The (R)evolution Of E-commerce Using Blockchain Technology
We all know that blockchain technology and the global e-commerce market are the “engine of the global economy”. Over the last few years, blockchain is turning out to be one of the most important technologies disrupting not only the transactions of money worldwide but also the whole financial system concept.
According to media forecasts, global e-commerce market will reach $135 billion by 2023. Sounds crazy, right? Maybe, but let’s take a look at some of the recent actions of Alibaba for example.
In May Jack Ma, the founder of Alibaba participated at the 2nd World Intelligence Conference in Tianjin. He said on the event that blockchain technology is not a bubble, but Bitcoin is. According to him, “security is a top priority for the e-commerce conglomerate, which reported $39.9 bln in yearly revenue in its latest fiscal Q4 earnings release, and has a trading volume of “trillions of transactions.”
At this point, it became clear that Alibaba integrated internally a blockchain technology to track information for its cross-border logistics services. Alibaba is putting a lot of efforts into blockchain research and development.
The truth is that the popular e-commerce platforms like Alibaba, eBay, Aliexpress, and Amazon need to keep up with the changing environment and the demands of consumers and retailers. Because even if all those platforms have changed the way we live and shop, we’ve changed the way we pay.
Just like Luke Lappala is writing in his article: “Blockchain will allow for decentralized marketplaces to emerge that, with the lack of a centralized team and the inherent costs, will provide lower prices for consumers and better rules for the retailer.”
There are plenty of projects that are currently working on the best possible alternative of a traditional e-commerce. Two of them are really impressive. Let’s see what I found about them.
EVERY, or SHOP* (the company was founded in 2018 and now has been rebranded with a new name), is the first Brand-Direct Marketplace that powers complete data transparency between brands and shoppers.
The EVERY ecosystem will work as a one-stop shop to generate new customer traffic, drive sales, and increase loyalty for brands. Also, every shopper will control their data and decide if he/she wants to share it directly with brands and receive rewards.
The EVERY protocol is a retail blockchain built on top of Ethereum that will power a new way for shoppers and brands to connect directly, for the benefit of both.
According to EVERY “Blockchain technology that underpins cryptocurrencies like Bitcoin and Ethereum can return this power back to the users. Blockchain technology allows decentralized applications, called Dapps, to be built. Compared to a conventional, centralized application, a Dapp inverts the power dynamic.”
ECoinmerce is the world’s first decentralized and tokenized marketplace that will offer consumers and retailers a decentralized platform similar to Amazon and Alibaba. The platform will allow consumers to buy as groups for huge discounts, auction goods to each other, and will feature daily deals at huge discounts. Users will also be incentivized to refer friends, share deals with social media followers, and write product reviews for any goods they’ve purchased.
It’s interesting to mention that after Warren Buffet’s statement about Bitcoin, ECoinmerce has launched Rat Poison Squared T-shirt and a Coin, free token for Bitcoin enthusiasts to show their support to the whole crypto community.
If enough people agree something has value, it does. The same is true of greenbacks or gold, or Bitcoin or any other coin. Perception shapes reality, influencing everything from investments to the cost of goods and services. One person’s rat poison (or Rat Poison) is another’s potion for success, said ECoinmerce COO Rex Chen.
Blockchain technology can change the e-commerce market which has been evaluated as a 2,29 trillion industry. For the middlemen that means that the big names in the e-commerce industry, like Amazon and eBay, are taking up to 15% commission on every closed deal. Does that sound fair?
Just like Leo Ameri, the CEO and founder of Elysian is saying:
“People need to understand that Cryptocurrencies are nothing without us, but united we are unstoppable. Whoever ignores this fact isn’t ready for the future of transparency.