BLOCKCHAIN-ENHANCED E-COMMERCE: SECURE AND TRANSPARENT TRANSACTIONS

Abstract

The swift progression of cryptography and distributed computing systems is expected to revolutionize numerous industries through enhanced transparency, superior security, and reduced transaction costs. Nonetheless, the scalability and performance of blockchains constrain their utility and appropriateness in online services, particularly in e-commerce. This project presents an analysis of blockchain technologies to elucidate their advantages and obstacles in e-commerce. Consequently, we propose two blockchain-based e-commerce applications accompanied by comprehensive design guidelines: social shopping and loyalty program. The entire foundation of e-commerce relies on the online transfer of goods and transactions, eliminating the necessity for physical travel. Transferring transactional data and transactions in e-commerce is susceptible to cyber threats. The primary aim of our research is to create a system that safeguards against such incidents, particularly during the transmission of transactional data, and to establish an automated mechanism that guarantees these transactions are executed flawlessly. We are utilizing emerging technologies known as blockchain and smart contracts to implement this. Blockchain facilitates a decentralized, immutable digital ledger for the secure storage and transfer of data across the network. Blockchain technology is employed in e-commerce to facilitate transactions in a secure, efficient, and expedited manner. Blockchain facilitates a peer-to-peer transaction framework and data encryption, ensuring the secure transfer of transactional information.