Blockchain technology offers much potential for ecommerce businesses. Payments, supply chain, and decentralized marketplaces are the three main uses, currently. But many more applications are in the works.
Recall that a blockchain is a “distributed ledger.” It records transactional data and stores it across many different computers. Combining transactions results in a “block.” Each block is linked to the block before and after it, thus creating a “chain.” Because the blockchain data is stored on multiple computers around the world, no single central authority controls the data, which gives blockchain the benefits of being secure, trusted, and for the most part unchangeable.