Syscoin to Disrupt eBay and Real-Estate Industries
We have just added the ability to create auctions in Syscoin 2.2. This will allow any offer on the Blockmarket platform to be turned into an auction with a fixed countdown time, minimum bid and reserve price. Offers can now be:
- Regular Offers
- Timed Auctions
- Timed Auctions with a “Buy it Now” option
Auctions on the Blockchain
Although the market for retail auctions is dwindling, the need for a decentralized marketplace that can handle retail goods as well as high-value or legal-laden transactions such as Real-Estate is important. Now, one platform can serve the needs for almost any type of e-commerce. Syscoin 2.2 will offer the ability for merchants to set their offers as auctions including the traditional “buy it now” approach. This is similar to eBay auctions except we include an automated, arbiter-based escrow system into each offer.
In our auction system, we allow merchants to configure multiple options. They may require a deposit (this imitates how current Real-Estate transactions work, a deposit is often required to show earnestness), a witness or notary, and a reserve price. The escrow system works in conjunction with the offer and alias identity modules to ensure the correct offer is sold to the winning bidder under authorization of the seller. Because these are smart contracts running through consensus on the blockchain, Syscoin auctions are just as secure as regular Syscoin transactions.
Blockchain Auction Use Cases
- Energy Trading
- Real-Estate
- Domain Names
- Retail Goods
- Automotive
- Liquidation
- Supply Chain
- Rough Goods
Why Auctions? Because Real-Estate.
One of our research goals is to be able to handle Real-Estate type of deals on our marketplace. Some requirements for Real-Estate transactions are:
- Commission
- Deposits
- Bids
- Notarization
We can now implement all these through a witness signature to establish a web-of-trust model allowing for the legal requirements of the transaction. This imitates the current legacy process and brings it into the digital world by establishing digital signatures instead of written signatures on paper which can be easily forged.
Proof of Concept for the Real-Estate Industry
Above is a conceptual project built upon the Syscoin blockchain for a new client in the Real-Estate industry. Anyone, anywhere on Earth can list land properties for sale. Land owners can list their own properties for near zero fees. There are no commissions, no middlemen and no service charges other than network fees.
Real-Estate agents/agencies can list hundreds or thousands of properties for near-zero fees. Custom Agent profiles can link to existing sites and display single agent listings. Agents can connect to the Syscoin blockchain from their existing portal, or they can set up their own portal on their own website.
Syscoin Set to Disrupt Everything E-Commerce
The policies of behemoth e-commerce sites like eBay and Amazon have created centralized and draconian business practices that take advantage of merchants. Massive network effect, years of preying upon and absorbing rivals have rewarded them with little to no competition. This means they have little risk of being challenged through current technology or business competition. This also means mom and pop shop merchants are forced to submit to these policies or struggle alone for a global audience.
But sometimes, the smallest edge can cause entire industries to turn upside down. We believe the landscape for e-commerce will quickly evolve from centralized platforms to newer distributed blockchain based models. Disrupting the business model of giants such as eBay and Amazon will be similar to how Bitcoin has already disrupted the business of Paypal and Western Union. In order to dethrone and overthrow monopolistic corporations, a paradigm shift must occur.
Blockchain based, decentralized marketplaces provide that paradigm shift for traditional e-commerce. Syscoin presents the new paradigm with policies that are decided directly between buyer and seller, between manufacturer and reseller. This means you are in control. You decide who resells, and at what price. There is no more poaching of manufacturers or an overbearing corporation demanding greater discounts. A decentralized marketplace that disintermediates this policy layer offers such a big advantage to users that the market will take notice. Not only is the buyer/seller now free from centralized policy rules, but fees that padded the pockets of eBay and Amazon now go directly to the users. Cheaper goods, lower fees, fair policies, and a level playing field where everyone has equal opportunity are all made possible by the blockchain.
Visit Syscoin.org or join us on our Slack Channel or our Telegram Channel for more information. Get an automatic invitation to our Slack Channel here: join.syscoin.org.
