eComX The blockchain platform for the crypto-ecommerce economyeComX.org is a non-government organization based on the USA &
Switzerland-info@eComX.worldABSTRACT
Over the past several years, eCommerce has become a more centralized economy. An industry worth more than 22.1 trillion USD dominated by a handful of the world’s largest companies, such as Amazon, Alibaba, and eBay. Smallershops are quickly getting crushed by their inability to compete against such formidable companies, and fastoutdated with online shoppingrapidly rising.
The strong hold control by a few, of such a giant economy, imposes a business model riddled with disadvantages for the consumers and merchants.
While these few conglomeratescan be accredited for growing one of the most profitable industries, issues such as online fraud has reached unprecedented levels in recent years, merchants continue to experienceunnecessarily high insertion and processing fees, which reduces profit margins. All these disadvantagesmall sellers. On the other side of the eCommerce spectrum are the buyers, they also are disadvantaged by this centralized model, as they are hit with added cost, tariffs, third party handling fees, and time delays.
Today we are beginning to witness thebirth of the second internet revolution, “The Internet of Values”, which promises to do for ecommerce what the first wave of the Internet did for information. At the heart of this new wave, there exist a new technology infrastructure named“Blockchain” and it brings a new paradigm shift to humanity turning centralized business model into obsolescence, in the same way the cars brought it to horse carriages, and electricity did it for the industrial revolution.
No wonder that blockchain technology has been gaining in popularity. it provides mankind a brand new and efficient cooperation system. Blockchain’s application in the eCommercesector has hugeexpectations. At present, all kinds of tokens have completed some basic functions of value transferring and value distributing, but it is still far from the fully addressing real-world issues presented by the current highly centralized model.
To bring about the era of the Internet of Valueto eCommerce as soon as possible, weneed a new generation of eCommerceinfrastructure based on an expandedblockchain technology thatcan link different communitiesand which can bridge the gap between centralized and decentralized organizations.
Venture capitalist William Mougayar calls blockchain “the second significant overlay on the internet, just as the web was the first layer back in 1990”. When most people think of blockchain, Bitcoin instantly comes to mind. But the potential that excites Mougayar and many others goes far beyond ecommercetransactions made using digitalcurrencies. It touches on what is called “the Internet of Value.”
WHAT IS THE INTERNET OF VALUE ?
Like the Internet of Things is key on networking all things through intelligent networks, the Internet of Value is for value to be exchanged as quickly as information. Currently, although information moves around the world instantly, a single payment, for example, from one country to another is slow, expensive and unreliable. In the US, a typical international payment takes 3-5 days to settle, has an error rateof at least 5% and an average cost of $42. Worldwide, there are $180 trillion worth of cross-border payments made every year, with a combined cost of more than $1.7 trillion a year. The same goes for eCommerce, it is nearly impossible to purchase an item in a local store somewhere overseas without running into logistics, fulfillment, and payment issues.
With the Internet of Value, a value transaction can happen instantly, just as people have been sharing words, images and videos online for decades. The Internet of Value enables the exchange of any asset that is of value to someone, including merchandise, music, tickets, and many more.
BLOCKCHAIN ENABLES VALUE EXCHANGE
Until now, selling, buying or exchanging assets has required an intermediary like a bank, marketplace (physical or digital), credit card company, or third-party booking service like Airbnb. Blockchain technology, including eComX.org’s solution, allows assets to be transferred from one party directly to another, with no middleman. The transfer is validated, permanent, and completed instantly. At last value will be able to move around the world as information does.
Investment management service, Rathbones summarizes this potential as:
“…promising to do for value what the internet has done for information:
decentralized control, remove asymmetries, and change the way we transact and interact with everything. From shopping and music downloading to collaborating and sharing of resources, blockchain promises to enable, empower and revolutionize. And disrupt.”
We’re already seeing significant applications of blockchain in the real world. Nasdaq is using it to help firms manage shares. The Baltic nation of Estonia is securely storing the healthcare records for more than one million of its citizens on distributed databases, Japanese airline Peach Aviation recently became the third commercial carrier to accept cryptocurrency as payment for flights, while the musician Imogen Heap built her own blockchain to release a single directly to her fanbase.
For the Internet of Value to gain speed, it is critical to offer the ability for centralized value to be acted by smart contracts in a blockchain and as equally important, is to have Cross-Chain Inter-Operability.
At the moment, there exists a multitude of competing blockchains which do not necessarily connect with one another, so value cannot be exchanged like information just yet. For the internet of value to become a reality, industry standards must be adopted and a mechanism to allow inter-operability must exist.
This I why eComX.org is teaming up with a growing community of interested partners such as major marketplaces, ecommerce institutions, payment providers, logistics & fulfillment businesses to make the eComX blockchain network, the answer to the Internet of Value Paradigm for eCommerce.
With eComX, it is possible for value – to be exchanged in a trustful, immutable infrastructure.
eComX.org is a non-government organization based on the USA & Switzerland
info@eComX.worldwww.eComX.orgwww.eComX.world
