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4 PROFESSIONAL ENGLISH

Data security.
One of the problems with existing e-commerce platforms is how data is stored. E-
commerce platforms are home to a very large amount of data, most of them collected directly from
customers and retailers registered on any given e-commerce platform.

Customer’s data is stored on centralized servers where it is vulnerable to online criminals. Some e-
commerce companies have suffered attacks from cybercriminals and a substantial amount of data
has been stolen. However, with a blockchain based e-commerce platform, it is virtually impossible
to suffer such attacks since blockchain platforms are decentralized, which in turn means customer
data is also decentralized.
Cybersecurity is one of the most important features for shoppers on the web. Without proper
protocols in place, online retailers put themselves and their customers at risk for payment fraud.
Smaller stores face even greater e-commerce security risks due to insufficient internet safety from
cybercriminals. According to statistics, one out of five small business retailers are victims of credit
card fraud every year, with 60 of those stores being forced to close within six months.
The retailers can offer enhanced security to their customers by running background verification for
malware and ransomware scripts and removing them from the e-commerce websites thus preventing
any attempt of fraudulent activities. It is virtually impossible to hack all the nodes of a blockchain
platform, so data on a blockchain based e-commerce platform is considered to be relatively safe.

Transparent marketplace.
This is considered one of the biggest problems faced by existing e-
commerce platforms. Many complaints have been reported against giant e-commerce stores by
other retailers. With that, the President of the United States, Donald J. Trump, also recently tweeted
about Amazon’s transparency concerns since big name e-commerce stores like Amazon are known
for cutting off direct contact between consumers and sellers, and sometimes disabling a merchant’s
page with little or no explanation.

With blockchain based e-commerce platforms like Bitboost, transparency is the “watchword.”
Bitboost is a decentralized marketplace that facilitates online transactions between buyers and
sellers in a frictionless and transparent manner.

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With these solutions offered by blockchain technology to help solve the inherent problems of the e-
commerce industry, industry leaders like Amazon, Alibaba, and EBay have already responded by
working on blockchain research and development while others like Walmart and Unilever are
working on blockchain projects with large tech company IBM.
E-commerce companies will try to do one thing: utilize blockchain technology to solve the issues
their current e-commerce platforms face, and to solve these issues as soon as they can.
Another amazing tool utilized through blockchain technology to help create an amazing user
experience is Artificial Intelligence. Artificial Intelligence will help blockchain based e-commerce
platform users facilitate system interactions in an even better, more automated way. Reviews and
incentive programs will be seemless. Imagine, a blockchain-based e-commerce platform using
artificial intelligence?
With e-commerce facilitating B2B and B2C business reaching unprecedented levels amidst the
problems faced by the existent e-commerce platforms, a transformed e-commerce industry
facilitated by blockchain technology will skyrocket B2B and B2C sales, only this time with happier
sellers and buyers. The e-commerce industry will become a more efficient and transparent one as
this technology continues to roll out. We can except to see approximately seventy percent of this
milestone to be achieved within the next 5 years.
See more at:
https://thenextweb.com/contributors/2018/06/15/how-blockchain-will-transform-the-e-
commerce-industry-over-the-next-few-years
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