Businesses that sell their products or services online rely on e-commerce as a significant part of their revenue. Businesses can often reach today a greater number of customers through e-commerce than traditional retail. The fastest growth has been recorded in the online retail market because so many people have now turned to shop online. There may be an elegant and useful solution to the problem using the blockchain and certain underlying technologies. Imagine a system where you can keep track at any given time of your inventory and supply chain with a “digitalization” of the SKUs or references on the blockchain. As part of its decentralized commerce platform, the Spacelens platform could be particularly suitable to facilitate e-commerce.
What is decentralized commerce?
As an alternative to firm-controlled markets, decentralized marketplaces that utilize the blockchain for their fundamentals offer advantages from decentralization, such as matching transactions with a transparent infrastructure. A business can trade goods, services, or digital assets through this decentralized eCommerce platform without middlemen, send and receive money easily, and more.
With the growth of decentralized market activities, NFTs have also provided an enhanced capacity for digital representation. Since eBay and Amazon-like services became increasingly popular, decentralized market growth is shifting away from centralized buying and selling and applying the exponential growth of connectivity technologies to the new marketplaces. Due to decentralization, efficiency and convenience can be improved along with technological convenience, however, buyers and sellers will still need a way to coordinate their locations.
The Workings Of An Online Marketplace On The Blockchain
Blockchain technology has brought about a new phase of market development. Anything with the attribute “blockchain” shall have a decentralized structure, as well as a blockchain marketplace. Decentralized marketplace and blockchain platforms can be described as marketplaces without a centralized control. All of its operations and maintenance are handled by the users themselves around a connected ledger.
Marketplaces based on blockchain technology often use a semi-centralized infrastructure which connect sellers directly with buyers, and transactions can performed with different interactions. Sellers could post their goods in the same way that they would do on a traditional platform – the interactions are the same but the underlying infrastructure is drastically different.
Even more impressive is that blockchain technology is not just about keeping your files secure, but could enable e-commerce startups to prove they can far surpass the privacy and safe keeping of data. There are companies exploring how this emerging technology can be used to manage retailer reputations more effectively, conduct international commerce more securely, reduce the fees that are included with virtually every financial transaction, as well as reinvent commercial loyalty programs.
What Is The Role Of Spacelens In Decentralized Commerce?
A blockchain-enabled e-commerce platform, Spacelens enables consumers to explore new shopping experiences. The business has also developed an Ethereum based ERC-20 with ticker $SPACE, which are utility tokens, and can help act on the Spacelens platform. You can easily download the app from the Apple App Store or on their website, where you can find products and listings in various categories. You can browse through categories for fashion, video games, electronics, books, sports, household furniture, accessories, etc. In addition to utilizing geolocation metrics, Spacelens’ blockchain-based e-commerce platform also utilizes blockchain technology to offer an advanced crypto wallet. Local buyers and sellers can take advantage of this technology in order to trade efficiently.
Blockchain: The Future of Marketplaces?
Blockchain experts say the online marketplace world may been changed significantly with the introduction of blockchain technology. According to others, this new technology will not affect traditional online marketplaces. Nevertheless, blockchain is disrupting a variety of industries, including retail, and this cannot be disputed. It is likely that blockchain-based marketplaces will compete closely with traditional platforms in the long run, as evidenced by early blockchain marketplaces.