With the upcoming launch of our long-awaited E3T token, we are in the process of developing various applications to ensure mass adoption of our tokens on our global digital economy platform. One of the most important applications we are developing is the blockchain-powered e-commerce marketplace.
Giant e-commerce platforms such as Alibaba, Amazonl, JD.com, and eBay have been ruling the e-commerce marketplace for the past decades and out-performed the brick and mortar businesses. All these platforms have one thing in common – they run on centralized platforms. There is one centralized system that matches buyers and sellers. However, these platforms have two key weaknesses, namely a lack of transparency and trust. It is difficult to identify who is the user as well as the associated transactions. This results in growing amounts of online marketplace fraud.
Comparatively, all the transactions on the blockchain marketplace are verifiable, traceable, and tamper-proof. Therefore, it can completely eliminate online frauds which are rampant on traditional e-commerce marketplaces. In fact, every transaction can be traced using a unique digital ID. This speeds up order fulfillment and provides better customer service. Any defective product can be recalled and replaced rapidly and automatically based on the smart contract.
Blockchain marketplace is also a better platform for complaint redressal as data are transparent and immutable. Feedback recorded on the blockchain from the community also provides more accurate information pertaining to products and services sold on the marketplace. This will greatly improve customer satisfaction.
In addition, payment is made easy and instantaneous as it is paid directly to the vendor or supplier without going through intermediaries, saving cost and time. Besides that, merchants will benefit a great deal by adopting the blockchain marketplace as it is easy for supply chain management, payment settlements, auditing, and more.
To enable our entrepreneurs to trade using E3T, we will develop the E3 Blockchain-powered marketplace where all entrepreneurs can set up online stores on the marketplace. We shall develop various applications like shopping carts, web, and mobile apps design, and crypto payment gateways to facilitate online transactions. In addition, we will also add online stores to our wallet for users to purchase goods and services from our merchants with E3T. On top of that, we will also implement O2O e-commerce where users make purchases on our blockchain-powered marketplace and settle payments offline upon delivery using our mobile POS terminal.