Beruflich Dokumente
Kultur Dokumente
ISSN: 2455-5703
Abstract
Ecommerce, also known as electronic commerce or internet commerce, refers to the buying and selling of goods or services using
the internet, and the transfer of money and data to execute these transactions. The types of E-commerce includes – business-to-
business (B2B), business-to-consumer (B2C) or business-to-government (B2G). E-commerce with the help of latest trends can
improve communication and doing E-Commerce business is more easier. With more digital innovations in finance, public people
were showing more interest in this form of business. In addition to that, financial sector stakeholders and academic are also more
attracted by this. The main objective of Cryptocurrencies is to replace centralized systems such as banks, eliminating the need for
an intermediary and by this greatly simplify the shopping process. With Ecommerce there is a possibility to reach more people
across the globe at less expense than the traditional business. With the introduction of new concept like crytpcurrency, Bitcoin is
a highly secured digital currency, used by more people. It simply allows its users to move value around the World Wide Web.
Market volatility is the key issue with cryptocurrency payments. Price fluctuations in the value of a cryptocurrency which is being
used for payment can lead to net losses (or conversely, net gains) for e-commerce merchants. With so many factors affecting the
implementation of cryptocurrency-based payments, it’s essential to be able to fail fast while innovating or testing the waters. To
accommodate for risks and volatility, consider incremental additions such as rolling out crypto payments support on a web app
before making them available via native app capabilities or vice versa.
Keywords- Block Chaining, Cryptocurrency, Mining, Bitcoins, Cryptocurrency, Security Threats, E-commerce, User
Privacy
I. INTRODUCTION
A. E-commerce
The term Electronic commerce (or e-Commerce) refers to the effective use of an electronic medium to do commercial transactions.
Also, it refers to the sale and the purchase of products via Internet. , but the term E-Commerce also covers purchasing mechanisms
via Internet (for B-To-B).
1) Litecoin (LTC)
Litecoin, uses the scrypt algorithm that incorporates the SHA-256 algorithm. Its favors large amounts of high-speed RAM, rather
than raw processing power alone.
2) Ethereum (ETH)
Ethereum is an open software platform based on blockchain technology that allows developers to build and deploy decentralized
applications Also it is used to build Decentralized Autonomous Organizations (DAO). A DAO is fully autonomous, decentralized
organization with no single leader. DAO’s are run by programming code, on a collection of smart contracts written on the Ethereum
blockchain.
3) Zcash (ZEC)
Zcash, a decentralized and open-source cryptocurrency, to provide extra security, in which all transactions are recorded and
published on a blockchain, but other details such as the sender, recipient, and amount remain private. Zcash encrypts the contents
of shielded transactions. Since the payment information is encrypted, the protocol uses a novel cryptographic method to verify
their validity.
4) Dash (DASH)
It is built upon Bitcoin’s core code with the more advanced features like privacy and quick transactions. It is an open-source and
has blockchain, wallet infrastructure, and community. Its transaction fee is negligible.
5) Ripple (XRP)
The payment providers exhibits more interest in using this. It is built for enterprise and individuals. The main objective is to move
lots of money around the world as rapidly as possible. It is stable and more than 35 million transactions processed without issue.
It has ability to handle more than 1500 transactions per second.
6) Monero (XMR)
Monero is a secure, private currency system, that uses cryptography to ensure that all of its transactions unlinkable and untraceable.
Now a days it is more desirable.
A. Challenges
– High energy consumption: Bitcoin’s blockchain uses PoW model to achieve distributed consensus in the network. In general,
processing time needs more energy than using a Visa credit card, so there is a need for innovative technologies to reduce this
energy consumption. Likewise, due to the heavy load in network, each transaction consume more energy and, transaction
processing time is also increasing.
– Wallets can be lost: When the user lost private key due to various problems like a hard drive crash or a virus corrupts data or
lost the device carrying the key, all the bitcoins in the wallet has been considered lost for forever. It’s can bankrupt a wealthy
Bitcoin investor within seconds.
– (Facilitate) Criminal activity: The secrecy provided by the Bitcoin system helps the Would-be cyber criminals to perform
various illicit activities such as ransomware, tax evasion, underground market, and money laundering.
How can Block chain be used in Ecommerce?
It allows for faster and cheaper executions of transactions in E-Commerce. For online payment in E-Commerce business, there are
many online payment methods, come with high transaction fees and limited payment options. But in case of using blockchain
technologies for payments, there is no need for financial intermediaries.
These transactions provide direct access to all details and documentation. Normally consumers spend time in requesting
this information from intermediaries. Also blockchain-based payments don’t require customer sensitive information to third-
parties.
Transactions via blockchain occur directly between customers and merchants, this benefits customers, who usually carry
the extra costs, and sellers, who can offer products at a more competitive, lower price. The only fees necessary are for the network
behind the blockchain, which validates transactions and secures the network. As of now, these fees are markedly smaller than those
charged by other digital payment providers.
IV. CONCLUSION
With more advancement happened in Internet, Internet applications and mobile applications with crypto currency played a major
role in E-Commerce Business. This paper explored various advancements, the role and impact of Cryptocurrecny in E-Commerce.
Since the Government made major regulations and systematic implementations of policies, use of digital currency in E-Commerce
business is a major success. With block chain concept implemented in Bitcoin is to allow transactions to be chained to one another.
Now more secured transactions are possible in Internet with cryptocurrency.
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