Safety and Security of E-commerce Transactions Based on Blockchain Technology

Abstract

The safety and security of e-commerce transactions are critical in today's digital landscape, where cyber risks abound. Blockchain technology's decentralized, transparent, and immutable ledger system offers a viable solution to these concerns. This study investigates the use of Distributed Ledger Technology (DLT), specifically Decentralized Identifiable Distributed Ledger Technology (DIDLT), in conjunction with the innovative Blockchain Consent Algorithm (BCA), to improve the safety and security of e-commerce transactions. Secure data storage and retrieval in e-commerce can be achieved by accurate digital signature production, key generation, blockchain building, and validation. This paper investigates how DIDLT, which combines decentralized identity management with blockchain technology, and BCA, a cutting-edge consensus algorithm designed for blockchain environments, work together to protect e-commerce transactions from identity theft, payment fraud, and data manipulation. This paper throws insight into DIDLT and BCA's potential to transform the e-commerce safety and security market by providing an in-depth analysis of their implementation. Using the incorporated DIDLT-BCA model significantly improves the safety effectiveness of the network, resulting in 98% security, shorter performance times of as much as 150 milliseconds, and mining times of up to 0.98 s.