Autonomous Transaction Model for E-Commerce Management Using Blockchain Technology

Introduction

Satoshi Nakamoto, the Bitcoin creator, originally suggested the blockchain idea in 2008, when he launched Bitcoin as a peer-to-peer electronic money system. While the bulk of the technologies dis- cussed in the research work were developed decades before to publication, their unique combination resulted in a solution to the issue of double expenditure, as indicated. In 1983, David Chaum suggested a payment system based on “blind signatures” that would be untraceable. (i.e., concealing the content of a message before signing it). This system operated under the auspices of a centralized authority The notion of blockchain and comparable technologies was largely explored in specialist computer science and cryptography circles in the years after Bitcoin's launch, with little effect on different sectors of the governance. This is similar to the Internet’s modest origins in the late 1960s, when the ARPANET, a ground-breaking TCP/IP packet switching network, was founded with the main goal of enabling communication and resource sharing between academic and military groups. Not only did Bitcoin's value and price increase in 2015, but a flood of practitioner-focused papers were also published, highlighting the technology's economic potential. Popular journals such as Nature, Harvard Business Review, and MIT Sloan Management Review immediately cast doubt on blockchain technology's economic viability. Simultaneously, articles and requests for papers examining the economic value that may be created via the use of blockchain technology began to appear in magazines devoted to information systems and business.

Meanwhile, other writers have recommended the blockchain-based research activities in areas such as governance, supply chain management, and the economy and other different sectors, as well as frameworks for differentiating between different levels industries. While the industry's rapid expansion produced unrealistic expectations during the bubble, the desire to identify profitable blockchain use cases has remained persistent. IBM, Maersk, Carrefour, and Walmart are all doing research into blockchain to see if technology can increase transparency, speed up processing, and eliminate paperwork in a sector plagued by fraud and inefficiency. Amazon has filed a patent application for a blockchain-based verification system to certify the legality of consumer goods. Medici Ventures, an Overstock.com subsidiary, invented the blockchain technology. The objective of H. Treiblmaier et al. (2021) is to enable peer-to-peer transactions without the need of massive intermediaries

Another instance is Dubai CommerCity, a $870 million free trade zone devoted to aiding Dubai's transformation into the “happiest city on Earth” via the use of blockchain technology for government efficiency, industrial growth, and global leadership. According to Research and Markets, the global blockchain industry will develop at a 67.3 percent compound annual growth rate (CAGR) from USD 3.0 billion in 2020 to USD 39.7 billion in 2025.According to experts, retail and e-commerce are projected to expand at the fastest rates of all application areas. This trend has been exacerbated by the COVID-19 epidemic, which has resulted in an upsurge in bitcoin transactions during times of disaster.

Literature Survey

This section reviews pertinent literature on SME financing, platform operations, and blockchain technology.