The ecommerce industry is said to be to US 2.7 trillion dollars market and will continue to grow and emerge in different countries and as people get access to these services. By 2020 it is expected to be a US 4 trillion dollars market. This huge number it comes to number of people involved the transaction and moving of goods and services from one destination to another. There are many problems in the ecommerce industry which either make a transaction expensive or not happen at all.
Problems E-commerce Face
- There are four main pain points that ecommerce faces and these start with payments
Payments using current payment methods come with high processing costs fees coupled with the high fees charged by e-commerce platforms. These fees often start from around 2–3% of the total purchase price of any transaction.
- Transactional costs are one of the most important aspects of the e-commerce industry. The current supply chain in daily usage has systemic issues that only blockchain technology can solve in today’s fast-moving e-commerce world
- Currently almost all customer’s data is stored on centralised servers where it is vulnerable to online criminals. Some e-commerce companies have suffered attacks from cybercriminals and a substantial amount of data has been stolen. However, with a blockchain based e-commerce platform, it is virtually impossible to suffer such attacks since blockchain platforms are decentralised, safe from attack which in turn means customer data is also decentralised.
- Security is considered one of the biggest problems faced by existing e-commerce platforms. Many complaints have been reported against giant e-commerce stores by other retailers. With that, the President of the United States, Donald J. Trump, recently tweeted about Amazon’s transparency concerns since big name e-commerce stores like Amazon are known for cutting off direct contact between consumers and sellers, sometimes disabling a merchant’s page with little or no explanation.
Seeing the number of problems in e-commerce with online/offline retail industry, we decided to be a blockchain network. Most people may question Token Network on why build another blockchain when there are so many out there. The answer is our chain, which we call Token Network has similarities to shopify or woo-commerce. By adopting smart contracts and having a library of same we can readily speed up development and launch the main net in a timely fashion. We will be utilising NULS Blockchain factory for the buildout. They have extensive experience relative to our blockchain requirements.
Token Network is built specifically for merchant and business transactions. We believe in empowering entrepreneurs to utilise a more cost-effective solution, that increases organic growth and enhances their customers experience, which in turn is a win-win situation. When a business pays less fees, it will assist to effectively contain costs and grow their e-commerce site.
Token Network’s early adopter is Token Trolley which is an online ecommerce site for merchants to consumers. This will jumpstart our network and grow adoption of our chain.
Some of the features of Token Network
- Automatic Escrow
- ICO platform for business base on foundation approval
- A highly efficient supply chain
- Availability to Cross Chain communication.
Token Network is using a proof of credit consensus and will have master nodes in the ecosystem much like how proof of stake works.
The Token Network blockchain provides an extremely valuable platform to build and deploy ecommerce and online stores on because of the high scalability and the secure Token Network blockchain. For more information about token network and its token contribution event please visit www.tokennetwork.global