Exploring the Role of Blockchain Technology in Enhancing Data Security and Privacy in E-Commerce Platforms

Abstract

Online commerce, despite its infinite development possibilities, now raises the specter of global security. A huge amount of personal data is at risk from cyberattacks, such as hacking and identity theft, that harm companies and consumers alike. The traditional way of keeping everything in one place leads to unauthorized access and manipulation, thus requiring stronger security measures. The same decentralized, unbreakable encryption and immutable record keeping that give these barter platforms strong protection against fraud are also features of distributed ledger technology. Decentralization removed control from one single source, making it less likely that there will be any tampering and deception will become slim. Blockchain networks featuring “smart contracts” that make the terms of a deal transparent and enforce contracts without the need for go-betweens. This chapter provides an analysis of how the blockchain can enhance e-privacy in e-commerce, with a focus on the foundations and attributes of blockchain to overcome current threats. As the technology becomes widespread, real cases are proving to revolutionize data security. New Use Cases And Research Using Distributed Ledgers For Enhanced Security.