The discussions around cryptocurrency and its infinite possibilities have dominated the financial and non-financial sectors for some time now. You have likely heard of it regardless of the business you’re in – cryptocurrency is a type of digital or virtual currency system protected by encryption, making it hard to duplicate. It functions on a blockchain, a peer-to-peer network that allows anybody from anywhere to send or receive money via digital wallets or exchanges like Coinbase and Binance.
Thanks to its growing popularity, Big Commerce identified about 5 million verified cryptoasset users worldwide in 2016. That number grew to 221 million in June 2021.
Is Blockchain Disrupting The E-Commerce Space?
A decentralized market creates a peer-to-peer network enabling investors to interact directly with each other without a centralized “middleman.”
Decentralized markets are virtual markets that use decentralized currencies that include cryptos like Bitcoin and Ethereum. Traders need not be physically present in a particular area to transact these securities, enabling merchants to expand freely and easily without being impacted by politics, economics, or exchange rates. This revolutionizes the e-commerce experience for consumers and allows sellers easy identity management through the supply chain, and reduces a considerable number of overhead costs to their business.
Does Blockchain & Cryptocurrency Aid In Crypto-Commerce?
The distributed ledger technology (DLT) that underpins blockchain is its foundation. Transactions are dispersed, with records validated by a network of computers rather than by a single party or bank, and the records are viewable to all parties rather than being stored in a central database.
These records are also unalterable because they can’t be reversed or tampered with once recorded on the blockchain. A digital “block” is created and distributed to the network when a buyer or seller submits payment information to the chain. In order to maintain a crypto-commerce-based operation, the organization needs to have a robust financial ecosystem. The ecosystem needs to be forward-thinking and ever-evolving in this constantly developing landscape, with new elements always being introduced like NFTs and the Metaverse.
Benefits Of Crypto-Commerce
Faster Settlements: Blockchain processes cross-border transactions 24 hours a day, 7 days a week. Unlike many banks which take up to five business days to process the transactions, the network is in general available 24/7. The openness and automation of blockchain also save suppliers and buyers the time and effort of calling or contacting each other and manually updating their records.
Frictionless Payments: The technology’s “smart contract” capability allows automatic device-to-device transactions, eliminating traditional invoicing and payment processes. One-touch orders can be made straight from equipment and sensors on the job site, within a manufacturing plant, or even in an operation room.
Fraud Prevention: For both consumers and suppliers, the public, distributed ledger acts as a “single source of truth.” While blockchain does not eliminate the requirement for third-party verification, it does minimize the risk of settlement and makes it easier to track down fraudulent activity.
Prevents “False Positives”: Tighter card fraud controls in the AR and AP departments might result in increased card declines for good accounts, delays in invoice processing, and a deterioration of the buyer-supplier relationship. The immutable record and network-based verification of blockchain enablesmore positive transactions and further develops confidence between parties.
exeno & E-Commerce
exeno is building a multi-tool cryptocurrency ecosystem with the goal of allowing people to be more creative when it comes to adopting cryptocurrencies. Their simple, efficient, and safe marketplace make it an attractive option for shoppers new to cryptocurrency, while seasoned investors and traders will enjoy the Stake Back incentives scheme, which is modeled after regular e-commerce cash-back systems.
Users of all levels can also investigate other aspects of exeno’s ecosystem, such as affiliate networks and the center of their ecosystem, the exeno coin (EXN).
The companyis working to create the world’s first true crypto commerce (or “c-commerce”) ecosystem. Your transactions remain secure, quick, easy, and unrestricted, which are the core values of cryptocurrency and blockchain technology.
In The End…
Having established that blockchain isn’t limited to cryptocurrency and e-commerce is more than buying and selling, it must be clear how both can provide a heightened experience for buyers and sellers alike.
As is the case with fiat currency, there will be points of fluctuation and highs and lows in cryptocurrency. But along with that, it’s essential to understand that, unlike a standard currency, your investments, cash inflow, and purchases are safe and secure.
Many platforms like exeno make it easy for you to become a part of the cryptocurrency ecosystem and enjoy the benefits said ecosystem brings about. The future of cashless transactions is here, and exeno is making it easy and accessible.