E-commerce Issues: How Blockchain Solves Perennial Problems
As consumption rises, the e-commerce industry has evolved and matured into an industry worth tens of trillions. Year upon year, the major shopping event Single’s Day 11.11 continues top transaction volumes of previous years.
In 2018, China once again shattered its past record buying USD30.8 billion dollars worth of goods, a whopping tally of 27% higher than the year before. The Middle Kingdom is said to own the highest podium spot of nearly USD30 trillion dollars worth in e-commerce transactions for 2017.
Of course, explosive growth is never without issues. Recurring challenges include inventory inefficiencies and missing goods, uneven quality and security risks pertaining to customer information.
As an immutable distributed ledger technology, blockchain eliminates anxieties over transparency and verification; source information to prove product safety and quality; and provide authentication while ensuring privacy.
These attributes of blockchain are demonstrated through real world application of the world’s household companies.
Transparency and verification: Chinese financial giant Ant Financial Services Group — owned by Alibaba — adopted blockchain to provide stringent verification. Alibaba (through its Tmall platform) leveraged the technology and struck a partnership with Antwerp’s World Diamond Centre, where the former will provide a unique blockchain ID for every diamond sold by the Centre.
Source information: Walmart and IBM, in partnership, have created an initiative to track global food supply chain, assuring customers with speed and accuracy, of the origins of the goods sold.
Providing private authentication: Ludos Protocol intends to create the ability to do this using LUD Pay. Our partnership with FullPay will allow gamers with LUD tokens to buy real world goods. The best part is that Ludos Protocol will respect the privacy of gamers as our wallet creates private keys, whereby transactions relate back to these encrypted private keys, which cannot be forged. Each transaction and signature process must be decrypted by password, with no decrypted content stored in the system.
It seems like a high investment for Ludos Protocol to create a system for LUD holders to buy miscellaneous goods. But, why not? After all, as the great Theodore Roosevelt once said: Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty.
Currently, LUD Pay is an efficient blockchain-based private and secure payments system that connects your gaming efforts to earning real world goods. But what if this is applied it to other areas of entertainment, where you can be paid to watch the shows you already enjoy; and in crucial areas, such as exercise, earning tokens by keeping fit and healthy?
Just imagine, that is where Ludos Protocol started.
About Ludos Protocol
Ludos Protocol is a purpose-built blockchain infrastructure project for the gaming community. As only the third blockchain project to be backed by Japanese investment giant Softbank, Ludos addresses numerous shortcomings in the existing gaming landscape. Its main chain + multi-sidechain architecture allows games to run entirely on their own blockchain, preventing scalability issues that have plagued previous blockchain-based games. Additionally, the Protocol seeks to create a gamer-friendly ecosystem whereby game developers and gamers can come together to easily crowdfund and build on the platform. The use of non-fungible tokens (NFT’s) within the ecosystem will allow gamers to swap assets in one game for assets in another. Finally, through their partnership with FullPay Japan, Ludos will give gamers the chance to use LUD tokens that are earned in-game to shop and buy at a range of retail stores in Japan and later the world.
Ludos Protocol Links
Telegram Channel: https://t.me/LudosProtocol
Website: https://www.ludos.one/
Facebook: https://www.facebook.com/LudosProtocolOfficial/
Twitter: https://twitter.com/LudosProtocol
Reddit: https://www.reddit.com/r/LudosProtocol/
BitcoinTalk Thread: https://bitcointalk.org/index.php?topic=5064140.new
