Five Decentralized Blockchain Marketplaces Set To Improve Transparency
When the internet was first created, no one ever thought it would become the massive platform that it is today. In fact, when you talk to the creators of the world wide web, they never anticipated how quickly society would mold into the digital world. Today, there are online retailers to cater to your every whim.
We have giants like Amazon and eBay. Both retailers that were once such a small company no one took a second look at them. But these giants could crumble under the weight of decentralized marketplaces. Instead of a corporation gaining the revenue from sales, peer to peer or P2P transactions is becoming the new norm. If these giants want to continue to hold their stance, they are going to have to keep up with the change, and that would mean allowing digital currencies to be exchanged.
5 Decentralized Blockchain Marketplaces
Due to the ever-increasing blockchain technology, these businesses and many others will need to keep up. They will need a decentralized marketplace to transfer goods and services. And while many have yet to hear about these marketplaces, they are out there ready for the world to embrace the future of exchanging goods and services through P2P.
If Amazon wants to keep hold of their dominance and remain the number one place for goods, they are going to need the Origami Network. Origami Network is open-source which allows users to keep their information private. This may be appealing to users who like to purchase items without letting the world know what they are buying.
If the giants of today decide to jump into the world of blockchain technology, they are going to need something to help them build their marketplace. Origami would be the first in a short list for such a task. The fact that Origami cannot be shut down, or regulated by third parties makes for an extra treat.
On top of the security that is installed, Origami Network doesn't leave users exposed to the chances of having their information hacked. It is also less susceptible to receive fake reviews or be manipulated by users when compared to centralized marketplaces.
Technically, Ink Protocol works as a building block much like Origami to help others build a decentralized marketplace for their goods.
Ink Protocol holds a strong reputation for being versatile and allows users to integrate the technology into their business structure. Right now, there are several companies utilizing Ink Protocol including Listia Marketplace that has over 10 million users.
While FundRequest is a fully functional marketplace, it handles the tech side of the exchange. With the ability for buyers to request pretty much any service that relates to the back office stuff that is needed to run a successful online business. The only downside to FundRequest is that it is harder to make money from open-source software than say software that has been privately developed.
ModulTrade is designed to meet of small companies that are trying to reach a global community and trade markets. ModulTrade works in three stages. First, the buyer and seller enter into a smart contract. From there, the buyer deposits the funds into the proper account for the goods or services requested. The next stage is for the seller to produce the items sold and ship them out. The smart contract keeps tabs on the development throughout the whole process and only once the item has been delivered are the funds released to the seller.
OpenBazaar is one of the few marketplaces that exchanges over 50 different digital currencies. All the while it connects buyer and sellers from 30 different countries without any extra fees to the seller. Best of all, the standard forms of payment like bank accounts and credit cards are not required due to the P2P infrastructure of OpenBazaar.
The technology is there for having decentralized marketplaces utilize blockchain technology. The question isn't a matter of how they are going to transition to the new digital currencies, it is a matter of when. Right now, cryptocurrencies are used by only a handful of individuals. Soon though, there will be a global currency that allows people from all over the world to purchase goods and services from other countries.
As you can see, several marketplaces are heading the charge into the future. These places are well placed and ready for the masses to finally accept cryptocurrencies as the new norm. So the transition between fiat currencies and digital currencies is but a click away.