Before we begin, ask yourself this: Have you ever bought something online?
In this digital era of highly advanced technology, chances are you’ll say yes. Online shopping puts a great ease in almost every aspect of shopping itself – reduced order and delivery time thus reduced distance and to a further extent, reduced costs and prices. This makes almost everyone with capabilities to go online – in other words, connection to the internet – can shop online.
When one of the most first online shopping occurred around 1994, companies and retailers knew that online shopping was going to be a hit and they took the advantage of internet’s existence. Major online shopping sites that we know, such as Amazon, opened its site for business in 1995 and now it’s one of the most valuable companies in the world.
However, nothing is perfect, and online shopping has its fair share of weaknesses. One of the most prominent is the product itself that we want to buy. Does it live up to its advertisement? Is the product genuine or counterfeited? Are we paying the proportional price compared to the product’s quality, or delivery time?
To gain trust from its customers, companies and retailers that provide online shopping services must advertise products that live up to what was being advertised. A satisfied customer from buying products that live up to their expectations is highly likely to use the same services. So, the companies need a system that helps customers to verify the products they’re selling! When we buy something unfamiliar with a rather high price online we want to be sure that the product lives up to its price.
Still, there are some small and medium-sized enterprises (SMEs) that provide online shopping services are having difficulties in helping their customers verifying their products. All for a classic reason – lack of funds. In this era of speed and accuracy like no other, a system that helps this verification process that is transparent and reliable is highly required.
Hoping to answer this problem – is Temco.
What is Temco?
Temco is a blockchain-based supply chain management company. Temco strives to present solutions for the problems faced by online shopping consumers, such as verifying the product they want to buy. It doesn’t stop there – the company that produces said product can also gain benefit thanks to the platform created by Temco. Should a company or retailer joined in Temco System, detailed information of their products starting from the production phase to handing it over to the customers will be recorded within the blockchain.
This product information recording can be useful as a means of diagnostics should an error appears in the system. Take an organic food company that has a lot of plantations for example – with Temco, it’ll be easier for the company to detect a product that has been contaminated with a disease.
With the presence of Big Data market owned by the Temco Platform, companies will receive better analysis about the market of their products. Of course, the analysis’ data is acquired upon their consumer’s consent. If the consumers are willing to share their data with the company they can receive rewards in the form of Temco Points, which can be traded for Temco Token. Temco Token can be used by the consumers to buy a product on the marketplace provided by Temco. The token system in other words is like a royalty reward where both sides can benefit upon.
How do they do it?
The supply form production process will be recorded on the blockchain. This was made possible thanks to the smart contract technology used by Temco that runs in the RSK blockchain. Companies will provide QR codes for every package of their product. The QR code is made by vendor applications provided by Temco.
Still, before beginning an easy and automated input process by vendor application for the company, said the company must be verified beforehand in a vendor system created by Temco. The aspects of the company that are being verified ranged from the company’s permits and certifications. With this process, the consumer can breathe a sigh of relief knowing that the products and companies they’re about to affiliate to has been proved and verified by Temco.
When companies inputted the data of the products they’re selling, the smart contract divides the information into two entities: Data for the public blockchain and data for the private blockchain. The public blockchain includes information that is accessible by the public for all its purposes – a product’s origins, product’s temperature, delivery and arrival time, and product’s certifications. This data can be accessed by the consumers. On the other hand is private blockchain, which includes sensitive information such as contract, purchase agreements, prices of products such as production and selling price – basically, private information that is being locked on the Temco platform which can be accessed by a small number of users.
Image taken from Temco Whitepaper
https://docsend.com/view/eiawynp
Point of interest
For the company
- Creating a supply management that is being connected under one platform can ease up companies in identifying oncoming problems. This connection on the platform is happening in real time, which means companies can receive a clear status of their product and they can create concrete steps and decisions towards it.
- Creating a product’s information that is transparent and easy to access which means higher trust from customers towards a product’s quality and reliability.
For the consumer
- Information transparency that can bring ease in online shopping for consumers. Temco provides help for them in verifying products of their accuracy, quality, reliability and so on, especially when the product is relatively unfamiliar with them.
- The consumer’s activity level on Temco affects their loyalty point which is called Temco Points, which can be gained by doing QR code scan, and doing a product’s review and rating it. The Temco Point can be traded with Temco Token in the marketplace created by Temco that can be used to buy products.
Image taken from Temco Whitepaper
https://docsend.com/view/eiawynp
For Temco itself
- The information gathered from both companies and consumers will be immense, and Temco used this chance to offer big data analytical service. Big data is like something that Google and Facebook do – to gather data and process it into analyzable data that can be sold to needing companies.
Image taken from Temco Whitepaper
https://docsend.com/view/eiawynp
Conclusion
Temco offers an interesting solution to face online shopping problems. The business model of Temco involves not only the companies or vendor (the usage of Temco Token for activities within the platform), but also all elements from the platform, which were involved actively. Companies or vendors benefitted from the blockchain-integrated supply management system, and any errors will be easy to trace. On the other hand, consumers can benefit from a transparent system which increases their trust towards certain product or brand. The Temco token acts as the main fuel for the platform – from upload data by users and the usage of access and facilities by vendor.
Consumers can also benefit from the rewards that can be traded on the Temco provided marketplace. As for Temco itself, Temco benefits from the data it gathered over time. Nevertheless, Temco needs to stay on its toes since the new system it offered still requires a strong trust between vendors and Temco itself. Most vendors or companies aren’t willing to integrate themselves with a rather new and unfamiliar system, especially when there’s a technical problem from the blockchain platform that disturbs the platform’s whole ecosystem.
To note is the usage of the application by the consumer. The concept is very simple and easy to do – simply do a QR scan with a smartphone. Should Temco be able to convince the masses with the technology they offer, in short time there’ll be a lot of users that adopted the technology – where the platform will be rich of user reviews and vendors’ rankings.
Temco however does not solve problems such as “why is my product or package has yet to arrive, while the app says it’s on the way with courier?” Such a problem is a technical one and not why Temco exists – what Temco aims is the supply management system that is organized from top to bottom that enables companies’ operations to be more effective and efficient. Hopefully, Temco can prevent companies from having to create a new and costly integrated system.
Let us return to the foremost question of this writing: Have you ever bought something online?
If yes, Temco can be a recommended utility-based application where we can review and verify information of products easily where all of its participants can get what they need.
Find more information here:
https://temco.io (website)
https://docsend.com/view/eiawynp (English Whitepaper)
Social Media:
https://www.facebook.com/TEMCOLABS/
https://twitter.com/TEMCOLABS
https://t.me/TEMCOLABS
Disclaimer: This article is published on the intention of participating and acquiring rewards in the Temco bounty campaign. It is purely based on the writer’s personal and subjective thoughts. This article is not, in any way, persuade or prevent any attempt of financial activities (or any other activities for that matter) such as investments towards any aforementioned companies/bodies of businesses. Please conduct further and thorough research before attempting any financial or monetary actions related to this article.
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eth address: 0x798E46206358a351a655f13C67685B145655436f