Impact of Blockchain on E-Commerce: A SCOT Analysis

Impact of Blockchain on E-Commerce: A SCOT Analysis

Palvinder Kaur, Manminder Kaur
Copyright: © 2021 |Pages: 10
DOI: 10.4018/978-1-7998-8081-3.ch014
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Abstract

The current disruption has created many challenges for all businesses in the short run, but it has created many opportunities in the long time. By helping in crisis and recovery, blockchain can play a prominent role in accelerating post-crisis digital transformation initiatives. Trade has become more efficient, more inclusive, and less costly through blockchain. These innovative technologies in the fourth industrial revolution are transforming the world by making the processes more inclusive and efficient.
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Development Of Block-Chain

Block-chain can work like a game-changer, a revolution and have untapped potential. Block-Chain is an endlessly thriving database conglomerate in ‘blocks’ and then ‘chained' using secret writing and cryptography. It is a digital record of a written account or transaction, a ledger distributed with all parties, and here data is highly secured, permanent by using cryptography technology. Block-chain is a trusted ledger with all participants who can access and assess at any time without the need of central authority because information once added is time-stamped. Hence Block-Chains are called highly Resilient.

According to Jeremy Wilson from Barclays Corporate Banking, block-chains technology is a leapfrog technology and will become the new operating system on the planet. Block-chain is a cloud-based global spreadsheet or Distributed Ledger of Transactions known as Blockchain-based DLT. Initially, this technology was used for digital currencies or Crypto-currency, Bitcoins in 2008 by unidentified individuals.

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