Electronic commerce has become one of the main drivers of the Spanish economy thanks largely to the use of blockchain technology, highlighted a report made by the National Commission of Markets and Competitions (CNMC) in that country.
According to the report, The sector managed to generate 13.6 billion euros in the second quarter of 2021 alone, obtaining 13.7 percent more than the previous year and achieving the second best mark in the historical series.
In that sense, The Baymard Institute carried out a study which highlights that more than 68% of online customers abandon the purchase before completing it, due to “lack of trust when providing bank details” while 9% abandon due to “absence of alternative payment methods ” like cryptocurrencies.
Therefore, brands are looking for an alternative form or method of payment such as cryptocurrencies, since these digital currencies are based on blockchain technology, allowing users a safe and easy way to transfer since it is registered in a way secure and decentralized transfers.
“The blockchain technology used by cryptocurrencies is its main attraction within the e-commerce sector, it is a digital tool, typical of our ecosystem, that allows transactions to be validated through a completely decentralized and anonymous system for both those who validate coins as for their owners. We don’t know if it will be bitcoin, ethereum, or a new currency, but of course this technology is here to stay,” said Packlink’s Marketing Director, Noelia Lazaro.
The important thing is that within this cryptocurrency ecosystem its use can be as a resource or an investment, although it is mostly for speculative purposes, its application is practical, since Blockchain technology has a number of advantages for electronic commerce such as:
- immediacy, since all transactions made by cryptocurrencies are immediate, unlike bank transfers when it comes to different bank agencies, you would have to wait at least 24 hours.
- Confidentiality and security, Since they are completely anonymous and guaranteed transfers through blockchain technology, it is difficult to reuse or counterfeit cryptocurrencies, in turn canceling a completed transaction. As the technology also offers encryption for the cryptocurrencies used, it offers an additional layer of security to buyers, thus avoiding the probability of cyber attacks.
- cheaper transferstransfers with cryptocurrencies usually offer a lower cost than bank transfers or traditional payment gateways, generally around 1%, although that rate can obviously vary.
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Noelia Lazaro, Packlink Marketing Director added, “Its use may not be widespread in the coming months, but we have already seen how the technology sectors have begun a gradual implementation for cryptocurrencies, the most important thing is that the e-commerce sector is able, once again, to anticipate to the needs of its users and this implies, of course, not losing sight of this technology”.
“Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the points of view or the editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investments and commercial movements involve risks. and it is the responsibility of each person to do their due research before making an investment decision”
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