The Libra Ecosystem is a futuristic blockchain platform that was created with the aim to make e-commerce more versatile, global and affordable as well as to provide a solution to the various challenges of the traditional e-commerce system.
It uses blockchain technology to facilitate a new kind of e-commerce system that is decentralized and, therefore, free from all kinds of intermediaries. On top of that, it’s highly secure, affordable and convenient to use.
You can find more about the Libra Ecosystem and the Libra Coin in the project whitepaper.
Note: Libra Coin is a digital currency that provides a way for the Libra Ecosystem users to perform highly secure & blazing fast transactions in a completely decentralized (peer-to-peer) manner.
Dependable Data Security
Lack of security is one of the biggest challenges of traditional e-commerce systems. The Libra E-commerce aims to solve the data security issue through its one-of-a-kind, blockchain e-commerce system with dependable data security.
What’s the challenge?
One of the core things in any e-commerce platform is data security. An e-commerce website or retailer must ensure, even guarantee, the security of the data and privacy of its users to gain and maintain the customer’s trust. A customer, when interacting with an online store where they have to share private information, expects the platform to be discreet about their data and protect it at any cost.
However, the internet world is prone to many security risks such as hacking and viruses that may leave the user data exposed to be used by unauthorised entities for all the wrong purposes.
Even if online merchants want to invest in high-end data security and encryption to protect the user data, this will increase the operational cost and reduce their profitability.
How does the Libra Ecosystem offer Dependable Data Security to E-commerce operators?
One of the reasons why the user data on traditional e-commerce platforms are at risk is that these platforms are centralized and, therefore, have a common point of compromise.
The Libra Ecosystem proposes a solution to this problem with the use of blockchain technology. Not only blockchain provides a way for all the information and data to be distributed between thousands of nodes/computers, creating a truly decentralized system which is nearly impossible to penetrate, but also it works on the concept of transaction verification, which further strengthens the network security.
Each and every transaction in a blockchain network is verified by all the network nodes and then encrypted and securely added to a distributed ledger that is public and shared by all the network nodes, making unauthorised access impossible.
The blockchain-based e-commerce system will effectively eliminate the risk of being hacked or unauthorised access, as we have witnessed in many other platforms built on this innovative technology. This will ensure that not only the user data is safe but also the overall system is protected against all kinds of security risks. Moreover, the blockchain ledger is public, and even a single change or minor addition will be known to everyone in the network.