E-commerce website development is a thriving opportunity for businesses in this modern world. A large number of consumers prefer online shopping to visiting a store and buying things. As an e-commerce development company in Kolkata, we can say that e-commerce development is not a complex thing, and with the help of advanced technology, it is possible to develop an e-commerce website for any size business.
Every e-commerce website deals with thousands of transactions, or is at least expected to do so. For this reason, developers need to implement top-notch security measures for all the data stored in the databases of an e-commerce website. Nowadays, many e-commerce websites have started to integrate blockchain technology into all transactions and consumer data to minimise the chance of data breaches. In this blog, based on our experience as an e-commerce development company in Kolkata, we are going to share some insights on the implementation of blockchain technology in e-commerce development.
Use of blockchain technology in the e-commerce industry
Blockchain was introduced as a digital ledger where data and information could be stored without the threat of hacking or data breaches. Blockchain was developed as a technology for the cryptocurrency Bitcoin, but now its application is in various industries beyond finance. With blockchain technology, e-commerce websites can ensure more security for data in every area, such as order placement, product browsing, creating a profile, making online payments, and many others. Thus, blockchain emerges as the best option for storing data related to financial handling without the risk of data breach.
Applications of blockchain in e-commerce
Peer-to-peer Payment
The monetary transaction is a very important part of e-commerce development. The transactions are conducted through banks, which are considered intermediaries. The speed of the transaction depends on these intermediaries. The security of the transaction, along with other functions, depends on third-party intermediaries. With the introduction of blockchain technology, e-commerce payment procedures have been replaced by smart contract procedures. With blockchain technology, payment procedures become more decentralised without the intervention of intermediaries.
Customised product offerings
As an e-commerce development company in Kolkata, we know the importance of creating a personalised experience for creating a good customer experience and loyalty. Personalisation also provides deep insight into the purchasing behaviour of consumers, which can help them create better strategies for business growth. The integration of blockchain into your e-commerce websites can help you capture important information and insights related to customer purchasing behaviour within its secure ledger.
Efficient data management
Blockchain technology is an optimal option for safely storing and managing customer data, which is a secure way to manage data. It ensures high data security and can be seen as an efficient alternative to traditional databases.
Automation
With the help of blockchain technology, it is possible to automate and streamline many e-commerce processes. It has helped many businesses by providing an alternative yet efficient way to manage orders, process payments, and settle disputes. All of these can be done very securely and with full automation using blockchain technology.
Prevention of fraud
By using blockchain technology in the management of transactions, e-commerce websites will also have access to all transaction records. This helps a lot in fraud prevention in e-commerce, and chargebacks or other sorts of fraud are also reduced.
Esspesoft is the best e-commerce development company in Kolkata, with a vision to help businesses grow with the help of a stunning website. E-commerce development may require a lot of investment, but we provide e-commerce as per your budget. Consult with us, and we will give you the best possible suggestions and solutions as per your industry or business model. We have expertise in developing e-commerce websites that not only look stunning but are highly efficient. We have access to all top-notch, cutting-edge technologies through which we can cater to your unique business needs. Visit our website and contact us for more information.
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