Blockchain-Specific Features for B2B eCommerce Platforms

Blockchain eCommerce Goes Beyond Cryptocurrency

Blockchain eCommerce can be a highly strong tool for businesses looking to maximize their B2B platform. In general, it is a distributed and transparent method of tracking every transaction that occurs during the life cycle or existence of the tracked item. Though cryptocurrency ventures such as Bitcoin have promoted blockchain, blockchain does not always entail cryptocurrency.

One of the most effective aspects of blockchain is that it is immutable — not changeable — by utilizing advanced cryptography, encryption, and hashing. Hashing is a vital component of blockchain since it physically encrypts data and allows it to be read but not updated.

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Supply Chain Management with Blockchain eCommerce

Blockchain can be used in a variety of ways to help with basic eCommerce procedures and transactional processes related to B2B eCommerce. There are several critical features of an enterprise-level organization that benefits significantly from the blockchain. One of these is supply chain management, namely the sourcing of products that comprise the larger item (for example, gold and diamonds sourced from different parts of the world that come together to form a final product).

Blockchain can assist someone in investigating each step in supply chain management to avoid sourcing components through inhumane techniques. Blockchain technology can track and control things all the way through the supply chain management system, including vendors, distribution, and manufacturing locations.

Using blockchain can assist enterprise companies to deliver transparency about what happened when it happened, and who did it. Here are three typical examples of how blockchain bans affect various eCommerce business models:

• Following the origins of components originating in war zones around the world, such as minerals, spices, diamonds, or minerals. Tracking the source becomes critical because there may be laws that must be enforced.
• Blockchain can also assist protect intellectual property (IP) and digital commodities by preventing them from being pirated or reverse-engineered.
• Perishable commodities can be traced back to specific vendors who performed specific phases of the supply chain to determine the cause of a disputed issue. This can be very useful for quality assurance and tracing defects back to their source.

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Blockchain Data Storage

In terms of data, blockchain can be quite useful in identifying and understanding the underlying data in an immutable manner. In other words, no supply chain point can later change the data. This increases the data’s credibility and accuracy. Because blockchain data is naturally shared and disseminated, the premise is that once data is changed in blockchain, it is shared across a network or in a secure manner without being editable.

Furthermore, if a client requests it, we can provide access to this supply chain management blockchain view within an eCommerce platform. One example would be being able to see where a really high-end diamond was sourced. The platform can demonstrate that it was sourced responsibly by using blockchain. Other data, such as financial transactions and approval stages taken over the course of the financial transaction, can accompany it.

Because the infrastructure can assist prevent theft or crimes associated with fraudulent transactions, this can be particularly beneficial in facilitating trade in foreign nations. It can also aid in the elimination of misleading commodities. These dangers can be considerably reduced if the blockchain eCommerce marketplace uses a very powerful distributed ledger. It forensically verifies who was engaged in each transaction and how the item arrived at a specific organization.

All of these features provide more rigorous tracking of transaction fulfillment and financial aspects, and the process can be linked to cryptocurrencies for payment. This can assist many organizations to minimize transaction costs and fees, as well as work with markets they might not have worked with otherwise.

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Inventory Management has been improved

Blockchain can also be utilized internally for inventory management and the ability to comprehend what is occurring to each inventory in a more data-consistent manner. Granular transaction history is allocated to each object, including where it may have been moved, its history, and its location.

This assists in enforcing strict inventory management, optimizing for fulfillment, and managing quality assurance for any form of the manufacturing process. If there are any flaws, the transactional data can be used to determine which team member or location conducted the manufacturing so that feedback can be directed to the appropriate person. All of this is a great method to boost quality control.

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Maintain the Integrity of Reviews

Furthermore, using blockchain for other operations that are specific to a certain firm might be extremely beneficial. Reviews are a great example because they allow B2B eCommerce enterprises to have a more rigorous verification of a customer’s background information every time they complete a review. This will boost the trustworthiness of a product review by tying a genuine purchaser to each review and verifying it via blockchain.

Mechanically, this may be a mechanism that allows end-users who have purchased something to be the ones to write reviews. Fake reviews and fake transactions can make it difficult to obtain reliable information, especially for marketplace merchants who may be attempting to enhance their ratings by giving fraudulent reviews.

Another useful eCommerce solution provided by blockchain is the prevention of fraudulent transactions through rigorous recording and comprehensive processes. It is considerably easier to spot a trend of a fraudulent purchaser and avoid the chargebacks that would otherwise occur.

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Blockchain Technology and the User Dashboard

These are some of the situations enabled by blockchain, and a blockchain firm can incorporate this precise data into regions of the user’s dashboard so that they can view a blockchain’s actions within a sales order. This can involve supply chain management; we can offer data to end users based on their job and what access is required at specific points in the process.

This can be particularly useful in enabling firms to meet specific needs such as security clearance requirements, ethical sourcing, or other general usage scenarios where a certain level of quality is required. In other words, people understand that they will only receive high-quality materials if the item is sourced from these specific places. As an end-user, being able to drill down and look at the history of where an item came from is quite useful.