The blockchain-based e-commerce project named CyberMiles is doing everything in its capacity to disrupt the $400 billion US e-commerce market from all the well-known e-commerce companies.
They have started building an automated ecommerce platform driven by smart contract on blockchain technology network.
The project was designed under a company known as 5miles which is an already growing ecommerce company in the United States and they are working to challenge the ecommerce giant, Amazon with a decentralized and automated platform.
In year 2017, Amazon was able to hold up to 43.5% of the entire market cap of US e-commerce industry and the second on the list is eBay with just 6.8% and one will not be amazed while Amazon is the faceof of ecommerce industry not only in the United States but globally.
In a situation like this when only one company take close to 50% of the market share, it will always monopolize the market and stiffen any company that may want to challenge their supremacy and will lead to less innovation and possibility of creating complacency by market leaders.
In a situation where customers have lesser options to turn too, their will be poor customer service and we shouldn't forget that centralized traditional digital platform are more prone to hacking than their decentralized counterparts and it is also very costly to maintain.
5miles, the parent company of CyberMiles see enormous possibility to challenge Amazon's dominance with the creation of a p2p blockchain-based decentralized ecommerce platform where buying and selling can be done on a more transparent platform.
What’s exciting is that CyberMiles goes beyond creating an innovative e-commerce platform, they are also working towards creating a better blockchain protocol for decentralized ecommerce applications.
The Platform Token
CyberMiles done their ICO in 2017 and the token has already started trading on many well known digital assets trading platform, two of them is Binance which is the first global cryptocurrency exchange and also Okex platform. The token fuel the operation of the platform and it is paid to those who validate transactions on its network and in order to earn the token if you're not buying it on exchange, you will need to do either of the following:Confirmation of sales, payments, loans, the history of credit and any other transactions on the platform. All these will be done on a fully secured decentralized, automated and anonymous blockchain platform. Confirmation and execution of smart business contracts on the protocol will determine who deserves to receive payment and who should pay who at anytime.
Any ecommerce platforms can make used of CyberMiles smart contract structure to create their own native tokens within their platform which will be similar to ERC20 tokens.
Those native token created by e-commerce platform will be able to connect to the platform blockchain protocol which can be used to buy goods or for paying loyalty points programs.
Library of Smart Contracts
There is a need for the creation of different smart contracts for peer-to-peer and peer-to-system and system-to-system interoperability before one can be able to develop an ecommerce platform on blockchain protocol. But the good news is that CyberMiles is able to find solutions to this complex issue by designing a library of smart contracts that enables the effectiveness of the platform entire back and front end possibility of their e-commerce network.A p2p smart contracts will be able to ensure users to transact, solve dispute, claims or return orders.
The smart contract in the middle will make it possible for the operating systems, databases and other applications within and outside the protocol protocol will be able to interact with each other effortlessly.
CyberMiles plan to make use of these technologies to design a more effective and cheaper e-commerce platform.
5miles Data Migration Now Complete
The just finished stage of CyberMiles platform development is the integration of 5miles ecommerce data into the blockchain protocol of CyberMiles. This was successful ly done on the 9th of May 2019 and as I have said before, 5miles is an already growing ecommerce platform in the US and this data integration guarantee the security and integrity of 5miles data flow thereby authenticating and presenting an efficient solution from conventional point of view.This integration information can be track and view on this smart contract address 0xa3f1e99c46d1d7e6cc96f71b6116cee8160fa4d3. The product data that was migrated is up to 61170 products and because the migration is on to blockchain, therefore it guaranteed a transparent and tamper proof migration. The decentralized data app of CyberMiles solves most critical issues facing the ecommerce industry.
The integration of 5miles ecommerce data into distributed ledger is the next big thing in the exploration of blockchain innovation in ecommerce platform. Though there are still a lot of things to do before coming up with a complete decentralized ecommerce platform but this bold step makes it to be more closer thereby creating more opportunities for further explorations.
A migration like this is the first in blockchain technology and ecommerce industry and through it, those who have interest in using decentralized ecommerce platform will be able to transact on the platform. With this successful integration, am optimistic that we are going to see the creation of new forms of platforms.
Check any of the following links below for information about the project:
https://cybermiles.io/en-us/cmt/whitepaper/
https://bitcointalk.org/index.php?topic=2344875
https://bitcointalk.org/index.php?topic=3179247
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