Blockchain technology should be considered the most disruptive technology invention of the fourth industrial revolution. The world has never seen a technology as powerful as blockchain technology and it could potentially impact all sectors of the economy complete will transforming it through top notch efficiency.
Recently, blockchain technology has been employed in different sectors of the industry ranging from the financial services sector, to the energy sector, from logistics to supply chain management, from the health sector to the gaming industry, and is even being used in online gambling.
However, the sector it is aiming to transform, and hopes to have the highest impact on day to day consumer and seller activities, is the e-commerce industry. The e-commerce industry has arguably changed the way we shop and live, which to many people has basically become one in the same.
The convenience, affordability, and vast array of products offered by e-commerce platforms shows some of the benefits of the e-commerce industry, but with the growth of the industry (a global online retail market that is expected to surpass $4.5 billion by 2020), large e-commerce companies like Amazon, Alibaba, EBay and a large group of other companies which account for over 50% of that market valuation, the problems associated with e-commerce are beginning to emerge.
Some of these problems relate to payments, supply chain management, data security, transparent marketplace, satisfied retailers, efficient management systems, and satisfied consumers. The current e-commerce business model will have a hard time resolving all these issues in one fell swoop, with the only solution to these problems is blockchain technology.