Revolutionizing E-Commerce Using Blockchain Technology and Implementing Smart Contract

Abstract

The days of storing data manually are behind us. We are opting for the online form of data storage and transfer. The new era of data digitization comes with its own perks and detriments. Cybersecurity is still a crucial concern today. As more data transfer occurs through an online medium, the risks of a breach and cyberattacks are inevitable. The whole foundation of e-commerce is based on the online transfer of goods and transactions without the need to travel. Transferring transactional data and transactions in e-commerce are prone to cyber threats. Our research’s major objective is to develop a system that protects against such mishaps, especially during the transfer of transactional data, and also implement an automated system that ensures these transactions occur without any errors. To implement this, we are taking advantage of new emerging technologies called blockchain and smart contract. Blockchain allows a decentralized, immutable digital ledger to safely store and transfer data across the network. Blockchain technology is used in e-commerce to transfer transactions in a safe, secure, and faster way. Blockchain enables a peer-to-peer transaction system and data encryption that enables the safe transfer of transactional data. Blockchain is used to transfer transactional data. A smart contract is a special program that enables, verifies, and enforces the terms of a contract digitally. It provides transactional security as the contact is in place. The blockchain, coupled with smart contracts, will revolutionize the future of e-commerce. We have combined blockchain technology to ensure data security and user privacy with smart contracts to ensure that the protocol for the transaction is maintained. The results are presented by building and implementing the proposed system that provides the solution for transactional data privacy.