E-commerce is one of the major industries that has been vastly disrupted by the evolution of blockchain-based technologies. One of the aspects where blockchain stands to disrupt the e-commerce industry is the way exchange transactions are performed in this space. Blockchain provides a way to perform digital transactions in a way that is trustless and can be performed without intermediaries or central authorities.
There are many companies working in this direction – to create blockchain-based solutions to the various e-commerce challenges. Libra Ecosystem is one such project that uses blockchain technology and features to disrupt the e-commerce industry through the introduction of a globally digital payment system for online businesses.
E-commerce industry challenges that Libra intends to solve
Libra intends to deal with a number of problems that the traditional e-commerce market suffers from. These include the lack of global financial services & options, increasing competition in the space, the need for middlemen, consumer data & privacy security, complex process, limited investing options, and inability to pay in cryptocurrencies.
One of the major issues of small businesses and startups in the industry is the lack of access to finance options when they are looking to fundraise. Banks only want to support big businesses that can guarantee a return on investment. So, small e-commerce operators are left with limited choices to raise funds for their projects.
Another problem is that the e-commerce industry is mostly dominated by big players, with smaller platforms and businesses have limited resources to handle the competition or grow their userbase.
Also, traditional markets require middlemen for every type of transaction, from payments to shopping, b2b and b2c transactions, and others, giving too much control to unnecessary third parties and middlemen.
And when so many external parties are involved, there is always the risk of privacy and data security. Moreover, the traditional e-commerce system lacks transparency and the process of selling/buying can be sometimes too complex for some people.
Libra – the solution of the e-commerce industry problems
Libra is creating a new kind of e-commerce platform/ecosystem based on blockchain technology, which will develop and provide a series of solutions to help solve the various industry problems and provide a better, more intuitive e-commerce experience.
The primary product of Libra is the Libra digital payment system – Libra Pay – which is a mobile app-based blockchain payment system designed primarily for e-commerce platforms and businesses. The Libra Payment system can be readily integrated into any existing e-commerce system to upgrade the way sellers & dealers accept payments from their online customers, including the ability to accept payment in cryptocurrencies like Ether. This will also enable e-commerce operators to seamlessly trade beyond borders and accept fast payments from their international customers. At the same time, it will allow customers to buy from global brands with the ability to pay in crypto from the convenience of their Libra Pay wallets.
Other than Libra Pay, other Libra Ecosystem products in the line are the Libra crypto exchange, the Libra marketplace, Libra ATM, Libra Card, Libra PoS, and other apps.
In a nutshell, Libra aims to disrupt the e-commerce industry by offering blockchain-based solutions for various e-commerce problems and challenges. The future of the industry looks bright with Libra.