So despite Facebook and Google both turning their noses up at Crypto currency there’s one thing that everyone has accepted, blockchain technology is here to stay. When the dot com craze started, not everyone was confident about online shopping, but with amazon and every other e-commerce website that followed after, traditional brick and motor stores saw the end of the day. Similarly, very soon a day will come where daily transactions won’t need dollars or any other country currencies, but we will purchase and sell commodities as small as our house hold needs to expensive automobiles and electronic devices using cryptocurrencies.
Personally I think that not far is the day, where along with “pay by card, pay by apple pay and pay by cash” will be an option of “pay by crypto-currency” in the stores in front of our homes and the ones we go to at the 5th avenue. I strongly believe that block chain currencies are not just the future of ecommerce systems but also the future of all kinds of financial transactions.
So we've all ready about it but what makes block chain such a promising medium?
Low cost: Blockchain removes all the unnecessary middlemen allowing us to perform cheap, quick and reliable peer-to-peer transactions
Transparency: Because of the distributive ledger system, The ledger is public and that makes it is possible to trace back every bit of information back to its origin. Every action is recorded in the ledger. Transperancy is important to ecommerce. Companies pay third party vendors for information. But because of the ledger, the issue is solved as the data is available free of charge
Speed: Since blockchain eliminates the need of middle men, the process is a simple interaction between the buyer and seller, resulting it to be instant and faster than the traditional transaction methods.
Security: Blockchain does not provide users the ability to alter the data. If customers are experiencing fraud, it can be tracked and recorded and help in preventing business with untrustworthy sellers.
Cryptocurrencies are not just growing in the commerce sector but also with the skyrocketing prices of Bitcoin and Ethereum, many startups are emerging using blockchain driven solutions. Blockchain is the future, just watch this space!