Remember the simple rule of technology adoption. “Wherever a monopoly exists, a new technology is introduced and disrupts the industry”. That time is now and here is why.
In 2007, anyone invested in Bitcoin or any cryptocurrency would have been forgiven for thinking, ‘this trading game is an easy caper’. Only to see their instant wealth be just as instantly retracted in 2018. For those familiar with the Dot Com boom, a downturn of market value in excess of 75% signals the changing of the tide. Most of the big companies at the time lost a considerable amount of their market value as the market lost $5 trillion USD in value. Many did not survive, however the tech did.
A simple google search will reveal many quotes about the authenticity of the internet and it’s ability to substantiate its lofty claims. Many big businesses failed to see how the internet could enhance their offerings and didn’t anticipate the impact it would have. Maybe nobody did in the beginning.
Fast forward to 2019, and we are on the doorstep of another technological revolution. In a world where monopolies reign supreme, many with a reach beyond the familiar brand we use and interact with on a daily basis, take Amazon who has more than 80 subsidiary companies under its umbrella. Amazon along with Facebook are both companies with a total market cap of around 1 Trillion USD each.
How will blockchain disrupt E-Commerce?
There are a number of ways this can be achieved:
- Blockchain facilitates micro-transactions with increased speed and at a greatly reduced cost. With several companies like RedFOX Labs of Vietnam, implementing some clever ways to include the under-served and unbanked market in emerging SEA economies.
- Decentralisation brings greater consumer control by creating peer-to-peer trading networks and platforms where people can cut out the middle-man, and still trust the transactions they are involved with.
- Data protection and privacy have been hot topics over the last few years with numerous data breaches, selling of private information and records and unauthorised use of collected data. The blockchain allows greater control over personal information, account keeping records and data protection and dissemination.
- Records of ownership through immutable blockchain records will help to protect product owners and content creators from those trying to profit or benefit from their proprietary offerings.
- Rewards and reward points can radically change the way E-Commerce operates. By being able to combine reward points or convert the value to an online market place it can greatly improve loyalty. As it currently stands their is no motivation for people to leave reviews, but now varying forms of rewards can be introduced for intensive product reviews.
These are just a few of the many ways that blockchain technology can change the face of E-Commerce. As more companies adopt the technology, the more use cases will emerge and the evolution of its offerings will continue. This time big business is listening with a myriad of the worlds largest companies looking into and trialling the early technology. This time they won’t let the opportunity get away from them. Make no mistake, blockchain is the next disruptive technology.