The landscape of online marketplaces is evolving with technology advancements. Artificial intelligence, Natural language processing and now blockchain are changing the way people buy products and services and enter into trades. Geographical boundaries have been reduced with online marketplaces and now we are entering a new age of smart and trustless marketplaces. The requirement of smart marketplaces is the need of the time as the competition is rising and customers are becoming more demanding.
Disrupting the existing operating mechanism of online marketplaces, the blockchain technology is moving merchants and customers away from the traditional e-commerce platforms. The Blockchain powered marketplace is the future as it brings decentralization to the same. Without the hurdles of a third party platform, blockchain platforms will be run by the merchants and customers for their mutual benefits.
Blockchain advantages for the marketplace
Connects the customer and merchants
Blockchain eliminates the need for a third party platform and runs the marketplace as per the consensus of the merchants and customers. It offers a direct communication channel between the two who are involved in a trade over a trustless environment.
Low fee and instant payments
Being fast and instantaneous blockchain online marketplaces charge low fees even when offering instant payment across the global merchants on the blockchain. Utilizing a single global currency eliminates the exchange fee involved in banking transfers.
Customized tokens
Blockchain online marketplace offers merchants a flexibility to tokenize their products, services or loyalty reward points. It makes sure the customers can utilize the reward points over the entire marketplace utilizing the integrated exchanges.
Integration with multiple technologies
It makes possible to integrate more technologies like augmented reality, social gamification and more to the existing blockchain platform.
Instant and real-time offers
Implementation of GeoDrop technology over a blockchain platform is transforming the shopping experience for both merchants and customers, SUBAJ Global Network is a classic example of GeoDrop and Geofencing implementation over the blockchain. It facilitates instant and real-time offers reaching the customers.
SUBAJ Global Network platform is creating waves in the online marketplace. Bringing forward the advantages of four ultra-modern technologies of Artificial intelligence, social gamification, GeoDrop and Augmented reality over blockchain is changing the landscape of online marketplace. Focused on driving more engagement to the merchants without spending on paid marketing channels, SUBAJ brings a platform that has a lot to offers the customers too.SUBAJ Global network is a complete platform with blockchain, exchange and wallet that enables users and merchants switch between multiple cryptocurrencies along with the native customized merchant tokens.
Final Thoughts
The blockchain has proved its advantages keep the transactions secure and fast, the intervention of blockchain into online marketplaces seems to be promising enough. Apart from the advantages discussed above, blockchain platforms like SUBAJ increase the trust between merchants and sellers. The elimination of third-party ensures the network become immutable as the participants control the blockchain as a decentralized network.
SUBAJ embraced blockchain technology and opened up an online marketplace that brings the merchants across the globe together to offer customized reward tokens, hot offers, real-time targets offers and lot more for the bright future of online marketplaces.
To find out more, visit https://subaj.com/
Read the white paper here.
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Name: Adebayo Surakatu
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Website: https://www.subaj.com/
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