Decentralized ECommerce – What’s In It For Us?
What is Decentralized ECommerce? Ecommerce is slowly moving from the world of web to the world of blockchains. As businesses look for new ways to increase profits and reduce expenses, they are turning to cutting-edge technology that empowers them with a flexible and highly customizable model for global distribution, sales tracking, and inventory control. The emerging Decentralized eCommerce offers a practical solution to many business challenges.
The first step towards a healthy online business is the creation of iTunes Blockchain a streamlined and well-organized website. The Decentralized eCommerce framework allows users to leverage multiple functions through a single portal. The users can easily manage all areas of their business with the help of a single interface. Several components of the ecommerce platform are:
Distributed ledger technology (DLT) provides an innovative innovation in the arena of online transaction solutions. Through this revolutionary breakthrough, users can enjoy several advantages, including lower costs, enhanced flexibility, faster transaction execution, enhanced security, enhanced reliability, and increased productivity. The concept of decentralized commerce was first conceptualized by Nick Johnson and Tim Berners-Lee, two renowned computer scientists. Since then, several other notable figures, such as Vitalik Butarov and Wladmir Kloster, have become vocal advocates for the use of the decentralized commerce protocol.
A Decentralized eCommerce consists of the elements that allow users to transact without the use of a third party. The elements include a decentralised marketplace, which acts as the exchange medium between buyers and sellers. On the other hand, sellers can access the rest of the world through a special encrypted channel. Through this unique feature, users are able to conduct global business transactions without revealing any personal information to anyone, even to their own bank. The encrypted channel called spacelens marketplace is created through a series of interconnecting nodes operated by the nodes participating in the decentralized ecommerce system.
The decentralized ecommerce platform runs on the basis of a compact protocol based on the ecommerce engine. This engine is developed in a manner that allows it to be embedded into an existing web browser. The browser embedded into the platform is programmed by the buyer’s web browser using an ecommerce development software. In a way, the buyers’ machine is the interface that connects the ecommerce engine to the rest of the system.
Several other prominent ecommerce platforms are based on different technologies. The two most popular are WordPress and Joomla. However, both these platforms come with their own set of unique advantages and disadvantages. WordPress is a very flexible platform that runs both a blog and a website. On the other hand, Joomla is an advanced framework that is used to build strong back-end applications. These applications are usually deployed as part of a WordPress blog.
The third most popular and the most futuristic ecommerce software are calling the Decentralized Enterprise Network (DECT). This is an application that is based on the idea of a mesh network that acts as a backbone for the entire enterprise. What is great about this technology is that the technology is entirely open source. As a matter of fact, a number of big companies like Google and Amazon have already built DECT into their platform and provided it to their users free of cost. In fact, several other high profile companies like AT&T, Verizon and others are going in for the same.
A Decentralized ECommerce marketplace needs to have a transparent marketplace where each participant has his or her own privacy. The ecosystem will work best when there is a fair trade of services and products among the participants. One of the ways of ensuring that this happens is through the use of a well-devised incentive program. The most important thing is that a Decentralized ECommerce platform does not try to revolutionize the way that online commerce happens. Rather, it should complement it. A decentralized ecommerce platform offers users a sense of flexibility and choice at an affordable price.