- 15th August 2019 - 07:08 pm
- By Admin
BLOCKCHAIN USE CASE: ecommerce and cryptocurrency
A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks in which a record of transactions are made and maintained across several computers that are linked in a peer-to-peer network, blockchain technology offers much potential for eCommerce business which brings us to the question, what is eCommerce ?
Ecommerce are commercial transactions conducted electronically on the internet, it is the buying and selling of goods and services using the internet and the transfer of data and money to execute the transactions.
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. It is also a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units and verify the transfer of assets.
Blockchain is in 4 types
- Private blockchain which has no access restrictions.
- Private blockchain is permissioned, one can’t join it except if you’re invited by the network administrators
- Hybrid blockchain is a combination between different characteristics both public and private blockchain have by design.
- Consortium is a latin word meaning partnership and it is an association of 2 or more individuals, organizations, companies and government with the objective of participating in a common activity or pooling their resources for achieving a common goal.
Blockchain today is the most secured platform, the Distributed Ledger Technology (DLT) which blockchain boasts offers excellent security for online database platform that it makes it ideal for implementation in ecommerce. Also, there has been almost negligible reporting of security in blockchain – powered networks. Another significant upside blockchain offers for ecommerce businesses is that blockchain – based currencies do not exhibit personally identifiable information. Since cyber attacks and data theft has increased ten fold, there is an inevitable risk of loosing customers data. Therefore adopting blockchain is an absolute key to solving these challenges.
While some industries have already started adopting blockchain in their businesses, many are still exploring the best possible ways to start with. Blockchain is a new name in the world of technologies but it is definitely the one to last. Even in the early stages, the technology has gained huge popularity starting with their very first application of cryptocurrencies. Once the technology is widely accepted on a global level, it’ll transform the way we live to day.
Somidax marketplace has a fully tradable and transferable digital decentralized asset as a service that is simple to use, powerful and seared on blockchain with high level of protection while doing business on a P2P environment. This token has a community market that can be used as a medium of exchange on our platform as well as a store house value.
Somidax marketplace allows you to create an account and showcase your products after you have chosen a plan on how long you want to work with somidax, then you can place your order, pay and receive in that order. Free delivery happens on the third week of every month, somidax adds visibility, trust and selfless partnership to the ecommerce world, somidax is transparent and has been known to be very easy to use with fast, easy and unlimited transactions.
As a transparent ecommerce marketplace also facilitate in conducting a frictionless and efficient manner. The ecommerce marketplace is waiting to be revolutionized by the application of blockchain, although it may also take a little time to witness those changes but the change is definitely in the pipeline.