The Libra E-commerce store – LC Store – is all set to be launched in the coming days. Read here about the various features & benefits of the LC store.
How traditional e-commerce websites work
Traditionally, e-commerce sites are managed or controlled by centralized authorities like the business owner, manager, etc. The price of products is decided either by the platform or the seller, with customers having no control over it. Customers can buy their favourite product/s on the e-commerce website by paying through the available options, which are generally limited to card payments and internet banking.
Why do we need blockchain-based e-commerce systems?
A major problem with centrally managed e-commerce systems is that there is a high risk of the loss of user data because of issues like system failure, theft, hacking, and others.
Also, since the platform has complete control over the user data and personal information, they can use it for any purpose as they find appropriate. This puts our privacy at serious risk.
Another area where traditional e-commerce lacks is ensuring transparency in the supply chain, from raw material acquisition to manufacturing, supply, delivery and payments. The process is largely controlled by middlemen and other parties, which reduces transparency and increases the product cost for the end-user.
A blockchain-based e-commerce system like Libra will help make online shopping transactions more efficient with features like transparency, security, decentralization and immutability.
How is Libra (LC Store) Different?
LC Store is a blockchain-based e-commerce platform with many advanced features and the security and transparency of the blockchain. The inclusion of blockchain technology enables Libra to give its users complete control and ownership of their data by removing centralized management and intermediaries, thereby reducing the risk of data theft and increasing platform security. In addition, it offers many advanced crypto features, including the ability to use cryptocurrencies for online shopping payments.
LC Store Benefits & Features for Users
Enhanced security in digital transactions
Of course, the primary benefit of the Libra blockchain e-commerce platform is the high-level security of user data and privacy. Unlike traditional e-commerce where user data is in control of the platform, blockchain ensures that uses have full control over their data and protect all data and information on the network through complex cryptographic methods.
Increased transparency in e-commerce supply chain
Libra’s LC Store intends to make e-commerce transactions more transparent with the use of blockchain technology. In other words, transactions, including product pricing, supply, manufacturing and payments, on the LC Store are fully transparent and easy to verify.
Improved accessibility with different control levels
The LC Store allows merchants/store owners to set different control levels with specific access for different people, thus limiting the chances of misuse of the platform.
Zero need or cost of intermediaries
One of the biggest benefits of the Libra E-commerce store is that there are no intermediaries or middlemen, which not only reduces operational costs but also improves security by eliminating the need to share user data with third-party users.
Faster transaction speed and reduced cost
Naturally, the transactions, including shopping transactions and payments, on the Libra Store are faster, thanks to blockchain and are performed at a reduced fee. At the same time, users and merchants get the ability to perform cross-border transactions as conveniently as local payments.
More payment options, including cryptocurrencies
Last but not the least, LC Store allows people to shop online and pay in cryptocurrencies. Yes, you can now buy your favourite products using Ether, Libra coin and multiple other digital currencies conveniently and securely on the Libra e-commerce platform.
For more details, visit our website https://libraecosystem.com/