Blockchain Ecommerce

Blockchain Ecommerce will be safer than ever thanks to blockchain technology The current model has already proven itself to be insufficient, and the consequences of inaction could impact not just retailers themselves, but millions of users across the globe.
Despite its massive need for better safety measures due to the sensitive nature of the data it collects and stores, ecommerce remains an easy target for hackers. The 2014 hack of eBay, which compromised almost 150 million users’ private information, and even the Target hack in 2013 which did the same for nearly 110 million individuals, demonstrate the very real threat of an ecommerce site being hacked.

eBay Date: May 2014 Impact: 145 million users compromised
The online auction giant reported a cyber attack in May 2014 that it said exposed names, addresses, dates of birth and encrypted passwords of all of its 145 million users. The company said hackers got into the company network using the credentials of three corporate employees, and had complete inside access for 229 days, during which time they were able to make their way to the user database.

For these websites, the threat is both immediate and potentially catastrophic. ecommerce businesses require highly sensitive information from customers—address and contact details, credit card and payment information—but despite their best efforts, security remains a reactive game for them. The issue stems from their centralized structure and the sometimes-outdated methods they use to protect data.
Blockchain, the technology that supports most cryptocurrencies, offers the industry an alternative that can improve the status quo on two different fronts. The first is the issue of centralization, a problem blockchain resolves simply with the way it is built. The second is more practical, as the technology’s decentralized and disintermediated model allows for the creation of security systems that take advantage of these features to create more optimized paradigms for cybersecurity

More than simply providing a safer canvas, however, blockchain also offers ecommerce and developers the tools to create a safer ecosystem by building the applications and peripheral tools that may change how security systems work for online retail. One of the biggest paradigmatic shifts in the industry has to include better protection of user data and privacy.