Impact of Blockchain Technology on E-Commerce

Abstract

Blockchain-based technology is expected to cause significant disruption to many business applications and processes that are part of e-commerce. Given the capabilities of blockchain and relatedinnovations, and the so-called “unreliabie systems” with unique characteristics, various businesses are required to ensure trust, reliability, and enforcement between companies and consumers (B2C). For this, multiple models and procedures have developed throughout time. In this situation, it is necessary to realign business-to-business (B2B), business-to-government (B2G), and customer-to-customer$(\mathbf{C}2\mathbf{C})$ties. By eliminating illegal mediators or even centralized authority, blockchain is likely to upend the core of e-commerce. Furthermore, executing integrated access to immutable data across the supply chain can fundamentally alter how companies and customers exchange knowledge and value. A newtool is used to address the issue of product tracking in supply chain management thanks to blockchain technology. This research work aims to create a network of related methodologies and approaches for cross-border e-commerce and a blockchain-based architecture for obtaining traceable goods and transactions. Blockchain technology primarily addresses challenges like intermediaries, transparency, decentralization, data security, accuracy, and transactional freedom.