Question

How is electronic commerce and blockchain affecting global sourcing? What are the long term ramifications?

Answer 1

Electronic commerce or e-commerce is the best way to make the business reach the buyers directly without any sources exactly to the user. The block chain models would exactly what would make the businesses reach the buyer globally so that the best price can be achieved. The connection between the business and consumer would make the disruption in the global sourcing and the supply chain would be a part of it. The changes predicted are:

· Payment methods would get the revamp and decentralization.

· The identity protections would be higher so would be the security of use,

· The transactions can be open between two identified sources.

· The supply chain revamp is expected which means a cost reduction,

· Inventory management would get a boost making the cost of storages low or null,

· Great feedback management would make these processes further enhanced in the future.

The long term ramification would be for the storage industry which would go null and the cost for the business used in storage would also reduce dramatically. The transparency of the process would bring the user and the payers close making the consider buyer relations more healthy. The personal offerings and the consume buyer relations would make the sourcing more cheap and varied from various parts of the globe giving all a great chance to compete globally. The enhanced security has proved its efficiency and has to keep up with the transactions as well to let it be successful in the long-term.