Online platforms such as eBay and Amazon have dominated the market for many years. There is no easier and above all more efficient way to sell old things and fill up your holiday budget.
What is the pain point?
But everyone has certainly wondered what eBay does to justify a commission of over 10%. That's the amount eBay withholds from private sellers and that's far more than Western Union takes to transfer money. Of course, we all complain about it, but there is still no better way to sell your beloved items. At least until the blockchain technology emerges.
Why Blockchain?
At the moment, the blockchain can significantly increase the trustworthiness of new small platform applications. A personal wallet makes it possible to automatically debit the buyer's account via smart contracts in real time when an item is sold. Due to the low operating costs, commissions are eliminated. Blockchain's highly reliable technology is able to authenticate users without manual verification by an intermediary. This also means that there is not a single company that owns my buying, selling and searching patterns. Blockchain technology offers many advantages. There is no doubt that this technology will help to take e-commerce to a new level where everyone can enjoy its benefits, not just the big companies...
What do you think?
#LifeWithBlockchain
Thanks to Pascal Mehrwald (@pascalmehrwald), Benjamin Pabst von Ohain (@benpvo), Prof. Dr. Isabell M. Welpe and the TUM seminar participants.