E-Commerce is the next thing in shaping and revolutionising consumer habits. When Tesco tries to penetrate the Korean e-commerce market, they introduce Virtual Subway Store and brought the two most accessible medium together, subway and handphones to emerge as the market leader in e-commerce.
In the world that is fast moving and focussed on the creation of value, the speed of transaction, minimising the costs of sale and the quest for fail-proof system is the forefront of E-Commerce. Ethereum (ETH) Blockchain is prized for its ability to provide a seamless series of automation and Bitboost is an E-Commerce initiative that rests on the Ethereum platform.
How BitBoost Compares to its Peers
Every platform that offers commercial transactions on the internet has one gaping problem, the issue of trust. Hence, giants like Ebay, Alibaba and Amazon puts its integrity as an assurance and commitment to pay or to deliver. If the issue is after sales service, again these giants have their conflict resolution system to prevent fraudulent or mischievous complaints and to entertain genuine consumer claims.
However to the common traders by and large honest people do not have such credentials or the added functionality. So, they have a choice, to partner these E-commerce giants to bolster their credentials, but it comes with a fee. This additional costs which will eventually be passed down to the consumer. In the past, this is a necessary evil. But NOT in the present day scenario.
Bitboost
Bitboost through the Ethereum platform is a trustless system. It operates by perimeters defined in the smart contract, eliminating the risk of non payment or risk of non delivery at zero commission costs. Being a decentralised sytem, it does not rest its revenue on subcription, advertisement or collection of personal data to fund its operation. The value is then divested to its users. It creates more functionality, total confidentiality and returns value. Since the entire operation rests on blockchain, there is no particular centralisation of operation, hence it operates with no possibility of downtime. The one most crippling issue with e-commerce, the potential of a massive breakdown examplified by Whatsapps lately.
Introduction of Arbiter
The fear of all e-commerce merchants are disputes by consumer. Most of the time, in good faith, every complain is entertained and the merchant takes a step back in order to protect their reputation and goodwill. However they are disadvantaged because not all complains are genuine or valid. But in the absence of a unbias third party, the merchant stands to the lose. This would be a travesty if the complainant is a fraudster.
Bitboost offers an unconventional and ingenious solution. An arbiter. The arbiter will evaluate the complains and through sound market practices makes a decision which is totally unaffected by the merchant nor the consumer. Hence the credibility of the merchant is unperturbed and it gives assurance to genuine consumer that their after sale complains will be professionally dealt with.
Bitboost has an additional ‘soft touch’ which is an integrated feature by introducing filters. Filters can block potentially offensive material according to the preference of the users on legal, cultural or religious grounds.
Enchancing User Experience
The crowd sourced system of score based on reliability and trustworthiness apart from the seamless transaction is an attractive feature. Merchants that has good scores will be preferred. This is to create a very healthy competition that will spur growth and enchange the entire transaction.
If a slogan is to be coined for Bitboost it ought to sound,
‘Boosting Value, Endless Revenue’
This post was created specifically as an entry to the contest organised by @originalworks contest and sponsored by Bitboost.
Bitboost2017