Blockchain Updates: Test cases for DLT in the e-commerce industry

Blockchain Updates: Test cases for DLT in the e-commerce industry


The e-commerce industry is will be acquainted with several use cases from the Distributed Ledger Technology within the next few years. The large scale commissioning of blockchain-based payment systems and supply chains offers new challenges, responsibilities and opportunities for the participants. The new distributed ledger-based technology has ushered in a new era for marketers with multiple channels being introduced in the supply chain. The modern supply chains would become value chain propositions with the intervention of blockchain-based systems. These platforms would replace the legacy platforms existing within the supply chains across the world.

The modern supply chains based on blockchain technology would be endowed with the following endeavors:

Distributed Ledger based would streamline the payment processing: The distributed ledger technology would be one of the most powerful factors in transforming the entire complexion of the payment processing industry. The payment processing is a very vital component of the e-commerce supply chain. Having a secured blockchain-based platform would facilitate very quick monetary transactions across boundaries. This will be a major boon for the entire e-commerce supply chain and logistics supply chains. The commissioning of DLT based payment processing makes payment processing a cakewalk for the e-commerce industry.

Smart contracts will play a major role in fraud mitigation: The role of smart contracts is very important in the role of validating genuine transactions and preventing the erroneous transactions from being validated by the supply chain. The smart contracts will be the filter between erroneous fake transactions and the ones which follow and satisfy the conditions being laid down by the smart contracts. This is in perfect alignment with the requirements of the modern e-commerce industry. This is one of the biggest contributions of blockchain in minimizing the role of erroneous transactions from coming within the fray of the trading ecosystem.

Asset tracking: The provenance in a distributed ledger-based ecosystem is unquestionable. Hence, every transaction and route taken in a distributed ledger system would have a unique tracking system that would identify items from their source. Be it from the warehouse or from the factory; an item dispatched from stock will be tracked all the way from the source to the destination. This would be an added advantage to new-age supply chains. There are many advantages to having distributed ledger chains in managing supply chains.

Blockchain would be the next big thing in the field of e-commerce. Value chains will be the backbone of future businesses.

Image Credit: www.forbes.com

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