May 16, 2018
It is undeniable that famous E-commerce platforms like Amazon, Ebay, and Alibaba have changed the way we live and shop. The convenience, low prices, and a huge variety of available products are only a few of the major benefits that E-commerce platforms are able to offer consumers. But at what cost? And where do we go from here? Blockchain is currently a paradigm-shifting technology and it is poised to continue to improve and innovate a variety of industries. So what is a blockchain ecommerce platform?
Trust: It is easy to see that intermediaries are prefered because buyers and sellers usually do not trust other parties. They believe that the intermediaries can help assure the complete faithfulness of the transaction. However, this kind of trust has its own cost which is the fee intermediaries charge the buyer or seller to maintain the ledger.
Frauds: In this day and age, counterfeit is still the biggest problem faced by the majority of E-commerce companies. This is mainly due to the difficulties in regulation as well as selection of vendors which will ultimately diminish the brand image.
Slow transactions: The E-commerce supply chain involves several parties with negotiated commissions and shipping rates. On top of that, ordering, tendering, shipment tracking, delivery confirmation, and settlement of the costs and charges can make the whole transaction process unnecessarily complicated and delayed for weeks or even months.
Nowadays, the immediately available traditional currencies such as bank checking accounts, paper and coins, add up to approximately $9,000 billion. And although cryptocurrencies make up for a mere 6% today, their use is on the rise and expected to exponentially increase in the coming time.
One of the greatest benefits blockchain ecommerce platform creates is allowing users to make payments directly to machines. Let’s imagine a car holding a digital wallet. Pay and it unlocks itself without the interference of a human being. Intermediary fees could be cut off, while waiting periods would vanish and you wouldn’t need to pay upfront.
Wouldn’t it be great if you, as a customer, are able to share your shopping history with multiple supermarket brands, and benefit from the personalized offers they make? And what do you think about loyalty programs that can be used across retailers, enabling you to decide where to redeem rewards?
Both examples are made possible through the use of blockchain ecommerce platform, whereby all your purchasing history and points are safely captured on the blockchain, owned by you, the user, and distributed to the companies of your choice.
Another wonderful benefit of blockchain ecommerce platform revolves around storing product warranties. Most of us have experienced the frustration of having lost paper receipts and being unable to prove warranty coverage. Storing all purchase information on the blockchain ecommerce platform would in turn solve this problem. Manufacturers, retailers and customers would all be able to access the data, allowing proof of ownership to be easily validated.
Blockchain has brought a whole new revolution of digital currency and transaction system where every single transaction, agreement and process would have their own digital signature and could always be identified and validated by anyone. The contracts are embedded in the code, transparent and stored in shared databases which make them completely protected from loss, deletion and tampering. In such world, intermediaries like brokers, banker’s lawyers might not be needed at all.
Infinity Blockchain Labs (IBL) is a visionary R&D company engaged in intermediary and RegTech services employing blockchain technology. We focus on forming alliances with established businesses and regulatory institutions across various industries, as well as providing collaborative incubation for early stage blockchain projects.
IBL aspires to empower Vietnam to become a global leader in blockchain development and therefore are committed to sharing information to nurture a passionate, educated blockchain community. One of the ways we maintain our role as ecosystem pioneer is by helping create educated blockchain enthusiasts. We are committed to sharing information and resources to help Vietnam become a blockchain hub through conferences, courses, contests, alliances, workshops, speaking engagements and incubations. Information regarding topics like hard forks helps people become more familiar with key blockchain concepts and thus able to adopt the technology.
Keep up with our activities in blockchain development through our website and social media channels:
LinkedIn: Infinity Blockchain Labs