Rethink Ecommerce with HyperBC — Checkout: the future of finance

Introduction

Ecommerce has been, perhaps, the largest and quickest acting industry to incorporate blockchain technology — and with good reason. In a space where efficiency of transaction and security of data is paramount, the immutable and decentralized nature of blockchain means its integration improves on these aspects. HyperBC, in a bid to focus on key industries that would benefit from blockchain integration, have outlined key cases for adoption of their technology into the Ecommerce sector:

Logistics Chains & Inventory Control

Utilizing blockchain ledgers as a back-end for logistics chain reporting and inventory control logging allows for shared responsibility over this key data. By decentralising ownership the data it is protected against fault, theft, tampering and human error, as immutable records validated by many parties (stakeholders in both the traditional and blockchain sense) are require no trust to verify and accept as fact.

This would revolutionize data logging for supply chains and customer service, providing accurate, verifiable metrics to be used in analytics and planning of operations. This can help businesses avoid mishaps due to discrepancies between records and smooth the data sharing process, as no central entity has the burden of storage, verification, and management.

Efficiency & Cost of Transactions

Blockchain’s original purpose, starting with Bitcoin. Its relative efficiency and low cost compared to bank transactions, especially at enterprise levels, is turning heads towards cryptocurrency insofar as payment solutions and asset custody. As the market matures and mass adoption looms, companies are increasingly interested in keeping some liquid capital in digital assets, and beginning to accept them as payment for goods and services.

This opens their doors to a new demographic of consumer, the “crypto spender”, and research has shown that 40% of ‘crypto spenders’ are new customers for businesses that adopt blockchain payments, and that they spend, on average, twice as much as credit card users. This demographic is predicted to grow exponentially over the next two years.

Tokenisation of Loyalty Schemes

Brands may choose to issue their own tokens and NFTs to rebuild their loyalty schemes’ financial structures on the blockchain. An immutable record of purchase or an extended warranty omits the dreaded situation of losing a paper receipt. Likewise, a blockchain based token system for loyalty schemes can bolster security and bring new utility to current practices. Staking of a particular brand’s currency could yield tangible benefits through their product or service catalog.

Digital Ownership & Tokenisation of Products

Attaching NFTs to loyalty points could work as a vessel for brands to enter the digital assets market. Besides the inherent integrity offered by the blockchain, migrating loyalty points yields the benefits of smart contracts, decentralisation of data, and introduction of NFTs as receipts, rewards and collectibles — as a means for brands to better connect with their consumers.

Identitiy Verification (KYC/KYS)

A key issue in E-commerce is establishing trust between the merchant and consumer. Because they rarely meet face to face, delivery and receipt becomes a grey area where misinformation can arise. An early solution was to introduce KYS/KYC for both parties, respectively. An immutable ledger entry would work in this instance as concrete proof of personal details.

HyperBC makes it easy for businesses to adopt blockchain into their cashflow. With their world class cryptocurrency payment solutions and unbreakable asset custody service, HyperBC’s digital asset ecosystem bring the future of finance to you.

Find out more at HyperBC.com

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HyperBC

HyperBC

Secure, transparent and efficient crypto asset custody and financial services platform