E-commerce platforms have boomed over the last decade. The rise of the likes of Amazons and E-bays have disrupted the retail market and brick-and-mortar store have been left with a lot of gaps to plug. While consumers are cherishing the benefits of e-commerce over traditional retail outlets, the downsides of shopping online have been exposed too. From data privacy to biased search results, E-commerce companies are doing everything in their power to gain an edge over the competition. In the process, the ordinary consumer is left with lesser choices and higher prices. It was only a matter of time before Blockchain based companies would address these concerns.
Bcommerce
Bcommerce is a term used for the online marketplace or online retail companies that use Blockchain to solve significant problems faced by sellers and buyer in using existing E-commerce platforms. Plaza uses a combination of technologies to address different aspects of the marketplace. Plaza uses Ethereum Blockchain to interact outside of the eco-system, whereas the MerchantChain is used internally. The MerchantChain is based on internal Proof of Reputation (PoR) offering enhanced functionality.
Plaza Whitepaper claims that the MerchantChain has transaction speed of 15,000 TPS in less than 3 seconds. Due to its unique Proof of Reputation, MerchantChain becomes highly sustainable and scalable. Even if computing power were unavailable in the future, MerchantChain should work fine. Sellers will also have the facility to mint their own MerchantChain Transaction Coin (MTC). The MTC coin will be stable enabling sellers and buyers to use it for real-world use cases.
The Freedom Lifestyle
Plaza will bring Freedom Lifestyle (A term coined and trademarked by the company) to the users which will enable them to use a wide array of services. Plaza will offer a metasearch engine to search for products and services across the internet using artificial intelligence. The company states that this will not prefer any particular product or service thereby eliminating the practice of promoting certain product or services by the present search engines. Plaza will offer debit card empowering users to spend cryptocurrency similar to the traditional fiat currency backed debit cards. Plaza will also introduce a Chatbot to help users find best-priced products across the internet without having to search multiple sites on the internet.
Most importantly, Plaza will not store the data of consumers as all browsing and shopping will be anonymous. This is one of the most desired features with data privacy becoming more critical for users with each passing day. Users will also get rewards similar to what is seen with traditional debit/credit cards and e-commerce platforms. Plaza also plans to introduce voice-activated smart speakers that again will not store any data and keep everything anonymous. Finally, Plaza will also provide a multi-currency wallet to the users to carry out transactions seamlessly. The company will provide mobile and desktop apps which will make payments extremely easy.
Final Thoughts
Plaza is solving the most common problems faced in e-commerce segment along with those faced in implementing Blockchain solutions. The plethora of features provided by Plaza will lead to a hassle-free transformation of online shopping on Blockchain. You can further find in-depth information about the features on the Plaza website.
Disclosure: This is not an investment advice, but a personal assessment of the project. This article is not intended as investment advice. Always do your own research before investing. This article was created in exchange for a potential token reward from Bounty0x and it is written by Cryptosmartbond.
Company website: https://plaza.systems/
Whitepaper: https://docsend.com/view/xwq594p
Telegram: https://t.me/plazatalk
Facebook: https://www.facebook.com/plazasystems
Twitter: https://twitter.com/PlazaSystems
Youtube: https://www.youtube.com/channel/UC5C06Ma-O6-bqgJ76GogBMw