Blockchains are usually linked with the help of cryptography. Each block has a cryptographic hash from the previous timestamp, block as well as transaction data. There is a rule in the blockchain, once the data is recorded, it cannot be changed.
Blockchain is transforming E-Commerce
As per the studies, Blockchain-based system is helping sellers and buyers to interconnect directly. Thus, it can make e-commerce platform cheat proof. It will also help the buyers to purchase digital goods at cheap rates.
Apart from that, Blockchains also lets various stakeholders transfer data or money with the help of connected computer networks. They have proposed various schemes that allow sellers and buyers to connect directly without the need for a third-party negotiator.
Recently, Blockchain has offered solutions like game theory and smart contracts. The Blockchains uses a dual-deposit method. Later on, the safety deposit is returned to the seller and buyer only if they behave honestly. The smart contract also verifies who is honest, and who is at fault.
Bhaskar Krishnamachari is a Professor at Viterbi School of Engineering at the University of Southern California in America. He has developed an algorithm that functions on a programmable blockchain known as a smart contract.
Aditya Asgaonkar is an undergraduate computer science alumni at BITS Pilani. She wishes to sell her digital book, but she doesn’t want to depend on Amazon or another company which asks for commission. She chooses Asgaonkar’s and Krishnamachari’s blockchain-based solution as the right alternative lists her digital book’s cost at $20.
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