Every day we increasingly hear about Bitcoin and other cryptocurrencies, a main topic in the global economy. But just a few people are stopping to think about the real change and innovation that comes with virtual money.
It’s the Blockchain, a disruptive technology with the power to unleash huge changes, causing an impact in both the financial and technologic sectors, as well as labor and social issues.
Just imagine a decentralized, free-for-all e-Commerce that allows buying and selling services and goods from far away, in a totally transparent way, and without currency-swap obstacles.
This is possible through Blockchain technology, which doesn’t rely in any given government and is based in a 'P2P' (peer to peer) network. It records transactions permanently and unalterably, enhancing the confidence of consumers and sellers equally.
One of its main virtues is accessibility. E-Commerce is for everyone, knows no barriers or borders, and doesn’t rely on a bureaucratic entity. Because it’s based on a 'P2P' network, small business with little financial leverage can have easy access to promote or sell their goods without relying on intermediaries or other platforms like Amazon or Alibaba.
Another advantage is that e-Commerce eliminates the problem of currency-swap. By using cryptocurrencies, based in this technology, you can complete a purchase or any transaction, without the need of financial intermediaries.
In conclusion: As more business adopt Blockchain technology, the e-Commerce will become more transparent, more fair, faster and cheaper, with the plus of being safer while transactions process faster, which will help generate trust among consumers throughout their buying experience.
This goes from visiting an online shop and making the purchase and the corresponding payment, to the product or service delivery. And, at the same time, the transaction is permanently and incorruptibly stored.
By Ana María Morales