A lot of new trends have come up in the eCommerce industry and have affected the industry as a whole. But the most important development has been the Blockchain development. Blockchain development to laymen is basically the use of cryptocurrencies like Bitcoin to make payments to the merchants. Before this development came into place, the payment methods were either traditional like cash on delivery or cheque on delivery and modern ones like PayPal or other payment processors.
Digital currencies have become the future of the eCommerce industry and have started being widely used. Here is why you must invest in Blockchain Development for a better eCommerce.
It is here for keeps
Not only are the trends changing but the perception of people towards these trends is changing as well. More and more people are using Blockchain development and the circulation of these cryptocurrencies has been on the rise for the last few years. In 2015, BitPay announced that there were over 100000 merchants who accepted bitcoins as a mode of payment.
The consumers, as well as the merchants, have now come to welcome bitcoins into payment methods with open arms. But this is only the beginning. Cryptocurrencies have a long way to go in the eCommerce industry and much more development is to be made yet.
Proof of work
Every action taken by the buyer or seller needs to have proof of work. The best way to understand this is as below:
- Say, you are a consumer and you have browsed through a particular eCommerce website that sells designer clothes. You may have selected some items of clothing and decided to buy them. You will place an order for those items. When you do that, the marketplace will generate a block and a proof of work, wherein they will send the requirements of the order to the seller.
- You will then make the payment using cryptocurrencies which will generate a block and proof of work again. When the seller receives the payment, he or she will ship the product to you.
- When the product is shipped to you, the marketplace will again generate a block and a proof of work. Next thing you know, you will have the product delivered to your doorstep.
The Blockchain development has been known to facilitate easy connection for buyers and sellers through eCommerce and thus, it is time that you start investing in this method! If you are finding this difficult, you can contact Magento eCommerce developers or directly hire certified Magento developers to help your e-commerce website.