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The latest buzzword in the world of eCommerce is blockchain, a form of technology that essentially acts as a secure online ledger. If you’re in the eCommerce business, then you know firsthand the importance of staying up-to-date on the latest industry developments, but in today’s technological world, it can be challenging to determine exactly where to invest your time and money.
Let’s dive into the world of blockchain by examining the specific ways it can keep your online business secure, efficient, and low-cost, all while drawing in new and returning customers.
eCommerce entrepreneurs everywhere are choosing blockchain for its security and safety. After all, the industry is no stranger to fraud and data breaches, with one study finding that 47% of companies experienced fraud at least once over the preceding two years.
Although strong passwords and other best security practices should still be employed, blockchain can help mitigate privacy concerns surrounding financial transactions and business procedures. When exploring essential cybersecurity tips like real-time threat monitoring and vulnerability scanners, consider employing blockchain as an additional barrier against attack.
Nowadays, it’s not just websites and mobile apps you have to keep secure from hackers and other potential threats. The Internet of Things (IoT) describes the connection between all of the technological devices, sensors, and digital components that contribute to our smart networks worldwide. Although IoT has revolutionized the way we conduct business, education, and our personal lives, the technology doesn’t come without its own security challenges.
That’s when blockchain steps onto the scene to safeguard against network crashes and general security threats. Understanding how to use blockchain technology to secure IoT devices is key as an eCommerce owner because it allows you to determine how to best apply new tech to your business model. Its decentralized network helps keep data safe by breaking it up into secured bits across the entire blockchain. If you’re in a bit too far over your head, a professional with an education in data science can assist you in reaching your blockchain goals.
Besides the security advantages of blockchain, it can also help you run your business more efficiently and for a fraction of the cost. Because transactions don’t have to go through brick-and-mortar banks, purchases are nearly instantaneous, with no delays for pending payments or payment processing.
Although blockchain technology isn’t limited to cryptocurrency, associating cryptocurrency with your site is one way to assimilate blockchain practices into your business. When you choose cryptocurrency plugins for your site, you can say goodbye to the days of slow, traditional payment processing.
Blockchain doesn’t just store financial information, however. It can store smart contracts, which can help automate your business when it comes to inventory management and automatic payments. Blockchain also has the potential to store records like receipts and contracts, which reduces the need for paper records and makes it easy to validate payments, ownership, and more.
Designing, marketing, and selling a product can be both stressful and exciting. The whole process can seem overwhelming until you begin to break down the agile software development life cycle. To remain relevant in the eCommerce industry, your business needs to stay on its toes and know the right time to launch, produce, and retire each product.
Part of staying agile in the eCommerce industry is thinking about security at the appropriate moments and expanding your market when possible. The COVID-19 pandemic has led to a sharp increase in eCommerce-related activity, making now an opportune time to expand your customer base and institute marketing incentives, like rewards and referrals programs.
Blockchain allows you to connect with customers who may live in unstable economic areas and need the security of Bitcoin for transactions. It provides your business with a streamlined supply chain and verification procedures to set you on the path to success in a global world. Above all, the security and efficiency of blockchain allow you to operate your eCommerce store with peace of mind, so you can focus on the more important aspects of running a business.