IoT and Blockchain are Taking World by Storm
Traditionally, transactions in ecommerce have several drawbacks when conducted via electronic payment system, where banks or financial institutions act as a third-party. With disruptive technological breakthroughs, an advanced model of eCommerce is being introduced that bypasses third-parties to conduct peer-to-peer transactions employing Blockchain technology. Blockchain technology was primarily utilized in the financial sector and its gradual entry into the ecommerce sector is going to disrupt the marketplace with decentralization. Cnetric has the expertise to leverage disruptive IoT and Blockchain for a robust, future-proof ecommerce business.
Advantages of Blockchain
Deregulation
As Blockchain is beyond the control of any central authority, only buyers and sellers are involved its operations. The transactions carried out through Blockchain technology cannot be controlled by government, banks or any other third parties as it is beyond the purview of geopolitics.
Privacy
The security and the identity of the transacting parties are kept absolutely anonymous with regards to blockchain-based crypto currencies. This is one of the safest means of transactions as it is impossible to hack into the system – this prevents any data breaches. Despite its cryptic nature, it is quite transparent as a centralized system that provides better visibility.
Efficiency
Blockchain-based currencies are easy to operate without the need to physically present to open an account and can be done at absolutely free of cost. Bitcoin transactions can be accomplished in minutes unlike traditional transfers at any point of time. This is extremely convenient for shoppers who can skip the hassle of account creation.
Streamlined Operations
Implementation of blockchain technology in ecommerce business can solve several problems such as products tracking, recordkeeping, administrative cost reduction and inventory management. Transparency in the ecommerce marketplace achieved through Blockchain technology ensures frictionless transactions.
Advantages of IoT
Better Inventory Management
Experience improved and error-free monitoring and tracking of inventories with IoT sensors and RFID tags. Smart shelves can be introduced to track the out-of-stock products and replace with stocks automatically. Leverage IoT to build strong inventory management that serves as the foundation for rapid order fulfillment.
Automation of Warehousing
In addition to reporting shortage of products, IoT also helps in tracking over-the-stock warehouse items. Temperature-sensitive sensors are employed to track the optimum temperature for perishable products and eliminate them accordingly, as and when required. A multitude of monitoring tasks can be automated with this technology.
Smooth Operations in Supply Chain
With RFID and GPS technology it is easy to track products in transit. You can also accurately detect location, temperature, arrival timings etc. The pace and route of the shipped products can be automated to prevent loss of shipments and mitigate any potential delays. This leads to faster fulfillment of customer orders.