Blockchain is rapidly changing the way businesses operate these days. From fast & secure cross-border payments to a more transparent supply chain and peer-to-peer transactions, blockchain has changed the business paradigm by a great deal in the last few years. The same can be said for e-commerce businesses. Thanks to projects like the Libra Ecosystem, it is now easier than ever for modern businesses to get free from the boundaries of traditional e-commerce.
The current e-commerce system is far from perfect
Traditional e-commerce is not only complicated but also largely inefficient. Since most of the existing online shopping platforms are centralized, they are fully controlled by the owner entities, with users or sellers having little control over how they buy/sell things.
Also, the existing e-commerce platforms have many limitations. For one, the payments are processed by third parties like credit card companies or banks, which requires users to share their account details and other personal information with these middlemen and put their privacy & security at risk. Also, this type of payment processing system can take considerable time to execute a transaction, especially when making cross-border payments.
Other than that, there is huge competition in the market, with a major part of the industry dominated by a couple of big players, giving small businesses limited opportunity to grow in this space. Other problems include the need and cost of middlemen, security issues, complex processes, lack of transparency, fraudulent players, and inability to accept payments in crypto.
Here’s how Libra (blockchain) is changing the face of e-commerce systems for good
The Libra blockchain ecosystem is a platform designed for the benefit of the e-commerce industry. It’s a blockchain-based system that will create and provide a number of decentralized products, including a blockchain-powered, crypto-based digital payment system, which small businesses and merchants can readily integrate into their systems to automate processes and make the overall e-commerce systems more efficient.
Businesses looking to go online or small e-commerce operators looking to expand their reach and beat the competition can greatly benefit from the Libra solutions.
One of the major products of Libra is Libra Pay, which is a globally acceptable digital payment system available in the form of a mobile app that can be used to pay in cryptocurrencies at any merchant anywhere in the world. This will enable e-commerce merchants worldwide to easily accept payments in crypto from their customers and buyers anywhere anytime with the convenience of a mobile app. At the same time, it enables customers to pay securely and conveniently from the app for their online shopping orders with connected merchants.
The Libra Ecosystem will also offer a crypto-fiat exchange within the Libra Pay app, enabling users to instantly convert their digital currencies into fiat and vice versa.
Libra will also soon launch a fully-fledged blockchain-based marketplace, an e-commerce platform connecting merchants and buyers worldwide on a common platform and enabling them to trade peer to peer without middlemen to save the cost and ensure highly secure and private transactions with full transparency. All in all, the Libra e-commerce system intends to give control back to users.