Blank in Action (#6): E-commerce Privacy

#6 — This is the sixth post in our “Blank in Action” series. In this series, we explore realistic and helpful ways to use Blank Wallet.

Last week’s Blank in Action post explained the benefits of using Blank Wallet to remain private when trading crypto. While trading makes up the majority of activity on blockchains, for many enthusiasts the end goal is to use cryptocurrency for everyday payments. Disrupting and ultimately replacing the current financial system is considered necessary to bring about a fairer system that empowers people. If this ambitious goal is to be achieved, cryptocurrency must see further adoption and acceptance.

Several retailers have already embraced cryptocurrency as an official form of payment. Using crypto can be a great way to pay for e-commerce, as it’s often less cumbersome, with fewer fees, faster transactions, and increased security. As cryptocurrency grows in popularity, it’s getting harder to ignore the impact that it could have on e-commerce. However, despite continued mainstream adoption and acceptance, crypto stands at a crossroads.

Crypto + E-commerce = Exposed

The biggest obstacle in the way of cryptocurrency adoption lies in its fundamentals. A blockchain is a public ledger that is open and transparent by design, meaning that cryptocurrency users forfeit much of their privacy. Currently, using cryptocurrency to pay for e-commerce results in your financial data being exposed on the blockchain.

Let’s use an example to demonstrate. Sam is a firm believer in cryptocurrency and its long-term success. He’s deeply invested, and as a result, supports and uses crypto at every opportunity. Sam wants to enjoy the benefits of paying for products and services online with crypto but has one main concern: his privacy.

When Sam pays for goods or services using cryptocurrency, he reveals the total value of his portfolio, the crypto he holds, and a list of his past transactions. This is a breach of his privacy that he does not feel comfortable sharing. In addition, he doesn’t like the idea of large companies collecting data on his personal finances. If Sam made an order somewhere, it’d be simple for big data hoarders to link his wallet address to his name and physical address.

The same principle extends to offline payments. Sam feels uncomfortable revealing his financial information to service providers such as his personal trainer, accountant, or real estate agent. He wouldn’t show a barista his bank account when buying a cup of coffee and thinks the same should apply to cryptocurrency.

As a result, Sam is left at a crossroads. He wants to enjoy the benefits of paying for e-commerce with cryptocurrency but has major concerns about his privacy.

Pay Privately, Go Blank

Millions of users would gain from reclaiming their financial privacy. Cryptocurrency-based e-commerce offers a range of benefits, such as quicker transactions, lower fees, increased security, and an all-around better user experience. To enjoy the benefits, it’s essential to knock down the barriers that burden users.

Your journey to financial privacy starts with Blank Wallet. Full financial privacy is achieved by mixing funds in a set of privacy pools, leaving them accessible to users yet anonymous and untraceable to prying eyes. Blank Wallet lets the average user deposit crypto to a blank address with no links to previous addresses.

Using Blank Wallet, Sam could create a fully private address and use it to pay for goods and services online. His private address would not be linked to his personal portfolio in any way and would allow him to make purchases freely without overarching privacy concerns.

In many ways, e-commerce is the next frontier to be conquered for cryptocurrency to see mass adoption. With no barriers, users are free to reap the benefits, and when given a choice, people opt for privacy. Blank Wallet brings privacy to the average user, making it seamless, secure, and without compromise.

About Blank Wallet

Blank is the most private, non-custodial Ethereum browser extension wallet.

Blank allows the user to easily interact with privacy smart contracts on Ethereum to hide the amounts and the origins of cryptocurrency held, in a decentralized, non-custodial, and frictionless manner.

Blank solves the problem of privacy in crypto transactions. Each time you want to make a withdrawal, Blank will create a new wallet address for you with the amount of crypto that you requested. This address originates from the smart contract where everyone’s funds are pooled. All of this is achieved using cryptographic proofs to ensure that the user cannot be linked with the original depositing address.

With crypto transactions increasing, on-chain transaction privacy is being highly discussed to keep you safe from exposing yourself. Blank has developed a system that adds the ultimate protective layer to your crypto transactions while facilitating every function that other wallets offer.

Anyone can easily install Blank and start reaping the privacy benefits in no time at all. Besides the smart contract functionality, Blank wallet offers a higher level of privacy due to Tor integration. Upcoming functionality includes DeFi web3 integrations as well as support for Metamask Snaps Plugins to allow for seamless connectivity and usage.

Reclaim privacy on your Ethereum transfers. Go Blank.

Become a member of the Blank community by following us on:
Homepage | Medium | Twitter | Telegram | GitHub | E-mail

The most private, non-custodial Ethereum browser wallet. Reclaim control of your financial privacy. Go Blank: www.goblank.io