Lydia, a woman who enjoys fashion ordered a designer bag online. Lydia made all the necessary arrangements, then paid the amount required in full.
Sometime later, Lydia received her bag only to discover she'd been conned. The bag was a fake and of substandard quality, but she'd paid a high amount of money for it.
Since she had no evidence that indeed the delivered bag was fake, she kept it but refused to use it.
The world of e-commerce has become a booming industry in our financial ecosystem. Recent reports show an increase in the growth of the e-commerce sector, and it's further expected to rise. It leads to the question:
What is e-commerce?
Wikipedia defines it as "the transaction of buying or selling online." By online, it means the use of the world wide web in day-to-day buying and selling. This technology has made lives easier by providing a market base as well as exposure for business owners, allowing them to sell their wares to a wide range of people. Buyers have also made use of this important technology in securing goods.
However, the e-commerce world is fraught with danger of bad deals. Like Lydia who was mentioned in the beginning of this article, you may have also been dealt the bad card by unscrupulous people who prey on unsuspecting people.
The e-commerce world is the very petri dish for the culture of counterfeiting, substandard goods, as well as customers falsely claiming they did not receive their shipment. As such, many people have developed a paranoia in the usage of e-commerce. The Global Brand Counterfeiting Report, 2018 states that, the amount of total counterfeiting globally has reached 1.2 trillion USD.
The estimated losses due to counterfeiting of clothing, textiles, footwear, cosmetics, watches and handbags reached 98 billion USD. It leads people to ask if there's a system capable of providing lasting solutions to such problems.
That is where ELEMENTH comes in.
ELEMENTH — the blockchain made for you.
ELEMENTH is a blockchain made for the e-commerce sector. This platform—which isn't just an e-commerce platform by the way— represents an “ownership of goods” in the form of 'ledgers' which businesses can use to take inventory of their products. It has a Turing-complete programming language which when used by businesses, will allow them to maximize the effectiveness of their operations, manage their logistics, track the movement of their goods, verify product quality and authenthicity among others. ELEMENTH allows business owners to write smart contracts in the retail of their goods.
THE GOAL.
ELEMENTH is all about trust and genuineness. The platform's goal is to help in the development of decentralized applications which will help in the development of high standard goods using a specified nomenclature, guarantee ownership of a particular product and allow businesses to write specialized smart contracts for e-commerce.
COMPONENTS.
ELEMENTH features a variety of components which makes it unique in the sea of e-commerce designed platforms. It operates on the following:
1. System of goods.
Source
This provides the ability to track the movement of goods from its manufacturer or originator to its current owner. It operates using a technology like that of a barcode. It cannot be replicated, therefore the blockchain will help in identifying any two products with the same code. The manufacturer will be contacted, and he will determine the original product using a special serial number.
2. Unified Nomenclature.
It is one of the key components of the platform. It allows each seller to have a unique data format, called nomenclature for their product. This makes it easy for a buyer to find.
3. Originality of goods.
Each product in the blockchain exist in a single copy. As such, a dAPP notify a buyer if a product has a copied serial number, making it easier for the product manufacturer to determine the authenticity of the product.
4. Currency.
The blockchain has an in-built currency known as the elementh (EEE) which is used for all operations inside the elementh blockchain, such as the payment of transaction fees.
WHY YOU SHOULD USE ELEMENTH.
Tracking the movement of goods.
The complete chain of movement of product from the manufacturer to the consumer makes it easier to track a product. Also, it allows people to scout the blockchain for potential suppliers and buyers.
Searching for goods by geolocation.
The seller information in the blockchain makes it easier for buyers to find goods in locations nearer to them, so that they can buy them conveniently.
Decentralized sending of messages.
The ability to send messages allow the participants in an exchange to be in contact. As such, they can negotiate the terms of the exchange to result in a favorable outcome for both distributor and buyer.
ELEMENTH has innovative components which will trigger a revolution for the better in the e-commerce sector. I am ready for the change; I can only hope you are too.
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For more information, visit Elementh.
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