Digital experience of buyers can be enhanced in e-commerce through blockchain-based metaverse, Web 3.0 and NFTs. Digital platforms are, therefore, keep to adopt blockchain, e.g. Flipkart, Amazon, Meesho.
Buyers and sellers can interact in metaverse. Blockchain is leveraged to build trust. In e-commerce, it is to be seen how trust can be built around product quality through blockchain.
Blockchain is essentially a shared database where the entries in the block are verified and encrypted. These cannot be edited or tempered. The data is secured through cryptography in blockchain. Each participant in the network has his or her private keys (which act as digital signature) to their transactions.
Blockchain will enter into e-commerce slowly. Today, the buying experience is offline. If metaverse becomes popular, this offline experience can be had online. The very idea of e-commerce changes. User experience will act as a game-changer.
It will give boost to the small and medium scale vendors on the e-commerce platforms. On ONDC, vendors will be part of multiple e-commerce platforms.