Blockchain technology is on a path of disruption, and few industries are exempt from its game-changing effects. For the rapidly expanding e-commerce market, blockchain and cryptocurrency will have a transformative impact on how consumers shop, retailers sell and distributors ship products to their destination.
The blockchain revolution is already several years underway, but e-commerce has remained largely on the sidelines. In the meantime, the market has become ever more centralized with the power of sales and distribution monopolized by a few big players.
Buying.com: The First Decentralized Marketplace
Buying.com aims to decentralize control of the e-commerce space by creating a consensus-based platform that puts power back into the hands of online shoppers and sellers. Unlike the current online retailing market, Buying.com is creating a platform where consumers and online stores can source products directly from manufacturers, distributors and wholesalers. In doing so, Buying.com will level the playing field for smaller online retailers and distributors, thereby creating a more competitive market for all players.
The Buying.com decentralized network will disrupt the e-commerce status quo through five industry-leading innovations: micro distribution, bulk pricing, real-time logistics, cryptocurrency and transparency.
Decentralized networks are far more efficient at moving goods across time and space than the centralized distribution methods currently employed by Amazon, eBay and Alibaba. Buying.com is creating a system where anyone can transform empty, latent space into a distribution center.
Distribution on Buying.com is hyper-localized, which solves the last-mile logistics problem currently plaguing online sales. Buying.com effectively becomes the Airbnb of e-commerce by allowing anybody to monetize their garage, convenience store or empty warehouse. The network also becomes the Uber of e-commerce by allowing anyone to use their car for last-mile delivery.
Although e-commerce platforms are said to offer more cost savings than big-box retailers, high minimum order quantities (MOQ) inhibit true price competition from taking place. Since virtually no consumer or online retailer can fulfill a manufacturer’s minimum requirements for bulk order quotes, they end up paying more for goods.
Buying.com’s decentralized platform gives every consumer and online retailer the power of millions when sourcing products from manufacturers and wholesalers. The power of a much larger group allows Buying.com users to hit MOQ levels easily, thereby unlocking deep discounts.
Real Time Logistics
Distributed ledger technology provides real-time logistics on all sales executed through the Buying.com network. Real-time shipping information, secure data encryption, and smart contracts are all designed to provide manufacturers, business and consumers with transparency throughout the sale and delivery process.
The Buying.com network will be powered by the Prime protocol, a delegated proof of stake algorithm. The protocol facilitates transactions between suppliers and customers, dynamically locates inventories within hyper-local distribution centers and leverages localized transportation to help deliver products much more quickly than conventional shipping methods. The ultimate goal of the Buying.com platform, once scaled to capacity, is 2-hour delivery times for fast moving consumer goods.
Buying.com has developed a native cryptocurrency (BUY) that incentivizes consumers, distributors and delivery operators to scale the network to full capacity.
Transparency and immutability are core features of the blockchain. Buying.com’s distributed ledger combines the latest innovations in distributed ledger technology to provide a fraud-proof solution that auto-verifies transactions. All transactions carried out on the blockchain are captured in a tamper-proof, secure audit trail.
BUY Token Sale
Buying.com is launching a pre-sale for its custom BUY token on Oct. 1, 2018.
To learn more about Buying.com’s upcoming token sale, read the official whitepaper. For the latest updates, follow us on Telegram.