Login Start free trial

With the advent of blockchain technology, buyers browsing or shopping on an online storefront will be able to purchase products that are validated or verified by platforms offering blockchain technology.

Blockchain combined with eCommerce offers greater security and anonymity, offering the much needed protection to the consumers, as there is no particular centralized system observing and collecting data on the blockchain. By placing the power of data control in the shopper's hands, they are free to either sell that data to interested third parties or simply sit on it.

eComchain has integrated its eCommerce with blockchain offered by Etherum, the market leaders in blockchain technology. eComchain's solution illustrates how a blockchain technology can solve the existing problem of verifying the validity of digital assets such as a picture of certified part sold online. Using this solution, the online shopper is assure of a proof of the digital asset certified by an institution, such as Etherum, on the blockchain.

Blockchain

The solution deployed by eComchain with blockchain technology includes the following steps:

  • Creation of a digital asset and storage of the digital proof or certificate on Etherum, offering the blockchain technology.
    Blockchain
  • Transmission of the digital asset or certificate (file sharing)
    Blockchain
  • Validation of the digital asset using the signature stored on Ehterum and validation of the same using a checksum algorithm. This step also verifies if the institution that created the digital asset (or a certificate) is a legitimate entity in itself.
    Blockchain

Blockchain will allow for decentralized marketplaces to emerge, eliminating a centralized team, reducing the costs involved in maintaining each site or application, in turn offering a lower cost for consumers with better rules for retailers. The blockchain, with its automated nature and independence from a network of intermediaries, will ultimately reduce overall costs for consumers as well as retailers, and this also possible when blockchain cuts out middlemen, reducing the number of levels and fees that have to be paid to additional parties in a business transaction.