Blockchain in e-commerce can kill industry giants

June 20

Compared with traditional methods the new technology has obvious advantages for both companies and consumers.

According to The Forbes, the implementation of blockchain technologies though not stop the development of such monsters of online trading as Amazon but significantly change the existing alignment of forces.

The barrier to entry into business will be significantly lower because the tools for accounting, logistics and inventory management based on blockchain reduce the operating costs of companies. It will lead to the fact that there will be a lot more participants on the market.

The media believes that blockchain will deprive large companies of the monopoly over the technologies with the help of which the sales are carried out. For example, Internet advertising will become more targeted and the user but not intermediaries will be able to receive a fee in the form of tokens for viewing ads. The offers in e-commerce will become more personalized.

The use of blockchain will lead to the fact that the problem of leakage of personal data and other information will be resolved: the distributed registry technologies provide more reliable protection than other methods because they are based on the direct connection of the online-seller and the customer.

Finally, the use of tokens as a means of payment in online trading will also change the payment system that is accepted now.

The Forbes recalls the words of the executive director of FedEx Fred Smith who said that today the business was facing a choice: either to take blockchain and technologies of Internet of things or to move to decline.

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