Vyoma commerce: a blockchain-based decentralized architecture to combatfraud and enhance security and trust in Bangladesh’s e-commerce ecosystemleveraging smart contracts, supply chain transparency, and digital identity

Abstract

The advent of blockchain technology has achieved notable progress regarding security, particularly within the realm of e-commerce. The existing Web 2.0 framework, which employs inadequate security measures, exhibits vulnerabilities when compared to the robust security features of blockchain technology. The utilization of monitors, computers, and data storage exemplifies the functionality of blockchain technology, which upholds encrypted and distributed transaction records across multiple computers, consequently improving the reliability of the digital ledger. In a nation such as Bangladesh, where transaction data is susceptible to cyber threats and online fraud is prevalent within the e-commerce sector, this type of decentralized system has the potential to alter the landscape significantly. This requires the implementation of a more comprehensive security protocol. This research advocates for the adoption of smart contracts to enhance supply chain transparency and offers digital identification solutions aimed at preventing fraud, including issues related to non-delivery and counterfeit goods. This research utilizes Next.js for front-end development and facilitates backend integration through Solidity and Hardhat.js, specifically for the Solana Blockchain, deployed on an Amazon EC2 instance. This research commenced with an examination of the current e-commerce ecosystem, physical identification infrastructure, and consumer attitudes, ultimately presenting a strategic implementation plan for the adoption of blockchain technology to enhance trust and assurance within the e-commerce landscape of Bangladesh. It further delineates particular obstacles to adoption: technological limitations, regulatory challenges, socio-economic factors, and the expanding digital payments landscape, particularly concerning mobile financial services. This research enhances the current understanding of blockchain as a transformative force in emerging e-commerce markets and provides valuable insights into technology policies relevant to the developing economy of Bangladesh for policymakers, businesses, and technologists.