Decentralized e-commerce at 5miles.com

Migration of the popular 5miles marketplace to a decentralized platform marks a major milestone for real-world blockchain applications. CyberMiles, together with 5miles, is going to accomplish this by:

1. Migrating 5miles’ product information and user reviews into a CyberMiles smart contract. A web-based “DApp” then will be created to allow users easy access to such information. The CyberMiles public blockchain guarantees e-commerce data integrity, accuracy and transparency. Expect this step to be completed within 45 days.
2. Enabling product purchases via stable coins issued through CyberMiles’ blockchain. Buyers will be able to make purchases by sending payments to smart contracts that hold product listings. The CyberMiles blockchain, meanwhile, facilitates crucial e-commerce functions, such as cash flow and payment. This step will be completed within three months.
3. Supporting upcoming decentralized escrow payments via smart contracts. A decentralized identity and reputation system also will be built to resolve escrow disputes in an automated, decentralized way. Conflict resolution and reputation are critical aspects of any successful online marketplace. This step also will be completed within three months.
4. Building a smart contract-based search engine on CyberMiles to show product listings held within smart contracts. This search engine provides U.I. to support buyers who purchase products directly from the website. The specialized, e-commerce-oriented search engine aims to bring and onboard web traffic to the marketplace. This step is planned to be completed within six months.

Sellers can, as soon as the aformentioned steps are complete, post products on the CyberMiles public blockchain through a standard smart contract template. Buyers can purchase goods directly from sellers without any intermediary via CyberMiles’ DApps and smart contracts. How awesome is that?

With more than 15 million registered users on the 5miles marketplace, migrating all of the e-commerce data to a decentralized platform is a huge, complicated task. For CyberMiles, however, this is just one in a series of milestones. Through 5miles, CyberMiles will demonstrate how to build and scale e-commerce applications on its decentralized public blockchain.

Stay on top of this and other CyberMiles developments on CyberMiles’ blog.