Blockchain has enticed every single industry over the past year. Whether gaming or movie, everyone has some essence of the blockchain. Think of blockchain as a public ledger with all the necessary information regarding cryptocurrency transactions. We got our first blockchain from Satoshi Nakamoto as it came along with bitcoin.
Blockchain of bitcoin is significantly less scalable and has less transaction speed. But the newly emerging blockchain models have immense scalability; all the more speed of processing transactions in this network is very high.
Amazon, the largest e-commerce website, has considered many possibilities regarding introducing blockchain technology in the e-commerce space. Before investing in bitcoins check why you should start bitcoin trading. As per the reports, amazon seems to be pretty serious about its plan regarding the blockchain. So, let’s find out how Amazon will add blockchain technology to its network and the maximum possibilities of this action.
Blockchain came along with cryptocurrencies and remained with them for a long time. But now, blockchain is being explored by different industries as it is becoming a production technology. Organizations have realized the primary notion and concept of blockchain technology. So all the more, developers are putting in the best foot to make this technology much better.
These are why organizations are announcing the arrival of blockchain technology in their space. Many renowned companies have also patterned up with different blockchain models. There are two different aspects of the blockchain that gets into the e-commerce industry. First, it will revolutionize the existing trends present in the e-commerce industry, and second, it will keep looking for opportunities to its utility.
Is blockchain a necessity?
Amazon is not at all an early mover in the blockchain industry. Adopting blockchain technology in e-commerce is more of a necessity. Many companies in the same industry have already adopted blockchain technology. Ignoring a public or distributed ledger technology in such a chaotic retail industry can be disadvantageous for the company. The utilization of blockchain in buyer-to-buyer networks is very enticing. If the company joins hands with blockchain technology, it can offer amazon many advantages.
How is blockchain the future?
Blockchain comprises different applications in the e-commerce industry. Besides being applicable only in the e-commerce industry, blockchain is also potential in other fields. The industries with potential blockchain models to improve the entire space are health care, movie, and financial segments.
Now Facebook, the parent company of many social media handles like Instagram and WhatsApp, changed its name to Meta. Facebook has announced that they will soon develop technologies that make Metaverse possible. The only fundamental technologies Metaverse will use blockchain and cryptocurrencies. Already there are many Metaverse NFT games based on blockchain technology.
Some popular blockchain models!
The list of popular blockchain models consists of XDC network, Stellar, Tezos, Hyper ledger fabric, Hyper ledger Sawtooth, Hedera Hashgraph, Ripple, Quorum, Corda, EOS, Openchain, NEO, Dragonchain, and Ethereum. People are also getting attracted to Cardano and Solana. Cardano is about host many NFT games on it. The actual currency of Cardano is ADA. Dedicated blockchain models like Cardano and Ethereum allow you to create decentralized applications. Binance bright chain is a convenient Launchpad at the instance. The only bright chain that levies nominal gas fees for minting NFTs and building decentralized games are Cardano and Binance.
Some popular NFT games!
NFTs are a great application of blockchain technology. NFT games that have changed the entire gaming industry are Axie infinity, hinterlands, and Sand. Other free-to-earned NFT games are Gods Unchained and a journey to the excellent hood. Currently, the utmost profitable NFT games comprise return of investment in just one month and even less. Some leading profitable games are crypto planes, Crypto baby, bomb crypto, plant vs. undead, farmer’s world, NFT panda crypto cars, and many more.
In a nutshell, blockchain technology is the key to successful e-commerce space. Many e-commerce platforms have started to use the technology three to four years back.
Blockchain is potential in every industry, not only the financial segment. The smart contracts and supply chain features of blockchain are utterly decisive.
The portion, as mentioned earlier, describes the plans of amazon regarding blockchain.