Enterprises apply Blockchain to E-commerce and Security industry

Blockchain technology is constantly revolutionizing various industries, changing the fundamentals of finance, society as well as systems. This innovative technology continues to penetrate the security tools and the world of e-commerce , helping to accelerate decentralization for a wide range of systems and processors. Distributed databases help store and maintain the number of transactions in real time with the highest level of data encryption, security for records.

Invite you to follow the infographic below summarized by Quantrimang, explaining how the breakthrough Blockchain technology will affect application security and e-commerce on mobile devices?

BLOCKCHAIN TECHNOLOGY

· Is a real-time digital ledger or decentralized database that records and secures transactions.

· Not a cryptocurrency.

Mobile e-commerce is a sub-category of e-commerce that allows the purchase and sale of goods and services online using mobile data internet through mobile devices.

Mobile Payment are applications or services that act as intermediaries to process payments online via mobile devices.

Touch payments and mobile payments globally surpassed $ 1 trillion by the end of 2018 and this number is expected to reach 2 trillion by 2020.

TOP 5 METHOD OF STRONG PAYMENT AND SAFETY

· Touch payment (Contactless)

· Electronic wallet

· In-app billing

· Pay with QR Code

· P2P payment (Peer-to-Peer)

Challenges of mobile payment service

Nearly half of the Millennial generation and about 80% of the Z generation prefer mobile payment method to traditional method. However, the emergence of mobile payment systems has amplified various issues related to transactions.

· Fraud and Chargeback

· Foreign transactions

· Secure card information

· Differences in business

· Compete with Credit - Debit cards

· Security risks

The relationship between mobile payment systems, security and blockchain

Businesses are leveraging Blockchain as the torch of digital security and using its core elements as the backbone of mobile payment applications.

The basic elements of Blockchain Technology

1. Mining: Extract data for different transactions and create a chain of them.

2. Distributed ledger: Keep data in sequential blocks; Allows copying, sharing and synchronizing strings.

3. Decentralized system: Use cryptography to record chronological transactions in a decentralized system.

4. Hash value: Converts transaction data into a single string value.

5. Typical keyless infrastructure: Save all the hash functions and run the algorithm to verify a system created for authentication and monitoring purposes.

What will Blockchain technology help businesses?

The digital ledger will ensure faster and safer transactions during the process of trading and exchanging digital currencies, by:

· Verify the link of payment

· Allow real time tracking

· Improve the identity verification process

Blockchain should be used to:

· Minimize fraud and malicious attacks (38%)

· Improve the verification process (26%)

· Secure payment and transactions (25%)

· Increase work efficiency (24%)

Benefits of integrating blockchain technology into mobile payment systems

1. Data protection