Decentralized E-Commerce Platform Buying.com Will Use Blockchain to Fight Fraud
Buying.com: New Blockchain E-Commerce Platform Will Allow Shoppers To Purchase From Manufacturers
Have you heard of Buying.com? This new company presents a decentralized e-commerce platform that aims to allow online shoppers and stores to get direct access to manufacturers so they can buy cheaper goods with bulk discounts.
Buying.com affirms that the company will reinvent e-commerce on its press release and that it will have four key elements that will help to do it: micro distribution, purchasing power, storefront creation and fragmentation.
First, the company will use micro distribution channels that will be powered by decentralized networks and the blockchain technology. Purchasing power will let the customer have the advantages of purchasing directly from the manufacturers.
By storefront creation, it means that the company will let the clients create their own e-commerce platforms and fragmentation, according to the company, will let smaller-scale retailers challenge global retailers by being part of an integrated back-office operation of the company and peer networks.
The whole business pitch of the company is focused on giving access to manufacturers doing one of the things that the blockchain is more useful to do: cutting the middlemen in order to reduce prices and make things easier for the customers.
Buying.com also promises very fast transactions that will offer “fraud-proof solutions” that will automatically verify the immutable ledger and create an audit trail.
The Initial Coin Offering
As usual, the company is having an Initial Coin Offering (ICO), which has started on October 1, 2018. At the moment, you will be able to get the BUY tokens of the company for $0.07 USD. At the moment the pre-sale is happening, but you will be able to get the tokens for a higher price later if you are not able to get them right now.
The BUY tokens will be used as the currency on the network and will work as an incentive for node operators to scale the progress of the network. They can be used to complete transactions on the platform.
By the end of the year, the company aims to launch its product and to develop new features for it.
The Buying.com team is made up of the CEO Raghu Bala, which has worked at Yahoo and Wharton MBA, the CSO Joshua Jahani, which is formerly of Deloitte, Jean Gabriel founder, Marcel Van Eeden from Deloitte, Bill McIntosh as the CMO is from Harvard and formerly at AOL. Brands like Nescafe, HP, Sony and Panasonic are partners of the company.