Distribution Security with Blockchain eCommerce

Tracking Currency 

Tracking currency is something that blockchain does very well and can be helpful for international multicurrency sites that use cryptocurrency. Clarity can help your business complete transactions in different currencies, utilizing blockchain to track these in detail and make sure the user has meticulous step-by-step knowledge.  

But while currency exchange and verification — especially Bitcoin — is the most commonly known use for blockchains, there are many other uses for eCommerce blockchains that we’ll discuss below. 

Blockchain doesn't require a distributed network, but in most cases makes sense for it to be distributed.  Distributing a blockchain can help make the information it contains more secure. Conceptually, one of the key aspects of the security of blockchain is that, by decentralizing and distributing it, the blockchain is creating a situation where any hack or change would cause an issue with the credibility of the data. In fact, there would have to be majority ownership of the distributed network in order to be able to appear to be more credible. This just isn’t plausible so long as your B2B eCommerce platform remains secure. 

Whenever a blockchain is created, it has all of the data that's been stored on it since it was originally created. Every time new data is written to it, it's added to the end of the block chain. It uses hashing so that it includes the hash of the block before it. So it has its own hash, and the hash of the block before it, each of which includes a timestamp. Changing the data in one of the transactions would change the underlying hash, and so therefore the data in the blockchain would be different. This shows the particular set that was modified by someone who's trying to hack it. 

By its nature, as long as it's distributed — and it isn't hacked and updated in all the locations that it's distributed to — and eCommerce blockchain is going to be able to see that there is an outlier (such as a compromised node) that has this blockchain data.  

Keeping Records Straight

Blockchain is also very helpful in protecting and verification of records. This can be very helpful for the healthcare industry that needs to maintain HIPAA compliance of protected health information (PHI). It can also help when dealing with large purchases that hospitals make, such as MRI machines or property transfers. Other uses include pet tracking to verify ownership of an animal. Non-fungible tokens (NFTs) are another example of being able to track ownership. Blockchains are very helpful for recording transactions that need to be secure and have very sensitive data on them. 

Smart contracts are another way that eCommerce blockchains prove helpful. Smart contracts are key for rewards programs within a B2B eCommerce site. When an agreement is made, there's logic that stipulates how a reward or a discount on price might be distributed if there is a certain quantity purchased. By making the purchase and agreeing, both parties are getting this enforced within the actual blockchain, and it's possible to mechanically execute on this without having to do anything due to it being baked into the blockchain. There are certain t requirements within a particular mechanism that is used for the blockchain to be able to do this, but most modern blockchain mechanisms are going to be able to support this. 

Clarity is Here to Help

Clarity has helped dozens of clients make the most of their eCommerce platforms, incorporating blockchain smart contracts, blockchain medical records, and anything else that the technology can do to improve the legitimacy of ownership.  

We’d love to show you exactly how it works and what it can do for your business. Get in touch with Clarity to get a quote and a demo of our eCommerce framework and blockchain modules. 

Looking for more ways blockchain can transform your B2B operations? Learn about what an NFT exchange platform can do for B2B eCommerce and how it enables new business models.