Security issue in online transactions is one of the most concerned issues nowadays. Data stolen and altered has led to a series of serious consequences. In the meantime, Blockchain is considered as a new kind of security technology that helps eliminate this problem. As a result, when transaction data is recorded, maximum security will be ensured.
The launch of Bitcoin is highly appreciated by investors around the world for its innovative advantages and promising to be a potential payment method in the market. Besides, Blockchain is a highly secured technology to ensure every transaction completed under cryptocurrency market.
By being a decentralized database, Blockchain stores an amount of information that links together and expands over time. We can see it as a shared ledger for all participants in which everyone can check the transaction processes, but no one has control over it. Participants in the Blockchain system together keep and update the ledger.
The most prominent features of Blockchain are the reduction of transaction costs, transparency of information to prevent trading fraud. Crypto-currency is transferred straight from the buyer’s wallet to the seller without having to go to any third party. The seller does not have to take any intermediary costs as other common transactions. Meanwhile, Blockchain also provides a platform to help detect fraudulent changes by buyers or sellers. Specifically, in e-commerce, Caganu, a startup invested by JWC Blockchain Ventures, is developing a Decentralized Application that allows verifying and elimination of counterfeit reviews from unfair competition.
With these remarkable features, Blockchain holds a huge potential to develop. By creating smart contracts, the application of Blockchain surely brings a lot of benefit in the future.