Blockchain News

Vietnamese businesses apply Blockchain to E-commerce and Security industry

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

2. Transparent and standard data as required

3. Infrastructure protection

4. Fraud frauds and crime bring down

5. Simple, easy cross-border payment

6. Abandoning intermediate steps with smart contracts

7. Create trust from new users and retain old customers

 

CONTACT INFORMATION

EG VIET NAM TRADING SERVICES COMPANY LIMITED

 Address: 22 Quách Vũ, P.Hiep Tân, Q.Tân Phú, HCM

 Phone:  086 705 74 79

 Hotline:   086 707 74 79

 Email:  contact@thietkewebblockchain.com

 

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