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BLOCKCHAIN IN E-COMMERCE
Transaction fees and getting the best FX rate, time between payment being sent and received and risk of fraud are the three leading concerns for Sellers worldwide. The blockchain technology addresses these issues.
Fee-free payments
In a typical credit card payment transaction, as many as seven different entities are involved in ensuring that the purchase is completed. Each institution adds to the overall cost of doing businesses, which is why business owners often set a minimum sales amount before they will accept a credit card as payment. The average global remittance cost is 7.45% . The blockchain technology is mitigating these concerns by decentralizing and automating these transactions, less fees are paid to far fewer intermediaries, as they are replaced by a single technology.
Speed of transactions
The average time it takes to complete a cross-border transaction is 3 to 5 days. 47% of companies consider speed of settlement to be the single most important issue in conducting a transaction. Transactions using cryptocurrencies, which hold a uniform standard of value not subject to varying exchange rates, routinely take only a matter of minutes to complete.
Protection from chargeback fraud
Fraud comes in all shapes and sizes, and credit cards are one of the preferred methods for fraudsters. Chargebacks which occur when a bank forces a credit card transaction to be reversed are often used by fraudsters even when goods and services have been received.
With payments facilitated using Bitcoin and other cryptocurrencies, there is no opportunity for payment reversal. While a payment can be sent back in the case that a mistake is made, a final payment is truly a final payment, which limits many of the avenues that fraudsters currently use to perpetrate their schemes.
Security
The rise of e-commerce has meant an explosion in consumers handing over their financial information to retailers and other online service providers. 80–90% of login attempts for online retailers are derived from hackers attempting to use “credential stuffing” tactics — taking advantage of users’ compromised login info.
The blockchain provides an alternative to the traditional username–password system that has proven long outdated and highly vulnerable. Along with providing greater efficiency, blockchain systems provide greater confidence in e-commerce.
After shopping benefits
We are going to use blockchain technology which will enable us to record data on all purchases. The safety of blockchain technology will bring additional value to such expensive goods like diamonds, paintings etc. which are often stolen or have blurred ownership. Blockchain technology will be strictly linking possession of such assets to certain crypto wallets which means that there will be no reason to steal such assets and even if they are stolen it would be very easy to prove rightful ownership.
To be created in the Bitcoin blockchain and this fact to be anchored in the Ethereum blockchain, Crypticus is going to meet the highest expectations in terms of security and privacy of all transactions. Additionally, the blockchain technology enables its users to process payments quicker and cheaper and to protect themselves from chargeback fraud.
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