TANZO: Blockchain Marketplace for Handmade Goods?
Discover TANZO, the first social marketplace for handmade goods, where crafters can enjoy protection and craftsmanship. The platform embraces the distributed ledger technology that guarantees transparency on the platform and makes it an open and safe for both buyers and sellers.
The main goal of TANZO is to become a synchronized social platform that works on a completely decentralized trust system to ensure that all parties involved in a transaction enjoy equal protection.
The Handmade Market
According to market research, the global market for handmade goods has tripled since 2008 and is now becoming a $100 billion industry. In 2016, exports in handmade goods from India alone were worth $5.4 billion, a 15% rise compared to 2007. In the same period, China and Southeast Asia combined generated more than $25 billion.
Currently, the total size of the US crafts industry is worth $43.9 billion, as revealed by researchers from the Association for Creative Industries (AFCI). Due to this rising demand, the industry envisages that by 2020, the global handmade market will generate up to $150 billion.
Issues For Crafters And Buyers
For crafters, the issues include lack of international marketing knowledge and lack of buyer confidence, as crafters usually are not identified. There is also the fear of dishonest buyers. Other problems include lack of direct communication with potential buyers, the inability to present their products in fair competition, difficulty in directing traffic to their product listings, and barriers to proper representation of themselves and their products.
On the part of buyers, there is difficulty in verifying whether a crafter is genuine. At the same time, most buyers cannot verify whether the item is truly the handmade work of the crafter. Lack of reliable reviews and difficulty in verifying whether a crafter is simply out to exploit the marketplace, are some of the issues to address.
TANZO offers the following advantages to its users:
- Comprehensive, easy-to-use service
- Low fees
- Low transaction costs
- Payment with popular cryptocurrencies such as BTC and ETH
- Proof of authenticity
TANZO team believes that its blockchain-based identity verification process will enable crafters to sell their handmade items on the platform. It also guarantees to potential buyers that all goods are handmade by the actual crafter who sells them.
TANZO seeks to incentivize users who utilize the TZO tokens as their default currency for transactions by reducing or completely removing the withdrawal fees. It can also give out bonuses in terms of TZO tokens to reward special achievements.
For buyers, the platform utilizes geo-location and timestamp functionality together with blockchain technology to confirm the identity and authenticity of each new crafter and each new item.
TANZO’s smart contract system is responsible for registering crafters and their products on the blockchain when they meet certain predefined conditions. Each product purchase is registered on the blockchain as a transaction.
TANZO offers a complete, turnkey e-commerce platform that enables crafters to easily set up their own digital storefront. With this solution, crafters can list their products on TANZO effortlessly. In the end, they will enjoy very low transaction fees when the products are sold through the TANZO marketplace.