Even though the e-Commerce industry has shown exponential growth during the last few years, especially with the emergence of giant companies such as Amazon, Alibaba, and eBay, a lot of people are still reluctant to purchase goods and services online. One of the main reasons why some people still refrain from purchasing online is the security and safekeeping of their private information.
Identity theft is perhaps one of the most known online crimes we’ve heard of, where an unknown party misappropriate the identity of somebody else, including information such as email addresses, web-pages and the combination of username and passwords used to access systems such as online banking. This information is sufficient for an individual to obtain a credit card in the victim’s name. This type of hacking has been employed successfully to obtain mass identifying information, including the account information held by Card Systems Solutions for 40 million credit card customers.
Every time we go online and register our personal data in any website, our information remains stored in their database, and if we’ve used our banking information to pay for something online, this information is also stored. This makes a lot of e-Commerce sites the perfect target for hackers looking to steal private data and banking information. The Cambridge Analytica scandal or the Marriot scandal is just a couple of examples where the user’s information was targeted to make a profit out of it. A great solution for this type of issues is blockchain technology, but many projects just don’t offer the privacy users need to protect their information. Xeonbit offers a fully private digital currency capable of enabling a secure payment network, fully decentralized and specially tailored for the e-Commerce industry.
How Xeonbit Can Improve The e-Commerce Industry
The technology behind Xeonobit can help users keep their information private. The “ring signatures” feature shuffles the users’ transaction data, eliminating the possibility of identifying a particular user within the ring. Payments remain anonymous by default, with each transaction using multiple cryptographic signatures and controlling multiple outputs to mix with the outputs of the sender. Therefore, interested parties cannot determine which outputs are controlled by which party, providing untraceability for everyone included in the ring signature.
With the usage of Xeonbit, users can benefit from blockchain technology and cryptocurrencies in everyday transactions. Using Xeonbit can guarantee that each transaction you send or receive remains private and untraceable. This is achieved through the generation of one-time receiver addresses for each transaction.
For example, let’s assume Ally wants to pay for something online using Xeonbit. Once Ally sends the payment, her transaction automatically goes into a ring signature with other people that also sent out transactions during a specific period of time. Ally’s transaction log is now mixed with Bobby’s and Cathy’s; making it impossible to determine which out of the 3 transactions in the ring actually belongs to Ally.
This information is especially helpful given that nobody will be able to track Ally’s transactional data. Additionally, people also won’t be able to determine how much crypto is Ally holding in her crypto wallet since its cryptographically secured, with an especially designed algorithm. Privacy is the top feature that Xeonbit offers, with the possibility of remaining anonymous when doing transactions and without being forced to cooperate with third parties.
Xeonbit is untraceable, allows the use of pseudonyms and shuffles public keys, making it nearly impossible for people to identify anyone in the platform. The enhanced cryptography feature ensures that nobody can inspect outgoing transactions to determine the balance of a specific user. All of these features allow for users to remain unknown, both the sender and the receiver’s information remains private; shielding both from being exposed to potential hackers.
With Xeonbit technology, users can finally feel secure and safe when purchasing goods and services online, without fearing that their information may be stolen or sold. A Win-Win situation for both e-Commerce companies and customers. If you wish to know more about Xeonbit, please visit their website.