Here's some benefits of early adoption of blockchain.
Many businesses like the ease that comes from online payments, but the fees can really cut into profits. Services like PayPal and Shopify charge between 2.9 percent and 4.4 percent, depending on whether the transaction is within the U.S. or crosses national borders. This doesn’t include the many other fees you may face, such as chargebacks and monthly costs.
Some immediate benefits include the reduction of paypal and shopify fees. Those percentages will be smashed in a blockchain network. This is because the nodes verifying the transactions are essentially bypassing the centralised network that Paypal and Shopify have built. This really adds meaning to the word "disruptive" as Omnitude's CEO likes to describe it as...
Even from one of the CEO's own
articlesBuilt upon complex cryptography, the blockchain effectively provides a permanent, incorruptible and irreversible record. This means, in theory, it leaves no room for fraud of any kind throughout the supply chain. This ability for blockchain technology to provide a full audit trail has made it attractive to multiple industries.
It really shows that the ability for the other nodes and parties along the blockchain to entirely audit every single member makes its appealing to the e-commerce industry.
On their journey through the supply chain, an item’s location can be recorded at key points by trusted ‘witnesses’ and tagged with unforgeable cryptographic identifiers which are then written immutably to the blockchain.
This is so key when determining the rights of each party in a "he said, she said" situation. Ultimately, it comes back to the idea that governance and enforeceability of contract are at the heart of teh benefits that blockchain has to offer.
As per 1 study there have been up to 71% of all types of fraud or identity theft where credit cards were the number one element of weakness for buyers. With this information fraudsters are able to carry out transactions on behalf of the customer and steel there payment systems this causes a trust issue within the entire network upon the moment that the customers information is breached. Omnitude really eliminates this once trust is lost in a party as its middleware utilises all nodes to verify transactions.
Check the study out here:
https://www.worldpay.com/global/insight/articles/2014-11/fragmentation-fraud-report
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