The e-commerce industry is going through many ups and downs. One of the biggest challenges for online businesses is that the market is largely dominated by a couple of big players, with small retailers having a limited scope and reach in the online space. Small and medium businesses that want to sell online have limited resources or opportunities available. Moreover, they have to face competition with major players like Amazon and Walmart. Libra Ecosystem is a blockchain-powered e-commerce platform that intends to solve many of these problems for online businesses.
Another major problem for the e-commerce industry and its users is that almost the entire industry is controlled by centralized entities, which gives birth to many problems such as lack of privacy, lack of security, need and cost of middlemen, long transaction time, limited payment options, and others.
The Libra Ecosystem utilises blockchain technology to offer a range of next-gen solutions and products, including the Libra cryptocurrency-based digital payment system, aimed at solving the various problems of the e-commerce industry.
Libra coin is a cryptocurrency that was originally created as the native coin for the Libra ecosystem, including its products. But now, it has become a full-fledged global decentralized payment system being used by hundreds of businesses and customers worldwide for cost-effective and secure cross-border payments. The Libra coin offers a comprehensive blockchain-based digital payment gateway ready to be integrated into any and all existing businesses allowing them to accept payments securely and at a lower than the standard fee from customers anywhere in the world. Basically, the Libra Pay (app) and the Libra PoS payment system can be used by any merchant anywhere in the world to accept fast & secure payments in cryptocurrencies.
How Libra will be the future of e-commerce
The Libra ecosystem utilises the most powerful and advanced digital payments technology - blockchain - for the betterment of the e-commerce industry and to enable small & mid-size businesses globally to digitalize their offerings and sell in a totally secure manner on a global platform.
Not only does the Libra Pay app will allow e-commerce users/consumers to pay for their orders using cryptocurrencies within the app to any merchant anywhere in the world but also the inclusion of blockchain technology will help make e-commerce transactions and supply chain more transparent for the users. For example, users will have better clarity in how the product they are using is being manufactured and which ingredients are used to build it. Moreover, they can easily track a product to its origin as well as fairly dispute a transaction.
The Libra ecosystem will make e-commerce a global event by allowing all kinds of businesses, including small retailers and suppliers, to connect on a global platform and sell products to customers all over the world with easy & fast crypto payments.
By removing the need for middlemen, the Libra ecosystem will ensure e-commerce transactions are fast, secure and cost-effective as well as are controlled by the users rather than third parties such as banks. This also removes the need to share private user information with many intermediaries. Find out more at https://libraecosystem.com/
Originally published at https://libraecosystem.medium.com/how-libra-ecosystem-will-be-the-driving-force-for-e-commerce-in-future-7e86ec705d5e