Blockchain is set to play a vital role in optimizing the payment structure to reduce the number of disputes and improve the user experience. We will discuss …
Join the DZone community and get the full member experience. A blockchain is a peer-to-peer network of computers. Blockchain technology offers easy, secured, and faster options for international payments. It is used in various industries such as retail, insurance, automotive, health care, and advertising. The e-commerce industry is flowing, but payments remain a crucial factor to improve user experience. There are 24 million e-commerce sites worldwide. The total online sales from e-commerce reached $3.9 trillion at the end of 2020. However, what’s interesting to note is that around 155 million e-commerce transactions end in a dispute. Blockchain is set to play a vital role in optimizing the payment structure to reduce the number of disputes and improve the user experience. In this article, we will discuss the various ways blockchain is revolutionizing e-commerce payments. According to the World Economic Forum, around 10% of the world’s GDP will be stored using blockchain by 2027. For companies dealing in international payments, blockchain can offer high-speed payment transfers with lower conversion fees. Besides, the blockchain ledger provides a single, clean record of payments. Blockchain helps banking systems offer a decentralized network where no one trusts anyone else. Besides, the data entered is irreversible, and all the different blocks of data are chained together in chronological order.
