What is the role of Blockchain in B2C and C2C markets?
Posted: May 18, 2020
Not confining itself to the realm of cryptocurrencies, Blockchain has paved its way across industries as a disruptive technology that can cause metamorphic changes. While B2B markets have acknowledged the benefits of Blockchain in their space, all eyes now are on Blockchain’s contribution to the B2C and C2C marketplace. Techno-enthusiasts and industry leaders are now evaluating Blockchain’s role in the dynamic and rapidly changing B2C and C2C businesses. While research is still on, it is certain that Blockchain has huge potential to transform B2C businesses. Infact, online marketplaces like eBay have already started exploring Blockchain opportunities in their area of work.
Online e-Commerce B2C platforms like Amazon and C2C businesses like OLX have seen terrific audience growth and exponential rise in revenues in recent years, thanks to the latest trend of online shopping. In fact, US online retail sales of physical goods are estimated to reach close to 600 billion US dollars in 2024. Here is a detailed report.
On one hand, where B2C marketplaces like Amazon are gaining massive popularity with each passing day due to the easy accessibility and convenience for both business and consumer, there are also C2C platforms like OLX that offer direct interaction between consumers to buy and sell goods, which are equally renowned.
Image source : statistaIssues with B2C and C2C businesses : Why Blockchain is required?
Any business has its own share of defects and drawbacks. Let us consider a simple example of an online B2C e-Commerce marketplace. Any online shopping portal you log into requires you to share personal details and obviously confidential and sensitive bank details in order to process payments. Needless to say, a centralized server storing intimate user information is an easy target for hackers. Data breach and thefts are common issues centralized servers have to deal with as they are prone and vulnerable to cyber attacks. Secondly, a B2C market has to securely store details pertaining to customer orders, payments, shipment logistics etc which again are recorded on centralized servers. Lack of data security, inefficient shipment tracking and logistic process, issues with payment processes, no transparency in transactions has resulted in people losing trust in the system. Other problems include delay in delivery, exorbitant shipping charges etc which again results in customer dissatisfaction. Read in detail about e-Commerce platform problems.
The B2C Insurance sector is ridden with scams and frauds. Whether it is an insurance claimant claiming compensation for incorrect reasons or creating fake accounts to claim multiple insurance benefits, be it involvement of illegal intermediaries and agents or insurance companies relying on age-old claim processing techniques, the list is endless. You can read more about issues Insurance sectors face here.
(Blockchain Simplified, a top Blockchain development company in Pune, India, provides end-to-end Blockchain development services and assistance. Please visit https://blockchainsimplified.com for more information.)How Blockchain can aid B2C and C2C businesses?
Blockchain technology has been making waves in possibly every industrial sector. It’s easy to implement architecture and various benefits have forced people to take cognizance of its potential to revolutionize the way organizations operate. Let us discuss how Blockchain can help B2C and C2C businesses solve some of their major problems.
Blockchain offers a P2P network for the C2C space
Although C2C e-commerce giants like eBay and OLX offer direct consumer to consumer interaction, they still have complete control over user data, their personal details and their transaction details. By integrating Blockchain, it is possible to build a complete P2P (peer-to-peer) network devoid of a governing authority. The platform will not force any consumer to share private and confidential details of themselves and therefore transactions are processed anonymously. This automatically makes the system highly secure and user data and transaction details are safe on the network.
Blockchain offers data and cost transparency for B2C and C2C
Due to its decentralized and transparent architecture, Blockchain presents the complete picture of every transaction without missing even the minutest details. Hence, issues with processing costs and payments are completely eliminated. Since there is no manual or third party intervention, illegal and exorbitant fees will no longer be a problem. Getting rid of middlemen will also significantly reduce the number of frauds and cost mismanagement resulting in a more trustworthy system.
Blockchain smart contracts for automated processes in B2C and C2C market
Blockchain’s smart contract functionality will ensure systematic and faster processing of transactions thereby providing a swift and scalable B2C or C2C platform. The agreement between both the participants will make the system error-free with zero defects. Once transactions are processed by smart contracts, Blockchain’s immutability will assure that data cannot be modified or altered.
Blockchain enables cryptocurrency payments for B2C and C2C business
With payment processing being a major concern for B2C and C2C markets, Blockchain enables digital currency payments for implementing quick and easy payment methods. It would also be the best solution if businesses involve cross border trading.
A very good example of a Blockchain based B2C and C2C platform is Bazista.. It is a decentralized exchange platform for B2C and C2C that uses the blockchain to provide quick, effective, and secure global transactions between users.
Also, making noise in the field of Blockchain B2C is Cryptokitties, a virtual game built on Ethereum blockchain that allows the buying and selling of virtual cats using cryptocurrencies.
(Hire Blockchain developers at Blockchain Simplified, a top Blockchain development company in Pune, India. Visit our official website https://blockchainsimplified.com/ for more information.)Blockchain - a necessity for B2C and C2C markets
The development of many B2C and C2C blockchains is proof enough that Blockchain is slowly but steadily sneaking into B2C and C2C markets. Hands down, Blockchain is the only technology that offers security, transparency, reliability, user authority - all in one place.About Blockchain Simplified
Blockchain Simplified is a Top blockchain development company in Pune - India which works on all major Blockchain requirements. We specialise in Blockchain, Web and Mobile development (One Stop Shop for all technology development needs).
Our clientele includes Multiple Funded Start - Ups, SMBs and few MNCs few of which are NASDAQ and NSE listed.
Some of our work includes,
hubrisone.com - is a Live app with 100,000+ downloads, All-in-One Cryptocurrency current account. The entire development from scratch carried out by Blockchain Simplified.
All in one Platform - Complete responsibility of entire software development of the platform, for a $1m funded blockchain start up, led by a team of serial entrepreneurs and tech veterans in Silicon Valley.
Well funded Blockchain startup - Blockchain Simplified helped a $6m funded American Blockchain startup to build the first blockchain protocol to leverage on-chain smart contracts to manage distributed storage of application data off-chain.
Multinational Bank - The company helped one of the top 3 ranking Multinational Banks to integrate various cryptocurrencies into their banking application.
SHC - Built entire platform and app from scratch for a $1m funded startup led by a team of Americans including PhD degree holders.
VMW - Developed app for a multi-national company providing mass factory-to-factory shipment services. App is being used by 53 of the Fortune 500 companies such as John Deere, Coca-Cola, Nissan.
Blockchain Development : Bitcoin, Ethereum, Hyperledger, Corda, and more.
Mobile App Development : Android Native, iOS Native, React Native, Flutter, Xamarin.
UI/UX Design : Strategy, Planning, UI/UX Design, Wireframing, Visual Designs.
Web App Development : Node.JS, Angular, React.JS, PHP.
Backend Development : MongoDB, MySQL, AWS, Firebase.
Visit our official website https://blockchainsimplified.com/ for more information.Recent Posts
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Director at Blockchain Simplified. Blockchain Simplified is a top Blockchain development company in Pune, India.