Experts point out that e-commerce around the world eventually shifts to block chains based trading

Data and money are exchanged over the Internet in transactions between consumers and businesses, or between businesses and companiesE-CommerceIt is now done as it is commonplace. As the net technology evolved, the e-commerce market became larger not only among countries but also worldwide, but in the following movies this e-commerce market will soonBlock chainExperts point out that decentralized trading management will be the mainstream.

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Every hour, millions of transactions are taking place all over the world. Most of them are e-commerce via the network using credit card and other systems.


For example, a couple enjoying dinner at a fine dining restaurant and paying for that settlement with a credit card.


In this case, the credit card company acts as a mediator and will pay the restaurant. However, the restaurant must pay the fee to the credit card company.


However, bringing a decentralized ledger management system called a block chain to the e-commerce market will eliminate the need to pay a fee to a credit card company that acts as an intermediary, which will further shorten the distance between consumers and service providers .


It is Hemang Subramanian who is an Associate Professor of Information Systems Business at the Florida International University, which points out that it will be shifting from a system intervening by a third party to a system based on a block chain.


In the credit card payment network, there are two transaction entities, consumers and credit card companies. In the sense that there are two consumers and a credit card company paying money in one transaction, this mysterious systemTwo-sided marketIt is also called. It is necessary for credit card companies to intervene as an intermediary of transactions, and margins such as fees may occur.


On the other hand, by using a new system called a block chain, it is based on a block chain to manage all the transactions in a spreadsheet, for example, so that they are shared across the network in a distributed manner It is a trading system.


In addition, information that can identify individuals is not recorded on the block chain, and high confidentiality is guaranteed.


Recording transactions Unlike traditional systems that concentrate the management of electronic books on specific companies, electronic books using block chains are encrypted before they are published.


As the trading network crosses national borders, you will be able to conduct free transactions without being bound by the country or law.


Hemang Subramanian summarizes that e-commerce based on block chains can become mainstream with the following three advantages. "First, it makes it easier to match buyers and sellers"


"Secondly, the transaction itself becomes more efficient as the existence of intermediaries becomes unnecessary."


"Third, we do not need procedures such as signing, so we can make contracts efficiently"