The Impact of Blockchain Technology on E-Commerce in the Kingdom of Saudi Arabia

Abstract

Blockchain technology has been considered one of the most significant technological advancements since the invention of the Internet, serving as a valuable addition in the e-commerce industry. This technology enhances security, privacy, and transparency by recording transactions in encrypted and distributed databases. Blockchain provides a decentralized environment that boosts online buying and selling operations, addressing various challenges in the e-commerce industry such as security, privacy, and trust.
This article explores the opportunities for employing blockchain technology in the e-commerce industry, discussing its applications in various aspects such as payment, security, and privacy in e-commerce transactions. To gather data, an electronic survey was conducted, with 264 online customers.
The results indicate that blockchain technology is a recent technological advancement that has been successfully used in the field of e-commerce. This technology has improved electronic payment processes by offering low cost, increased security, and privacy. This has led to accelerated transactions, enhanced transparency, increased trust among stakeholders, and an overall increase in e-commerce.
The study’s summary suggests that blockchain is a suitable technology in the Saudi context and can contribute to enhancing e-commerce operations in the Kingdom by providing low transaction costs and improving security and privacy levels. This, in turn, supports economic growth and enhances user experience in the Kingdom of Saudi Arabia.