Blockchain-Based E-Commerce: A Review on Applications and Challenges

Abstract

E-commerce platforms enable companies of all sizes to sell their items and promote their brand to a broader audience. The e-commerce sector is continually developing, as new technology and methods of purchasing and selling services and items are developed. The traditional e-commerce system is plagued with problems, such as payment disputes, chargebacks, fraud, and a lack of transparency; however, blockchain can transform e-commerce by making transactions more efficient and safer. Blockchain can be used to build a decentralized network that allows people to securely store and share digital assets. This would enable buyers to access product details such as the product’s origin and source, as well as reduce the risk of fraud. Although the application of blockchain in e-commerce remains in its early stages, this review paper examines research on blockchain-based e-commerce, focusing on applicability and problems in the context of the available literature from 2017 through 2022.