INTRODUCTION
Ecommerce is one of the budding industries in the world. It is rightly so because of the vast potentials of the Internet that made online transactions faster.
In a related development, the emergence of the disruptive technology called blockchain brought revolution to many industries and sectors of the global economy. The network’s Midas touch had been felt in the financial industry through cryptocurrencies. It had also proved itself worthy of being used in supply chain management. Now, it is breaking through the defence of many issues holding down the electronic commerce (e-commerce) sector to initiate a new trend in the industry.
I welcome you to this review where you would discover the potentials of BIZpaye, a blockchain project that aims at boosting the effectiveness of the e-commerce sector using blockchain technology.
Before that, we’d highlight the challenges and problems.
THE MARKET OPPORTUNITY/CHALLENGES IN TRADITIONAL ECOMMERCEOPERATIONS
Many challenges abound in the current e-commerce and barter system of trading. For this analysis, we would look at some of them before proceeding to the solutions devised by BIZpaye to fix them.
The first on the list is the massive number of products that are wasting away in warehouses because individual governments have manipulated the system to work in their favour. Ideally, such a move triggers maximum control of governments over the production of goods and services in their domains. In some scenarios, such movements tend to discourage manufacturers, as they find it difficult to scale through the restrictions imposed by the governments and other stakeholders in the industry.
Second, BIZpaye identified that the payment structure in the barter system is not flexible. For instance, a retail marketplace would have to face the disparities in the exchange rates, especially when initiating transaction across the borders. Besides, the involved parties would have to face the high fees and other associated bills that tend to discourage the trade (s).
The problems in the industry are numerous, but we would stop at those mentioned above. Now, read further to discover how BIZpaye can bring a long-lasting solution to these through blockchain.
UNIVERSAL CURRENCY
It’s no news that cryptocurrencies are a veritable and faster medium of transaction. Also, their freedom and non-regulation by fiat institutions empower the currencies to go on to clinch more use cases. Hence, their applications in different sectors of the global economy make them viable to be used as a universal system of payment.
It is on that premise that BIZpaye introduces a unified medium of transactions for the e-commerce industry. The BIZpaye Crypto Token, which is issued through the BIZpaye Global Franchise Merchant Network, empowers you and indeed all other users of the BIZpaye marketplace to use the currency for every transaction.
Already, BIZpaye has a presence in over twelve (12) countries where it facilitates transactions for users using three (3) distinct payment methods.
The Multi-Transactional Marketplace
Online sales and purchases were introduced at the time the Internet broke into mainstream adoption. Since then, millions of people around the world have taken to the medium to sell and purchase goods and services.
The introduction of blockchain made things better, as the decentralization mantra and facilitated transactions help it to reposition the barter system for the better. In that instance, BIZpaye set up a marketplace that's dedicated to facilitating multi-transactional B2B & B2C online transactions without hassles. Also on the list of features proposed by the platform is striking of a balance in the conversions of currencies, and the reduction of marketing efforts, as the target audiences are readily available within the system.
THE BIZPAYE ECOSYSTEM
At the core of BIZpaye functionalities is the decentralized retail marketplace that promises to be more efficient than other fiat variations. It’s interesting to note that is the step in the right direction towards repositioning the global e-commerce system for the better.
A critical analysis of the BIZpaye marketplace shows that it has a defined structure for transactions. It wouldn't be business as usual where transactions are in the format of Business to Customer (B2C). Instead, the multi-transactional B2B & B2C online transactions on the BIZpaye marketplace ensure that the business structure also incorporates B2B, B2C, C2C, and C2B. That way, you’re confident that the interests of every participant are covered.
THE FUNCTIONALITIES OF THE BIZPAYE PLATFORM
Aside from setting up a variable currency transactional platform that allows the use of cryptographic currencies for transactions, BIZpaye also has distinct features in its platform.
Notable among these is the empowerment of merchants to display/advertise their services through the platform. It’s worth mentioning that transparency is top-notch here; hence, the inclusion of the description and price of each item on the BIZpaye marketplace.
Also, buyers can deploy their requirements for specific goods after which the parameterized contract goes through the BIZpaye marketplace to check the availability of such. The platform also empowers buyers to check the status of their orders on the blockchain, from the ordering stage to the delivery point.
Information about the Token
Token Name: BIZpaye Crypto
Ticker: CRYPTO
Token Standard: ERC-20
Token Supply: 1 billion
Conclusion
BIZpaye has recorded a feat that ushers in a new phase in the use of blockchain for transactions. I don't doubt that in the future, the BIZpaye blockchain and its dedicated marketplace would be the standard for decentralized e-commerce.
For more insight, please click on the links below:
Website : https://www.bizpayecrypto.io/
Whitepaper : https://files.expub.net/Content/Archive/545/BIZPAYE-CRYPTO-WHITEPAPER-MAY-2019-pdf-400154.pdf
Telegram : https://bit.ly/2Xn132C
Telegram Chat : https://t.me/joinchat/Euq84EoblytkqcocQ9zuPQ
Facebook : https://www.facebook.com/BIZpayeCryptoToken/
Twitter : http://www.twitter.com/BIZpaye
Medium : https://medium.com/BIZpayeCryptoToken
Linkedin : https://www.linkedin.com/company/bizpaye-crypto
Instagram : https://www.instagram.com/bizpayecrypto/
AUTHORS DETAILS
Bitcointalk username- Uju4real
Bitcointalk profile link- https://bitcointalk.org/index.php?action=profile;u=2202971