The ecommerce industry has been growing rapidly with e-commerce sales worldwide. In 2019, retail e-
commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022, more and more businesses are adopting e-commerce and currently, new retail is essentially online retails stores where people can order things at their
fingertips. However, this means while running a business online, both vendors and consumers still experience trust issues in completing the sale through via validated payments and proof or goods received. To establish trust with a transaction it requires a middleman to facilitate the transaction
between the two parties, however, this middles man step adds another layer of cost to both the seller or buyer or both.
Problems Token Network is solving:
1. Illiquid Asset:
Most businesses are having issues when it comes to capital raising whereby, they end up either borrowing money from banks or investors. This can have an onerous impact on the business by way of costs and/or restructuring the business without the consensus of the business owner or management.
Solution: Token Issuance and STO Platform
Token network blockchain will allow businesses and e-commerce sites to create issue their tokens on token network blockchain.
2. Unnecessary Fees:
For a business to facilitate transactions between its supply chain and consumer they tend to use middlemen to complete the transaction, in these cases such as PayPal, Stripe, banking API and more. They usually add more layers to process and thus making business and consumers to pay extra fees.
Solution: Token Network’s smart contract enables the business to carry out the smooth transactions without
high fees between two parties. Token network blockchain which is running proof of credit
consensus allows a secure network transaction.
Trade-in fake goods, which infringe on trademarks and copyright, create profits for organized crime groups at the expense of companies and consumers. Fakes of items like medical supplies, car parts,
toys, food, and cosmetics brands and electrical goods carry a range of health and safety risks. Examples include ineffective prescription drugs, unsafe dental filling materials, fire hazards from poorly wired electronic goods and sub-standard chemicals in lipsticks and baby formula. Counterfeit consumer products are a major issue in many industries. In 2018 Counterfeit goods
caused an estimated $323 Billion in damages to the global economy and for consumers, even led to deaths.
• Wallet: As a trader/producer/consumer, any party wants to overview the products in her belonging. This should be a given, considering that a wallet within a blockchain is a common practice.
• Check Ownership: As a trader/producer/consumer, any party wants to validate the current owner of the product. The ownership check will mainly be important for further processes but can also be useful when a product gets lost and must be returned to the true owner.
• Product Verification: As a trader/producer/consumer, any party wants to be able to confirm the authenticity of a product. To protect the parties against possible fake products, product verification is fully integrated into
the process. The product should be uniquely identifiable and verifiable.
• Product Transaction: As a trader and owner of a product, the parties want to pass the ownership. Representing a typical transaction between two participants, the blockchain is used as a common board of truth.
Toke Network’s cross-chain communication allows developers and businesses to use supply chain data from blockchain companies like VeChains to give their consumers full buyer protection. Token Network is building a more secure, reliable blockchain network for eCommerce whereby businesses and consumers can interact without third parties and at the same time providing an ecosystem for businesses to help them grow and scale.