Published in cooperation between Binance and the Hollister Free Lance
Just recently, CoinLaw published a report claiming that about 43 percent of e-commerce platforms have adopted crypto payment options. Elsewhere, Embryo reports that about half (50.6 percent) believe digital currencies could be the future. As technology improves, the need for more efficient experiences also increases. For instance, modern shoppers want to be able to transact as fast as possible at the cheapest possible rate. Digital currencies can help cater to these needs, which explains why businesses are welcoming them.
Agreeing with this widespread adoption, Jonas Juenger, Regional Director DACH, says, “Local Binance Pay collaborations show how crypto is becoming part of everyday life—including grocery shopping in supermarkets, and highlights the powerful synergy between traditional retail and digital payment solutions, offering an enriched shopping experience. It’s proof that crypto isn’t just for traders or institutions, it’s for everyone.”
And as demand increases, so do the prices of digital currencies. Take the price of Ethereum, for instance. As of Oct. 2, the token trades at about $4,390.66. This surge in value shows the growing investor confidence in blockchain technologies and its application in various sectors, including e-commerce. However, as platforms adopt this technology, the need to pay attention to online security becomes even more apparent.
So, why should you ensure safe blockchain integration?
Well, blockchain technology is more secure than many traditional alternatives because it is immutable and decentralized. But that doesn’t mean it is immune to attack. Looking at the statistics, Chainalysis says malicious actors stole over $2 billion worth of cryptocurrency in 2024 alone. Such instances affect customer confidence and even discourage them from exploring your platform.
Given the rising number of online attacks, modern consumers only want to transact with safe platforms. Consider a sector like finance, for instance. Did you know that, according to Latinia, about nine in 10 consumers consider security non-negotiable when choosing an online banking platform? Such statistics explain why you don’t want to turn a blind eye to online safety, even for a second.
Paying attention to security improves your competitiveness, as it shows your commitment to ensuring safe customer interactions. It can also help avoid unnecessary financial losses. According to recent IBM approximations, breached organizations may spend up to $4.88 million recovering from cyberattacks.
Also, don’t forget that cybercriminals are advancing their efforts. In fact, you may be surprised to learn that, according to Eftsure, modern companies are 300 times more likely to encounter an attack. Fail to stay cautious, and you could end up in the hands of malicious persons, with consequences so severe that your business might not survive.
Take advantage of strong access controls
Features like multi-factor authentication (MFA) can work wonders. As the name suggests, MFA requires users to provide at least two different types of verification to access an account or system. These verification factors can be something you know, something you have or something you are. This makes it significantly harder for unauthorized individuals to gain access, even if they manage to steal one credential.
And as simple as it sounds, Eftsure says MFA can prevent between 80 percent and 90 percent of cyberattacks. This protocol also helps improve security and privacy savings by reducing the risk of material breach by 50 percent. Role-based access control (RBAC) is another security strategy you may want to adopt. It involves granting permission based on user roles to ensure individuals have access only to the resources necessary for their responsibilities.
Besides improving security, RBAC can help streamline operations. Since it involves assigning roles instead of individual permissions, it eliminates the cumbersome processes of traditional access control methods. Remember, operational efficiency really determines how successful your brand will be. McKinsey & Company says a strong operational excellence program could increase revenue by up to 30 percent.
Don’t ignore your smart contracts
Smart contracts offer efficiency and transparency by automatically executing agreements when specified terms are met. However, vulnerabilities in a smart contract code could lead to significant security breaches. This is part of why Dark Reading thinks cybercriminals have stolen over $14 billion through blockchain manipulation and crypto fraud. In fact, according to the institution, the vulnerabilities accounted for about 55 percent of the losses.
So, as you turn to smart contracts to improve efficiency, always ensure they are safe. A good place to get started would be conducting regular reviews and tests to identify and fix any vulnerabilities before deployment. Automated testing tools can help catch common issues with minimal effort and time. But this is not to mean that human reviews are not important. Humans are handy in identifying logical errors that automated tools might miss, further improving security.
Third-party audits help when you want an independent, expert review of the code. Such unbiased assessments can help spot flawed assumptions and other issues that your development team might have overlooked. They can also be a strategic way of improving user confidence. Imagine the effects publishing an audit report from a reputable security firm can have on your brand trust. Such moves show your commitment to security and can come in handy to attract risk-averse users.
It shouldn’t be surprising that Binance noted a 72 percent jump in DeFi activities just recently. Sectors, including e-commerce, have been increasingly turning to blockchain-based features to cater to the growing need for fast and secure experiences. But you don’t want to integrate a crypto innovation without paying attention to security. Thankfully, adopting features like MFA and regular audits can help you get started.
