Blockchain is a digital ledger that is decentralized and secure, and the unsaid is that every industry will adopt some form of blockchain in the coming years. A Gartner forecast says “the business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030.”
One key industry that will go through tremendous transformation thanks to the adoption of blockchain is e-commerce. According to eMarketer estimates, retail e-commerce sales amounted to $2.304 trillion in 2017, up by nearly 24.8% over the previous year. What’s more, mobile commerce made up 58.9% of digital sales. This indicates that the burgeoning e-commerce space is ripe for a disruption by way of blockchain adoption.
When the democratization of information happened via the web and browsers, the clear winners were Amazon and similar companies that used the e-commerce playbook. In fact, 1995 was the year that witnessed the birth of Amazon.com, as the much-quoted story suggests, in a Bellevue garage. The e-commerce player has not just survived the dot-com bust but has thrived in the years since. Now, with the mainstreaming of blockchain, Amazon and a bunch of similar e-commerce players will go through a major disruption. There are two primary drivers for this transformation;
– Decentralization, As Opposed To Monopoly
– Regulatory Changes