[Infographic] The effects of Blockchain on E-commerce and Security

Blockchain technology constantly revolutionizes different industries, changing the foundations of finance, society and systems. This innovative technology is continuing to penetrate the security tools and the world of e-commerce , accelerating decentralization for a wide range of systems and processors. Distributed database helps store and maintain the number of transactions in real time with the highest level of data encryption, security for records.

Please follow the following infographic, which has been synthesized by Quantrimang, explaining how the breakthrough Blockchain technology will affect application security and e-commerce on mobile devices.

BLOCKCHAIN ​​TECHNOLOGY

1. Is a real-time digital ledger or decentralized database that records and secures transactions.
2. Not an electronic currency.

Mobile e-commerce is a sub-category of e-commerce that allows buying and selling goods and services online using mobile data internet via mobile devices.

Mobile Payment is the application or service that acts as an intermediary software to process online payments via mobile devices.

Global mobile touch and payment payments surpassed $ 1 trillion by the end of 2018 and this figure is expected to reach 2 trillion by 2020

TOP 5 METHODS OF POWERFUL AND SAFE PAYMENTS

1. Payment touch (Contactless)
   
2. Electronic wallet
3. Payment in the application
4. Pay with QR Code
5. P2P Payment (Peer-to-Peer)

Challenges of mobile payment services

Nearly half of Millennial generations and about 80% of Z generations prefer mobile payment methods over traditional methods. However, the emergence of mobile payment systems has amplified various issues related to transactions.

1. Fraud and Chargeback
2. Foreign transactions
3. Secure card information
4. The difference in business
5. Compete with Credit - Debit card
6. Network security risks

The relationship between mobile, security and blockchain payment systems

Businesses are leveraging Blockchain as the torch of digital security and using its core elements as a pillar for mobile payment applications.

Basic elements of Blockchain Technology

1. Mining: Extract data for different transactions and create a sequence of them.
2. Distributed ledger: Keep data in sequence; Allows copying, sharing and synchronizing strings.
3. Decentralized system: Use code to record chronological transactions in a decentralized system.
4. Hash value: Convert transaction data into a single string value.
5. Characteristic non-key infrastructure: Save all hash functions and run an algorithm to verify a system is created for the purpose of authentication and monitoring.

What will Blockchain technology help businesses?

Digital account ledger will ensure faster and safer transactions in digital currency transactions and exchanges, by:

1. Verify the link of the payment
2. Allow real time tracking
3. Improve identity verification process

Blockchain should be used to:

1. Minimize fraud and attack with malicious code (38%)
2. Improve verification process (26%)
3. Payment and secure transactions (25%)
4. Increase work efficiency (24%)

Benefits of integrating blockchain technology into mobile payment systems

1. Data protection
2. Transparent and standard data as required
3. Infrastructure protection
4. Fraudulent fraud and crime bring down
5. Cross-border payments are simple and easy
6. Truncate intermediate steps with Smart Contract

See more:

1. [Infographic] The trend of Chatbot will explode in the future
2. [Infographic] The trend of mobile application development will dominate 2019
3. The popular Blockchain and Cryptocurrency terms you need to know
4. What happens when combining Blockchain with education?