Use cases of Blockchain Smart Contracts in E-commerce platforms!

It has become a digital age! Ranging from food ingredients to expensive platinum it’s been delivered by the e-commerce platform at your doorstep. We experience a wide range of varieties in the e-commerce channels than traditional shops. This is the part we would all enjoy this channel. But, it’s been chaos when it comes to quality!

In this blog, I have felt some flaws with the e-commerce applications that can be resolved with automation. For automating the quality of products and many more features, blockchain smart contracts can be the appropriate solution.

Let me explain what is smart contracts in terms of blockchain space and then take you through Blockchain applications in e-commerce sector!

What are Smart Contracts?
Smart Contracts are digital protocols that self-executes a specific task on the satisfaction of the specified conditions. To be more precise, let me relate smart contracts with your daily life machine, i.e.: Snack vending machine.

You select your favorite snack that you’re craving for and drop the money in its pocket. All done your snack is at your hands from the channel!

Similarly, smart contracts are built according to the industrial needs. For instance, in fin-tech sectors, the mortgage agreements can be automated with smart contracts to deduct repayments monthly from the borrower’s account.

Now, let’s relate smart contracts with your favorite sector, e-commerce!

Blockchain smart contracts applications in e-commerce

E-commerce is the wider sector of the digital age. As of now, popular e-commerce brands are building profits on billions and trillions without any hassle. But, when it comes to consumer ends, they lack in service.

As an e-commerce consumer, I would always suspect whether the product is abiding by the quality standards, the ingredients, and much more. Many users claim false chargebacks on e-commerce without any appropriate reasons, which is a huge loss for the company.

Now, if blockchain smart contracts are implemented in e-commerce platforms, then the following tasks will be much easier.

1. Payments can be received from the consumer after delivery and inspection with automation. 
2. Monthly installments can be self-executed on the platform without any interest.
3. Quality standards, government-regulated norms can be inspected automatically before the product is dispatched. 
4. If the product is expired or not fit for use, it can be denied for dispatch, thereby reducing the transportation cost. 
5. Premium users can be availed with deals only for the specified amount of time.
6. Integrated supply chain and payment with blockchain technology can immensely reduce false chargebacks and increase quality products. 
7. Sellers can get direct profits from buyers with P2P transactions of products, with minimal amounts of profits for the e-commerce channels. 
8. Secure data and free from breaches as the storage is distributed across the authorized community people. 

To explore more about the implementation of blockchain technology on e-commerce platform, chat with us!