The industry leader in e-commerce, Shopify, has introduced a whole new suite of blockchain-based solutions tailored specifically for retailers. This new feature should enhance the user experience for web3-based shops hosted on Shopify.
Additionally, retailers can apply token gating and take advantage of additional capabilities available in the enlarged wallet ecosystem.
Advantages to Users
One designer of Shopify's blockchain team took (1) to Twitter to announce that the e-commerce platform's merchants now have access to new tools that allow them to construct token-gating applications.
Token gating is a prevalent feature in the Web3 domain, and it is a verification technique for communities to offer members exclusive access to particular events, items, and drops.
It is considered a method for providing holders of tokens with an element of exclusivity and enables the developers of NFTs to provide access only to certain holders of tokens.
In the case of Shopify, retailers can change the configuration of their stores to specify which unique items may be purchased by customers with particular tokens.
To enable the functionality of this feature, it will be necessary for them to install a token-gating app in their respective stores and choose which items, collections, or events will be accessible to particular token holders.
Since June 2022, token gating has been in the beta testing phase. Before this point, access to this feature was restricted to a small group of users. Because of these recent advancements, the ability to use this tool to enhance the shopping experience for customers is now available to the owners of Shopify stores.
In addition to this, the cryptocurrency wallet connects tool on Spotify has been upgraded with the addition of the Ethereum (SIWE) protocol. Sign-In with Ethereum is a standardized method that allows owners of ENS domains and holders of ERC-20 tokens to protect their sign-ins without disclosing their identifiers to 3rd data collectors.
This connection is consistent with the current issues that Shopify has been having with protecting the privacy of its customers' data. A suit was filed against the e-commerce behemoth in 2022 due to the high-profile Ledger data leak with the hardware wallet provider.
Now that merchants have access to this one-of-a-kind sign-in capability, they can ensure that customers can sign in to their wallets effortlessly. In addition, customers can use the statement generator, which makes for a more positive user experience by enabling the modification of message statement prompts.
Sadaf.eth, an advocate for ENS Labs, provided further information about this connection in a tweet in which he explained how Shopify merchants might make use of the technology.
In addition, the blockchain suite contains applications and services that may assist merchants in the management of their blockchain assets.
Shopify's blockchain suite is designed to assist merchants in maximizing the benefits derived from the opportunities presented by distributed ledger technology.
Shopify Remains a Strong Supporter of Blockchain-Based Solutions
Shopify has a long history of incorporating blockchain technology into its platform to enhance the business's online payments, security, and scalability. Shopify introduced bitcoin lightning payments for businesses in 2019, making it possible for consumers to make both quick and inexpensive payments.
Since then, it has formed partnerships with several other blockchain systems, including CoinPayments and OpenBazaar, to provide services such as secure consumer authentication and automatic merchant payroll. In addition, it has incorporated blockchain technology into PoS and electronic commerce systems to make transactions more streamlined.
In conclusion, Shopify is investigating new blockchain technologies and working with Hedera Hashgraph and Consensys to create its solutions.