Why Stibits is a great partner for E-Commerce Hosts Transitioning to the Blockchain
Blockchain technology offers the international and ever-expanding world of e-commerce an opportunity to bolster data security and lower the cost of transactions, especially as it pertains to major banks and businesses with a significant online presence. These big, online e-commerce hosts are beginning to slowly but surely uncover the undeniable benefits that blockchain technology would deliver their companies; as a result, many of them are ramping up R&D (research and development) measures all-across-the-board in anticipation and preparation for the wide-range of blockchain-based roll-outs that may very likely soon materialize for them. Many of these larger e-commerce hosts that would like to roll-out blockchain-based or oriented platforms in the near future remain somewhat reluctant to do so, however. This hesitation, in large part, stems from companies’ concerns about protecting users’ data and preventing fraudulent activity on new networks.
Additionally, these e-commerce hosts fear the fallout from wrong-end-user transactions and data manipulation that regrettably accompany anonymous identities on the blockchain. These hosts also fear struggling to meet regulatory compliance mandates that so often accompany the implementation of a new and foreign technology. As it stands, legal regulations in most nations and municipalities throughout the globe dictate some semblance of data tracking requirements. And so, with all these barriers to entry in the blockchain space for e-commerce titans, many experts fear that many, if not most, large businesses and banks with a serious need for blockchain technology will be left lurking in the shadows, and stuck with the old, antiquated technology and networks currently in place.
Stibits, a revolutionary new application and platform that adds identity onto the blockchain, provides a solution that would enable large banks, businesses, and e-commerce platforms of all shapes and sizes to implement to bulldoze each of the abovementioned roadblocks and speedily implement blockchain networks. For that reason, Stibits is an ideal partner for these entities moving forward. Specifically, Stibits enables these entities to protect their users from fraudulent activity, wrong-end-user transactions, and data manipulation that oftentimes accompanies complete anonymity on the blockchain. Adding further value, Stibits helps companies comply with relevant government regulations, so that they can quickly and comfortable push towards implementation of a new platform. Thus, Stibits revolutionary platform is no doubt fast-tracking the development of all e-commerce hosts, serving as a much-needed catalyst in building a workable and trusting relationship between e-commerce hosts and users. The following bullet points highlight a handful of specific ways in which Stibits will build trust between e-commerce hosts and users, and in doing so improve data safety in the realm of e-commerce and banking:
o Via Stibits, users can send or request cryptocurrency simply by entering the name, email address, or phone number of the intended recipient — adding (much needed) identity onto the blockchain.
o Stibits ensures data privacy and immutability. The state-of-the-art platform uses a different public address for each transaction. These public addresses cannot be traced to any user profile, and user profiles cannot be traced to any public address.
o User wallets remain completely private, and only users will have access to their private keys.
o Users maintains full and complete control over their balance and exchange history; absolutely no one else has access to this data.
o All data is encrypted with a password that the user creates
Against this backdrop, it is extremely important to note that most e-commerce hosts that operate on a blockchain network do so with a private blockchain, and not a public blockchain. On a private blockchain, host will act as a central authority and retains control over the network, able to monitor the activity and membership of parties in the group; in contrast, on a public blockchain, the entire network is oftentimes decentralized, and consensus amongst the network is required in order to process a transaction. On a private blockchain, the central authority (in this case, the e-commerce host) retains some serious control over the data and the members of the network. Consequently, safeguarding data is as equally an important issue for users under these circumstances on a private blockchain as it is for e-commerce hosts in conducting their businesses and protecting users. Thankfully, however, Stibits’ services provide users with unburdened piece of mind, knowing that their data will be protected through Stibits’ data protection measures, especially those highlighted above. By using Stibits, both e-commerce hosts and users can feel confident that the integrity of their data will never be compromised.
Thus, Stibits equally protects the interest and safety of both users and e-commerce hosts. With that in mind, users and e-commerce hosts can feel confident in transitioning to a safer, quicker, and more efficient blockchain-based network, where e-commerce can thrive and excel. To that point, many major big tech and banking corporations that involve e-commerce will likely transition, in some capacity, to a blockchain-related or based platform in the not too distant future, especially as more and more international corporations, like IBM, begin to incorporate blockchain technology into their business models. It should not come as a surprise, then, should these major e-commerce hosts, like banks and corporations, seek out a partnership with Stibits to quash their concerns about data security on the blockchain network.
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