The payment industry will greatly benefit from blockchain technology, just like the financial services sector has. Payment solutions for international e-commerce is far from perfect, and even with payment solutions like PayPal and Skrill, the payment industry still needs some reworking.Using current payment methods comes with high payment processing fees coupled with the high fees charged by e-commerce platforms on any sales made by retailers using their platform. These fees often start from around 2-3% of the total purchase price of any transaction. Our Blockchain e-commerce project have an aim to create a blockchain based marketplace using fast and secure transactions for any e-commerce business model. We also wants to utilize blockchain technology for the financial transactions aspect of the e-commerce industry by providing low cost financial transactions, high security standards, and an overall amazing customer experience.
One of the problems with existing e-commerce platforms is how data is stored. E-commerce platforms are home to a very large amount of data, most of them collected directly from customers and retailers registered on any given ecommerce platform.Customer’s data is stored on centralized servers where it is vulnerable to online criminals. Some e-commerce companies have suffered attacks from cybercriminals and a substantial amount of data has been stolen. However, with a blockchain based e-commerce platform, it is virtually impossible to suffer such attacks since blockchain platforms are decentralized, which in turn means customer data is also decentralized.It is virtually impossible to hack all the nodes of a blockchain platform, so data on a blockchain based e-commerce platform is considered to be relatively safe.
The implementation of these two features into Our E-commerce Marketplace will solidify the advancement and progression of the industry. This technology will provide the ultimate convenience. Consumers will have the ability to shop at home in an intimate environment and will have a level of engagement that is similar to an in-store experience. Consequently, both satisfaction and efficiency increase. In addition, our Marketplace gains a competitive edge against businesses using antiquated methods of user experience and customer engagement.
This is considered one of the biggest problems faced by existing e-commerce platforms. Many complaints have been reported against giant e-commerce stores by other retailers. With that, the President of the United States, Donald J. Trump, also recently tweeted about Amazon’s transparency concerns since big name e-commerce stores like Amazon are known for cutting off direct contact between consumers and sellers, and sometimes disabling a merchant’s page with little or no explanation.With our blockchain based e-commerce platforms, transparency is the “watchword.” Atikucoin Store is a decentralized marketplace that facilitates online transactions between buyers and sellers in a frictionless and transparent manner.With these solutions offered by blockchain technology to help solve the inherent problems of the e-commerce industry. Another amazing tool utilized through blockchain technology to help create an amazing user experience is Artificial Intelligence. Artificial Intelligence will help blockchain based e-commerce platform users facilitate system interactions in an even better, more automated way. Reviews and incentive programs will be seemless. Imagine, a blockchain-based e-commerce platform using artificial intelligence?With e-commerce facilitating B2B and B2C business reaching unprecedented levels amidst the problems faced by the existent e-commerce platforms, a transformed e-commerce industry facilitated by blockchain technology will skyrocket B2B and B2C sales, only this time with happier sellers and buyers. The ecommerce industry will become a more efficient and transparent one as this technology continues to roll out. We can expect to see approximately seventy percent of this milestone to be achieved within the next few years.
Traditional payment processing fees are costly, typically ranging from flat rates to a percentage of the total transaction to some combination of both. By leveraging blockchain marketplaces, some of the costs imposed by intermediaries could be eliminated. Blockchain’s inherent transparency could allow for an ecommerce platform that incentivizes good/honest behavior by rewarding consumers with a trust score (much like a credit score, but based on the number of “good” transactions completed). Those with higher trust scores would enjoy lower fees, which would ultimately lower abandonment rates.In looking at the current cost structure of processing transactions, sellers pay fees along with the costs of each system in their ecommerce stack. Our Blockchain E-commerce Marketplace would enable sellers to aggregate various processes and systems in one place: payment processing, inventory databases, product management, and other operational systems. That alone could wipe out significant costs associated with maintaining and upgrading each separate system.
Given the number of intermediaries that exist in current ecommerce, it’s easy to see how speed suffers. Transactions are routed through digital storefronts, payment gateways, issuing banks, and a variety of other touchpoints, each managing the data transmission in its own way. A stall at any touchpoint slows the entire cycle.Our Marketplace enables direct management of these processes by removing intermediaries and third-parties that typically slow the process. This reduction in inefficiencies can rid the process of unnecessary delays and friction.
Both public and private DLTs have important and very different use cases, but real world problems seldom lie at the extremes. We find the majority of systems we architect for our customers benefit from a combination of both public and private DLT with a hybrid blockchain solution. We use each for its respective strengths. And we prefer using DLT platforms that include a decentralized public network but also allow us to provision our own private networks using the same developer interface and methodology. This way, one piece of application code for the business is able to talk to both DLTs as appropriate and our customers get the enterprise-level security, auditability, and scale required to further their business.