How Blockchain will change the way that we shop online
04 September 2018 - 22:45 by David Aiken
When it comes to safe shopping online, one of the most exciting emerging technologies set to provide safe and secure experiences is blockchain. But this digital ledger, so often associated with cryptocurrency, offers more than just the prospect of secure online purchasing experiences. Here are three ways in which the technology has the potential to revolutionise our digital shopping experiences.
Blockchain can be used to improve online retail conversions by providing decentralised networks that boost social awareness of a brand through gaming - and then allow gamers to earn tokens for taking part and winning, which they can then use to redeem for discounts at their favourite online stores. In this way, they can be paid for acting as brand advocates.
Cryptocurrency exists as a form of digital cash, and many hope that one day a market-ready currency will be widely adopted in this way. Although there is a long way to go in this space, blockchain is ready to use in a variety of situations. Already, some companies are using it to make their online payment systems clearer and more transparent. Blockchain provides a permanent, digital ledger of online transactions which can be seen by anyone, and which cannot be tampered with. The notion of online cryptocurrencies are simple and easy to use, and can - in future- be combined with blockchain ledger technology to provide easy, secure and reliable payments.
Blockchain can be used to send payment requests to buyers using digital invoices. These can be redeemed via traditional currencies or approved cryptocurrencies, and smart contracts manage the underlying mechanisms of exchange quickly and independently. Again, the decentralised ledger approach provides a reliable, proven form of evidence that the transaction took place.
Watch out for blockchain being used at a retailer near you soon!