Ever wondered how an eCommerce site would look and feel like if it is blockchain technology-enabled? You would be pleasantly surprised at major changes that can occur. When talking about RocketFuel Blockchain technology, this does not mean that it’s all about an eCommerce site that accept ethereum or even bitcoin. The current eCommerce framework could use a lot of the features of blockchain technology, which can fully transform existing eCommerce models. There are so many advantages when eCommerce is powered by blockchain technology.
What is the major advantages of using RocketFuel Blockchain Technology on eCommerce sites?
RocketFuel Blockchain technology will allow an eCommerce site’s customers to directly transfer the amount they need to pay from their bank account to the online store without having to go through numerous middlemen like PayPal, Visa or Mastercard, which often take a share of the profit from merchants. Customers no longer have to furnish the eCommerce site any personal or financial information and it can be used worldwide unlike payment platforms like PayPal. An eCommerce site with blockchain technology also features lower transaction fees and easy user experience, making everything smooth for both seller and buyer.
Are the fees really low compared to traditional eCommerce sites?
The short answer to this is, yes. In the present financial framework that traditional eCommerce sites use, the system forces the money to bounce around many companies that include middlemen as it makes its way to the hands of the merchants from the customers’ wallets. Obviously, all these companies and middlemen want a piece of the action and profit from it. This is why the item that is supposed to be sold by the merchant for $2 can easily become $1.40 or even lesser when it arrives at their bank. With blockchain, the 2.9% credit card fee easily disappears. This may not be much but when you really think about it, merchants would now be forced to sell products that are way below standards so as to recoup their losses from grabbed by these digital middlemen.
What is RocketFuel Blockchain’s programmable money and why is it better?
When you think of money, what comes to mind immediately is a physical object like coins and note. You believe they have value because an entity placed value on them, like for instance the Federal Reserve or European Central Bank. For instance, a $1 note is valued at one dollar as a result of the policies made by the Federal Reserve. Everyone who uses this note are party to these policies and agrees to abide with such rules. If you really look at it, money is but a shared set of policies for exchanging value. Programmable money is almost the same in the sense that it has value. The difference, however is that the policies that define when and how such value can be exchanged is very much dependent on how the customer and the vendor want to transact. As long as all parties in such system and policies, this type of money can assume various range of characteristics. You might want to look at this new system as terms and conditions embedded into a transaction, where only after all conditions are met will the transaction be approved and the value exchanged. For instance, a customer purchases an item using their digital wallet. Only when such merchandise is delivered and a forwarder like UPS emails the confirmation message will the money be paid to the wallet of the merchant. This process happens with almost no additional cost to the buyer or the merchant and best of all, there is no middleman.
Is RocketFuel Blockchain’s system transparent?
Very much so. This is one of the main features of blockchain technology that is almost always not discussed in toto. Among the major problems for merchants and brands that sell online is transparency. Huge online stores does not want to share information or data because keeping these hidden would give them a huge advantage over competitors. In the case of blockchain, all transactions can be seen and merchants and brands can analyze the data.
There are countless other features that make RocketFuel Blockchain Technology truly advantageous to use for eCommerce websites. When using their system, owners of online shops would definitely see and feel the positive impact right away. This is not surprising because after all, RocketFuel Blockchain Technology is slated to bring eCommerce into the future.