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The Future of E-commerce is Social and Blockchain-powered

The rise of E-commerce live streaming

On April 1st Luo Yonghao, the founder of Chinese phone manufacturer Smartisan, made headlines by selling a record 170 million CNY ($23.9 million USD) worth of goods during a live show broadcasted on Douyin.

Poster excerpt from TikTok

Though his initiative may have been motivated by his company’s current financial struggles, this performance came as another reminder that e-commerce live streaming is on the rise in China.

E-commerce live streaming is a modern, digital, and social form of television shopping whereby presenters test and review products via social video platforms. During the broadcast viewers are able to place purchases orders from an embedded link online. Cosmetics and electronics are especially popular items of E-commerce live streaming shoppers.

E-commerce revenues generated through live broadcasting reached 400 billion yuan in 2019, which equated to 9% of the total e-commerce sales that year. This figure is expected to exceed one trillion in the near future.

A need for a major technical shift

E-commerce live streaming represents a major shift from traditional online shopping in various ways: from internet thinking to retail thinking, from cash-flow oriented to efficiency oriented. More importantly E-commerce live streaming requires a new approach of data management.

Lazada’s “See Now Buy Now” fashion shows held in Thailand and Philippines featured local labels.

In the era of the Internet of Things and smart objects, the creation and dissemination of information is becoming increasingly fragmented. E-commerce live streaming compounds this problem and increases the risk of information asymmetries regarding the quality and pricing of goods, to the detriment of the end user.

To improve transparency and traceability among the various stakeholders involved throughout the supply chain, data systems with tamper-proof features such as blockchains become even more important.

Overcoming the limitations of existing blockchains

Blockchain’s distributed ledger technology can provide a high degree of control over the information related to any goods. However, existing blockchains such as Bitcoin or Ethereum lack several characteristics necessary to support mainstream commercial applications, such as scalability and user-friendliness.

Rio Chain is a next generation blockchain that’s designed to be easily integrated with and support large scale applications. Using a Proof of Authority consensus model of trusted nodes, Rio Chain is also designed for security, speed (2s/block), efficiency (low transaction cost and electricity usage), and scalability (up to 3,000 transactions per second).

Rio Chain is built on Parity Substrate, which enables cross-chain interoperability. This means it can interact with assets of other blockchains, such as Bitcoin and Ethereum.

To learn more about Rio DeFi, visit riodefi.com and follow us on Telegram.

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