One of the most promising among Blockchain technology capabilities is providing more secure and cost-efficient web transactions are now creating a major change of thought among companies and Web users.
The way people use social networking, financial transactions and legal matters online is now at the edge of a major transformation because of Blockchain.
The Smart City concept that tries to incorporate information technology with the way the city assets are being managed already makes use of Blockchain technology. This can be observed in Singapore wherein they sell legitimate properties using Blockchain. The transactions involve the contract, transfer of title and cryptocurrency payment.
In 1995, Craigslist.org was launched to give people the chance to sell and purchase items online but this platform only connected the buyer and the seller, without providing any means of payment. Moreover, the website became a venue for scammers to sell bogus items.
When Amazon and eBay came, the online retail world received a more secure and convenient way of transacting online. eBay introduced to the public the online bidding method for a product and partnered with PayPal to provide a faster and more convenient way to pay. Amazon, on the other hand, first started with books but they are now catering almost any kind of product you can imagine.
Even if these online marketplaces provided a better way for sellers and buyer to be protected from frauds, there are still loopholes in their systems because they are centralized. For example, once a hacker manages to penetrate the system, everything now becomes under his control.
The security over what the centralized systems have is one of the main qualities that Blockchain has. Because Blockchain is decentralized, hackers will need to pass all the “blocks” in the chain before they steal something.
Attackers do not only steal directly from somebody’s account but they can also do it via counterfeit goods. Blockchain has the ability to track down the source of the product easily. This can avoid fake goods from entering the marketplace right away.
The Blockchain technology is indeed a great way to provide better security to both buyers and sellers. It can prevent and eliminate almost all kinds of attacks known today. Not only that, the cost to be incurred from using Blockchain is totally cheaper but with greater speed and efficiency.