inferred that most consumers in the world today, choose to shop online.

But are these e-commerce platforms a safe space for the people to shop? To a large extent, yes. I mean think about it, one can buy what they want off the internet, from the comfort and security of their home. They do not have to travel or spend their money and energy to go shop outside.

However, there are a lot of drawbacks to shopping online that can impediment the growth of the e-commerce industry. Can you imagine an industry that has an annual revenue of $1.2 trillion, but is fueled by forged and counterfeit items? This is indeed the reality of the times.

E-commerce platforms can no longer monitor the authenticity of the products that they are selling on their platform, especially if the sellers are third party sellers.  The global counterfeiting industry has emerged as a legitimate problem and is one of the prime reasons why it is difficult to trust authenticity of products being sold online.

Blockchain can however make a difference in this case. Being built on the idea of data and transparency; blockchain can ensure that only authentic products reach the consumer. It can help e-commerce platforms monitor any fake products that are being sold on the platform.

Additionally, it can help track any illicit or illegal transactions taking place on the internet, especially on the e-commerce platforms. The technology when used to make and receive payments, can also eliminate the possibility of double spending, while significantly reducing transaction fees and increasing transaction speed.

Undoubtedly then, Blockchain technology, which has been widely adopted by retail giants like Walmart, can make the e-commerce platforms a more safer space for customers to shop and make transactions on.