Connect with us

Crypto

How blockchain can be used to improve the future of e-commerce

Blockchain technology has brought many new things on the financial table, but is it powerful enough to destabilize the current centralized payments and transactions system?

Published

on

Blockchain technology was initially invented by Satoshi Nakamoto back in 2008 to serve as a public transaction ledger for the cryptocurrency Bitcoin. This made the crypto coins the first-ever digital asset that solved the double-spending problem, mainly because it required no central server.

Essentially, the blockchain is a set of blocks incorporated into a chain that cannot be reversed or manipulated. Because of this, any transaction made on the space cannot be altered. This then created the digital trust, what with it recording information in a public space without allowing anyone to remove it without authority, making the blockchain one of the most attractive technologies that can be utilized for financial transactions like payments.

For this reason, blockchain technology quickly gained notoriety throughout the internet, being used by various companies to work in different areas. There’s also the idea that blockchain has the capacity to improve the speed, security, and cost of every payment and transaction. What’s more, the system is created around the core principle of decentralization, meaning that it can give the opportunity to break through any middlemen fees and provide a low-fee network alternative.

As a result, blockchain’s once initial purpose then widened, with the technology now being used for transactions between goods and money. And as people started using cryptocurrencies as more than just a new investment, it’s simply natural for supply chain participants to start using blockchain payment processors. The demand was created, and the blockchain space simply evolved and adapted itself.

Innovation at its finest

One of the main problems that come with connecting a payment processor to either a retail platform or supply chain is the numerous means of transacting and making payments. This can make the entire process more complicated, as one mode of a transaction may not be suitable for every other party involved.

For example, a business or company may use cryptocurrencies like Bitcoin as payment for its contractors. However, manufacturers or supply chain participants may not accept this form of payment and may demand other assets or currencies like fiat money.

This is where a blockchain-run payment processor comes in handy. Through this, companies can simply provide an all-in-one system that provides everyone with nearly instant and diverse way to conduct transactions, be it for individual contractors or large manufacturers. This gives the company more liquidity, decreased liability, and even cost the company less to utilize.

With all of these possibilities presented by blockchain technology to improve e-commerce, it’s no surprise that companies are hopping along the trend, developing their own technology around blockchain and continuously looking for ways to innovate around it.

One such example is Clic Technology (OTCMKTS:CLCI), which is perhaps one of the more successful companies in this side of the blockchain-innovating space. CLCI is a publicly traded fintech company that’s one of the first to develop blockchain products designed to innovate the future of e-commerce.

Founded in 2014, led by its new CEO Roman Bond and based in Aventura, Florida, CLCI is the mastermind behind iSwipe, one of the best blockchain innovations available on the market today.

A complete cryptocurrency payment platform designed for the burgeoning e-commerce market, iSwipe takes the hassle out of every transaction and makes the entire process a whole lot easier and faster. Now, as mentioned above, one of the problems that payment processors usually come across with is that with all of the currencies and forms of payment available today, what works for one may not work for the other.

CLCI then recognized this problem and essentially developed iSwipe as a be-all-end-all solution for it. How?

Simple: by doing all the hard work for you and taking the guesswork out of the entire equation. To do this, iSwipe converts the payment to your currency of choice, be it crypto or fiat. Customers pay using their cryptocurrency funds, and the merchants automatically receive it in fiat.

blockchain

By cutting out any middlemen that ask for fees, transactions done on the blockchain are generally more secure and cheaper. (Source)

It’s a rather simple solution, but the difference it presents is worth noting, to say the least.

Furthermore, iSwipe can also be integrated with any e-commerce website. This means that anyone using it basically has access to millions of merchant websites, all with the added benefit of being able to use one’s crypto funds to pay for it. Additionally, iSwipe offers a digital wallet app that runs on state-of-the-art security and hosts easy-to-use features.

Merchants can also join the platform and have full access to iSwipe’s automated crypto payment solutions. To make it a whole lot easier, iSwipe itself will provide an easy-to-use javascript widget that you can plug into your website, allowing your buyers to pay for your services and products with cryptocurrency. Any payment done with crypto will then automatically be converted to either USD or EUR within 24 hours.

With iSwipe, the team behind CLCI is hoping to disrupt the current e-commerce system, providing elegant solutions that can help unlock the full potential of the blockchain and its proprietary technology. Focused on bringing next-generation solutions to the table, CLCI aims to change how the current system works, starting with normalizing cryptocurrency payments and transactions and making the entire platform safe and easy to use.

Still at the esoteric stage

Yet will of these companies like CLCI banking on the benefits of the blockchain technology, why haven’t they taken up already?

For starters, there is still a lot of volatility and complexity surrounding the technology. Of course, the recent years have seen blockchain gain a lot of traction, but as it stands, the blockchain is still highly esoteric, and most retailers are most likely to stay with something they are more familiar with. Other factors also come into play, such as availability and scalability, which are both normal problems for a technology this young.

It’s no secret that blockchain technology has enormous potential when it comes to securing transactions and encoded data, but there’s also no denying that it has a long way to go if it wants to permanently replace the current system. Nevertheless, companies like CLCI are continuously innovating around the technology, improving upon its technology one product at a time.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

Angelique Moss is a London-based entrepreneur, writer, and traveller. The world of business, finance and investments, is her preferred cup of tea. She also keeps herself updated with the developments in technology, and likes to participate in discussions on health, art and media.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular