As explained in previous articles, the BitBoost team is preparing to release a blockchain-based marketplace which will redefine global e-commerce. It’s called The Block, and it’s special because it’s decentralized. This is a relatively new concept in e-commerce that deserves some explanation, especially regarding its benefits to users.
The Block works within the Ethereum blockchain. It’s fully encrypted and has many features intended to facilitate e-commerce through the blockchain, such as:
- Users can buy and sell with confidence. The Block is a fully encrypted e-marketplace with escrow service for safe currency transfer. In the case of a dispute, this feature allows third-party Arbiters to check communications and transactions for fast resolution. If there is no dispute, transactions are completely private.
- We are building a reputation system for both buyers and sellers so everyone will be accountable for their actions.
- Our search engine is fast and accurate.
- It’s easy to make and receive payments in ether, the currency of Ethereum. For user convenience, we are working on adding a fiat payment system as well.
- The Block is always accessible. We never go offline.
- You’ll love the freedom of this e-commerce marketplace. No one can forbid another user from buying or selling anything on The Block. Our filtering system will allow users to eliminate illegal, or just unwanted, items from their searches. Users will only see what they choose to see based on their personal preference and the laws of their jurisdiction.
- The Block is easily customizable. It’s been translated into 20 languages and we’re looking to add more. We offer 2 built-in themes and users will be able to create more. And, of course, there’s our filtering system as mentioned above.
- Our interface is intuitive, friendly, and we’re consistently adding features to improve user experience.
- Since less infrastructure is needed to run our app than centralized marketplaces, buyers will pay much lower fees to use The Block.
Those are the most important features of The Block. But, what are the advantages to buyers and sellers? Depending on market niches, people will discover many reasons to use The Block but we’ll list two major benefits here:
- For Sellers, there is one low fee for listings and no hidden costs.
- Buyers will appreciate that our system is entirely private.
By designing a decentralized marketplace, BitBoost seeks to place all the best features of e-commerce into the hands of our users while removing some of the headaches. We understand that many small retailers, distributors, and manufacturers move onto the internet hoping for a new, profitable sales channel. They are attracted by the promises of lower overhead and access to a broader customer base. Big marketplaces can fulfill both of these needs but charge high fees. Since e-commerce itself is a low-margin sales channel, high fees can cannibalize most of the profits. Many retailers move their businesses online, as a matter of marketing, but earn very small (if any) profits from these platforms. By the way, the same can be said for any internet service, as high fees and abuse of power are common practices among the well-established companies.
This is where The Block´s much lower fees are a significant advantage. Sellers will benefit from using e-commerce sites with broad customer attraction, without the pain of high fees eating their profit margins. Since the blockchain allows us to reduce maintenance cost to a minimum, our users will enjoy a much more profitable channel for their businesses.
Buyers will also benefit. Usually, they come into e-commerce marketplaces seeking convenience and a wider range of products than they could find at local stores. However, most marketplaces will collect and store all your personal information, which they will use for their own profit, either selling it to third-party advertisers or spamming you to spend more money. Although data protection laws empower users to manage their personal data, companies have found ways to legally overcome this barrier. Do you know that by accepting terms and conditions on any website you are probably giving companies the authorization to sell your personal data? Often, users don’t read these tedious disclaimers, and the people gathering your data know it.
Many users find these trackers, personal data gathering techniques, and spam advertising to be annoying at the very least. Users are no longer tolerating companies that gather, store, and sell their personal information in order to spam them later with unwanted emails and ads. An increasing number of internet surfers use ad blockers. Privacy is a growing concern, and in fact, some people have called ad blockers the biggest boycott in history.
The Block’s users will never be tracked. Personal data will not be collected. You will not receive unwanted ads from BitBoost. This simply will not happen as it goes against our policy of providing our users with a client-centric experience. At the same time, anyone using The Block will find an easy and reliable purchasing experience, very similar to centralized marketplaces. They will enjoy all the benefits of using a big marketplace, without the big privacy invasion.
These are the most significant benefits for both users and sellers of The Block. Since the blockchain is still relatively new, we are confident that many more beneficial applications of this technology will arise. As often happens in life: once a door is opened, many more paths appear. At BitBoost we are opening a big new door for everybody and we would like to encourage you to find your path, through blockchain-based e-commerce. Join us in this endeavor!
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