E-COMMERCE PLATFORM USING BLOCKCHAIN - ADVANTAGES & FUTURE

Abstract

This thesis explores the advantages and future prospects of utilising blockchain technology in the development of ecommerce platforms. The rapid growth of the ecommerce industry has introduced various challenges, including security vulnerabilities, lack of trust, intermediaries, and high transaction costs. Blockchain, as a decentralised and transparent technology, has the potential to address these challenges and revolutionise the ecommerce landscape. The research objectives of this thesis are to identify the advantages and benefits of implementing blockchain in ecommerce, evaluate the challenges and limitations, and examine the future prospects of blockchain-based ecommerce platforms. The study employs a mixed method approach, including a comprehensive literature review, analysis of case studies, and surveys to gather empirical evidence. The literature review provides an overview of blockchain technology, its characteristics, and architecture. It explores distributed consensus mechanisms, smart contracts, and popular blockchain platforms and protocols. Additionally, it presents an in-depth analysis of traditional ecommerce, highlighting the challenges it faces and the opportunities that blockchain brings to the industry. The thesis delves into the advantages of blockchain-based ecommerce platforms. It discusses enhanced security and privacy, transparency, immutability, and the reduction of intermediaries and costs. The research explores the potential benefits of blockchain in areas such as supply chain management, payment systems, and customer reviews and ratings. Case studies of prominent blockchain-based ecommerce platforms, including Ethereum and others, are evaluated to analyse their functionalities, success factors, and limitations. The findings provide valuable insights into the practical implementation of blockchain in ecommerce. Furthermore, the thesis addresses the challenges and limitations of blockchain-based ecommerce platforms, including scalability issues, user adoption and usability, regulatory and legal considerations, energy consumption, and interoperability. It examines potential solutions and ongoing research in these areas. The study also explores the future prospects and research directions of blockchain-based ecommerce platforms. It discusses the integration of blockchain with artificial intelligence, the emergence of blockchain-based marketplaces, integration with the Internet of Things, privacy- v enhancing technologies, sustainable blockchain solutions, and the importance of user experience and interface design. In conclusion, this thesis contributes to the existing knowledge by providing a comprehensive analysis of the advantages, challenges, and future prospects of blockchain-based ecommerce platforms. The research findings have implications for businesses, policymakers, and researchers, providing guidance on implementing blockchain in ecommerce, overcoming challenges, and leveraging the benefits of this transformative technology. The study encourages further research and innovation in this promising field.