How Can Blockchain Change e-CommerceThe world of e-commerce has evolved over the years and now has a central position on the internet, with traditional bricks and mortar shopping centers continuing to see their market share eroded by Amazon, eBay, and Alibaba. Now, the Blockchain technology can change this industry.
Payment methods across the internet have become routine and with the cryptocurrency revolution, e-commerce is becoming increasingly popular, with PayPal and its peers beginning to see its market share at risk.
Over the last few years, Bitcoin became more widely recognized by merchants around the world and with it, other digital currencies have also become a popular alternative to the more traditional payment methods, as the Bitcoin network struggles with capacity issues and rising fees.
The increased popularity has not just been down to the cryptocurrencies themselves, but the technology that formed cryptocurrencies, the blockchain technology, with e-commerce on blockchain providing the buyer, the seller and even the marketplace with a record of the transaction on the blockchain that is irrefutable, removing the possibility of fraud and dispute that can lead to lengthy resolution at an expense to both the buyer and the seller.
Each and every step involved in the purchasing process is recorded on the blockchain, from the buyer placing the order and making payment, to the seller receiving payment and shipping the product purchased, and ultimately the buyer’s receipt of product closing out the proof-of-work cycle.
The more traditional e-commerce platforms also add to the buyer’s costs, eating into the cost savings made from buying online, with a percentage of sales and a one-off sales fee added to the total cost of purchase. The built-in costs charged by e-commerce platforms are partially offset by retailers discounting products for sale, hitting retailers with narrower margins, with only the e-commerce platform providers getting the cream.
While there have been a number of early to market blockchain e-commerce platform providers, Eligma is one to follow. Eligma is an AI-driven and blockchain-based cognitive commerce platform and has been touted to be the game changer in the world of e-commerce, with the team looking to change the way in which people discover, purchase, track and resell items online.
Eligma will offer users a “one-place” platform where buyers can shop in all the online stores across the world, check the value of household items and find out the best time to sell them. The platform will also offer users with a decentralized universal loyalty program and help transform each and every household into a business.
With the “one-place” offering, buyers will save a significant amount of time when searching for the right product, leave users with a single online account and provide a cryptocurrency payment option.
One of the great benefits of Eligma’s offering will be data protection. Existing on-line stores record and share behavioral habits and that’s before considering identify theft and the sharing of personal information. Only weeks ago, Facebook was in hot water following the release of millions of users’ personal data.
Eligma’s public crowdsale of its Eli Tokens will begin on 17th April, with the Public pre-sale having ended on 10th April. The ELI tokens can be used to make purchases on Eligma, with Eligma also offering an ELI Token Rewards program, where merchants are able to reward loyal customers on the “one-place” offering. The ELI tokens can be purchased by Ethereum (ETH).
The world of e-commerce is about to change with Eligma and other innovative companies looking to give online shoppers and retailers a far more user-friendly and secure platform and with it, there’ll also be the cost savings to consider.
There is no doubt that the blockchain technology, similar to other industries, can affect the electronic commerce, and it remains to be seen how and when those changes apply.