Putting your business on an online portal is one of the best future investments of current times. Its marketing and maintenance are easy to manage because countless digital marketing agencies of different budgets are available to serve. However, what about the security of the payments if you are running an e-commerce business. It is crystal-clear that the conventional cyber security measures of current times are not 100% safe. There will always be some loophole that makes your digital payment gateway vulnerable.
Worried? Wait! We have block chain, as the most feasible solution to this problem. It is a decentralized digital ledger system that safeguards input data in 256-bit security encryption. Unlike the traditional database system, its information is stored in data blocks that are irreversible. If someone tries, the whole block chain will corrupt and other systems connected to it get informed instantly. Block chain is built on an open-source technology that can be embedded on payment gateways to accept payments in cryptocurrency. Nowadays, a normal website or web application can also turn into a profitable e-commerce portal if it has a decentralized block chain payment gateway. Let’s understand how it can help a business.
Why Decentralized Subscription eCommerce Platform is The Need of Hour
1. Global acceptance of cryptocurrency
Cryptocurrency concept is being abruptly accepted by countries globally. After spreading adequate awareness, cryptocurrency will definitely become one of the leading modes of global payments. It doesn’t require any money exchange as a middleman because the same value will be applicable globally. A lot of your potential customers must be already using cryptocurrency as their favorite mode of payment. Grab this opportunity before any other competitor leaves you behind. A person from any continent can make payments conveniently.
2. Robustly built security system
The main reason for block chain invention was preparing unbreakable cyber security for everyone. A product or subscription e-commerce platform of any budget size can afford this security system. As we already mentioned above, the entries of this chain of blocks are irreversible. Monetary transactions occurring through the block chain remain much safer than anywhere else. Thus, it’s better to start searching for an alternative to SSL.
3. Maintain utmost anonymity
In order to use block chain for any purpose, a person needs 1 public key and 1 private key. The public keys are always 65 bytes and the private keys are always 32 bytes. With the private key, a person makes transactions anonymously. The public key is considered as the social identity of a user that remains visible to everyone present in a block chain network. However, no one can trace the location of both sellers and buyers. People buy a lot of online stuff that they don’t want to show publicly. This security system is the best option for such a potential customer.
Every block chain has a unique public key that shows the activities of an individual without revealing the identity. Also, every computer system with this network can view how a transaction is being processed. It maintains the utmost level of transparency in the digital payments gateway which is not possible in local currency digital wallets.
5. Quick and affordable transactions
Both interstate and international conventional transactions will take more time than block chain. While maintaining the utmost cyber security, it can transfer money anywhere throughout the world in just a few minutes. The maximum time record of transaction execution was 12 minutes which is tolerable. Moreover, the transactions are much more affordable than paying to money exchanges. At very nominal charges without the interference of a middleman, a person can make the securest transactions
Some companies are currently available online to equip your website with a cryptocurrency acceptance gateway. They embed a payment button on all types of websites and web applications.