Since the introduction of Bitcoin in early 2008 by Satoshi Nakamoto, cryptocurrencies have become a major talking point among various financial circles in the world, attracting both individuals as well as institutional investors and traders. However, with time other similar projects started to get introduced to address certain deficiencies present in the Bitcoin system, such as Ethereum, Dash and a host of others.
However, apart from cryptocurrencies, the underlying technology used by them, i.e., blockchain technology, has been applied for several use-cases around the world, and not just for currency transfers. The main driving factor behind blockchain’s popularity is its decentralised nature, totally eliminating the need or the presence of third parties as in the case of more traditional alternatives.
Sector of Work: E-commerce Platforms
The motive behind applying basic blockchain technology to other concepts has a very well documented history, stretching as far back as 2005. In fact, many projects have been trying to link the decentralised nature of blockchain technology with mainstream commerce; particularly in two formats, namely decentralised marketplaces and decentralized payment systems. Although there are many such existing projects already in the cryptosphere, many new projects have been introduced, promising to address all the deficiencies present in the current systems. One such project is Buying.com.
ICO Token Information and Vital Stats
Other Investment Information:
– They accept both Bitcoin and Ethereum during the ICO stage
– Currently having a Hard cap of $50500000 USD
Also Read: Working with the Right Partners for an ICO
Buying.com: Company Background
Buying.com is user-oriented decentralized e-commerce platform, founded by Mrs. Jean Gabriel and headed by CEO Mr. Raghu Bala. With a highly skilled team with experience in the industry, Buying.com’s main aim is to achieve a direct link between product manufacturers and the end-customers by harnessing the power of blockchain technology. The company’s vision largely revolves around decentralizing the global supply chain process through DLT technology.
Buying.com is set to introduce new features such as bulk pricing, cryptocurrency trading and even real-time logistics, enabling consumers to directly purchase products from the manufacturers, distributors or wholesalers. Buying.com even has its own original protocol, named the WeBuy Protocol.
Features – Bringing a Revolution in the Sector
Buying.com aims to be a major disruptive force in the global e-commerce market, disrupting the status quo to bring about change. By harnessing the power of blockchain and DLT technology, Buying.com wants to bring about the market efficiencies which were not addressed by older generation platforms.
Contrary to what it seems, Buying.com offers a host of innovative functions in addition to regular e-commerce features. Some of them are highlighted below.
1- Bulk pricing: Buying.com’s system would allow consumers to get straight from the manufacturer pricings. This can be achieved using bulk order quotes which are unlocked by the Minimum Order Function feature on the platform.
2- Minimum Order Function: Minimum Order function is at the heart of Buying.com’s “Tipping Point Technology”, which allocates a minimum size of orders to be placed with any manufacturer.
3- Micro Distribution: Buying.com has a collection of distribution centres, allowing anyone to become a node on their network. This is achieved by staking tokens and leveraging the individual party’s existing storage to become a micro distribution centre. The resultant system solves the last mile logistics issue which has been plaguing the e-commerce market since its inception.
4- Native Platform Cryptocurrency: com also plans to introduce its own token, the BUY token, to be used for transactions occurring on the platform. The platform is a digital ledger, offering a foolproof solution.
5- Providing Real-time logistics Data:com will provide data on real-time logistics leveraging blockchain technology. This would result in a transparent, fast and contract enforced audit trail. The system is protected by various security measures, such as using the SHA protocol for data encryption. The fruition of this feature would allow manufacturers, businesses and the end user to access real-time shipping data at any time.
6- Direct Product Access App: The Direct Product Access App (DPA) is the decentralized application made for the community. It feeds consumers with commentary as well as feedback on their buying and product experiences on the platform.
Also Read: The Importance of KYC in the Crypto World
Use-Cases: Reasons for Investing in Buying.com
There is no doubt that the e-commerce sector has radically transformed the way day-to-day consumers and sellers do business. This is because of the great degree of affordability, vast product offerings and convenience offered by such platforms. However, over the last few years, the global e-commerce industry is growing at a rapid pace, which is estimated to cross the $4.5 Billion mark by the year 2020. Buying.com recognises that e-commerce is a highly saturated market which would be very difficult to disrupt, especially with huge industry players such as Alibaba, Amazon, eBay etc. accounting for almost 50% of the global market.
However, Buying.com aims to address the recurring issues that are beginning to emerge with the expansion of this industry, with plaguing problems such as data security, transparency of marketplaces and inherent problems of payments. Buying.com has recognised major areas of concern and have developed a system that addresses these inefficiencies. These are mentioned below.
1- Inventory Problems: Through Buying.com’s platform, e-merchants everywhere can theoretically extend their inventory beyond any limits, combatting inventory inefficiencies like never before.
2- Reduces Cost: Cost is a plaguing problem in the existing e-commerce industry, with associated costs adding up every time a product moves through the different stages of the supply chain. Buying.com hopes to eliminate this by delivering a higher profit margin on most products. This can only be achieved by dropshipping, using the power of blockchain technology.
3- Addressing Cash Flow Issues: Contrary to existing systems, e-merchants do not have to stock inventory anymore while working with Buying.com. Thus, no payments will be due until products are sold.
4- Solution to Scalability Issues: Scalability is another problem plaguing the current e-commerce industry, with slow-moving inventory being one of the major problems. Under Buying.com, products can get tested by the consumer, with new ones added quickly without requiring ordering in bulk.
Buying.com has the potential to disrupt the global e-commerce industry, introducing the much-needed changes that are required. Compared to other existing e-commerce platforms, Buying.com puts the consumer in a much better position, harnessing the power of decentralization and transparency to offer a viable solution.