According to the new study by Juniper Research, online businesses globally will lose more than $206 bln from online payment fraud by 2025. The figure is almost 10x equal to Amazon's net income recorded in the last year (2020).
Due to quantum leaps in e-commerce and ever-changing consumer preferences, there is an increasing adoption and use of decentralized ledger technology (DLT) and blockchain in the online auctions industry.
As online shopping is one of the commonly used online activities internationally, the global retail e-Commerce sales globally are expected to increase to about $6.55 by 2022. However, the industry is still vulnerable to fraudsters, so a great share of profits is expected to be lost due to the vulnerability.
The E-Commerce Industry has seen tremendous growth in the past years. Despite the COVID-19 outbreak that was believed to bring the sector to its knees, many businesses and customers have shifted towards e-commerce, resulting in the exponential growth of a digital ecosystem. This emerging growth in the industry is expected to accommodate the need of millions and millions of users to buy and sell seamlessly over online platforms.
iCoinSoft, one of the first U.S.-based blockchain software developers, is launching a new state-of-the-art solution for e-commerce and fintech. The cutting-edge service will allow businesses to accept and manage transactions in cryptocurrencies at the lowest possible cost.
Chinese e-commerce giant Alibaba has filed a patent for cross-chain technology that improves the connection between blockchains through domain names. The ‘unified domain name scheme’ has been approved by the United States Patent and Trademark Office (USPTO).
The Communist Party of China (CPC) has enlisted a total of 71 private technology companies as crusaders of the new National Blockchain project. E-commerce heavyweight JD.com and telecommunications and tech giants, Huawei and Tencent are among those signed up.
The United States multinational electronic commerce firm Amazon.com Inc., based in Seattle, is working on integrating blockchain tech in the advertising sector. The e-commerce bull is seeking for a competent software engineer with experience in distributed ledger technology (DLT).