Smart Contract Usage in Marketplace Powered by Blockchain – Storiqa

The digital commerce experience sufficient changes in XXI century. These changes affect many fields of economy and global market. On the one hand, it becomes much more popular and international, borders are slowly breaking. On the other – there are still a lot of problems for both buyers and sellers.

Customers have to experience high commission, problems with currency exchange, payment limitation, insecurity and so on. The seller, in turn, generally encounters many obstacles to entering the global market, because setting up the online store is not so easy thing and requires some programming skills. High commissions and lack of transparency are the problems for all the sides.

All this could leave like that too long, new ideas and solutions were unavoidable. In the age of Blockchain, many projects found the smart contract technology applicable to many fields. E-commerce is not the exception.

Blockchain-based online trading platforms have a lot of advantages over the traditional ones. However, they are not free from all the problems. Let’s overview all the pro and contra.

Why smart contract is the best thing the world ever knew before

The negative things could be left for dessert, but now we will talk about the obvious advantages of marketplaces, based on smart contracts.

First of all, thanks to smart contracts, every blockchain-based trading platform is an absolutely safe place for the buyer. The smart contract is the guardian of your funds, who gives your money to the seller when purchased items safely and successfully come to you.

Transactions, circulating within the smart contract system, can be very useful for the online store owner. He can use this data for making the ratings. It is impossible to create fake ratings because the only way to rate an item and leave a comment is to purchase it at first. Only when seller made transaction he or she has the right to comment and express his or her opinion.

Blockchain-based marketplaces like Storiqa use their own internal tokens (STQ in case of Storiqa), which makes the platform more internationalized. For example, you are a buyer from any EU country, while your seller cannot accept EURO. For traditional online stores, it is a problem, but such kind of crypto tokens are the keys to the solution.

Why smart contract is a headache

Some advantages of smart contracts are like a coin. Every coin has both sides, and positives moments are negative at the same time. What does it mean? Above has been already stated that buyers’ money is transferred only after he/she gets his/her purchased goods. It is good for the buyer, but what does it mean for the seller? In fact, it means that seller will have to wait until goods will be shipped to buyer and it could take a long time.

Despite the rating system is more honest thanks to the smart contracts, but still, shops can make their own transactions to leave their own reviews on their own goods. It will be more complicated, but still possible.

The future

Such projects like Storiqa do their best to make their improvements to make system closer to perfection. For example, for Storiqa there is a priority to make absolutely transparent review system to avoid the cheating from shops. And there is not only one field Storiqa is working in.

The main goal of the project is to destroy all the borders between buyers and sellers, as well as to make maximum transparent trading system. Storiqa makes the easy and fast system of transaction, allowing the customer exchange their currencies, buy STQ or sell them. After ICO, which start Nov, 28 and ends Dec,28 STQ tokens will be listed at HitBTC. There are no needs for any external exchange if the marketplace is exchanged itself. STQ tokens give access to sellers for useful marketing tools and higher cashback for buyers in case of payment in STQ.

There are still some problems in the world of smart contracts, but hopefully, the new projects will continue their development to change the e-commerce in a positive way. Nothing happens in the moment, progress could be even slower. The fact that smart contracts just appeared is already a revolution in the economy, marketing, technology, and society.

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Source: Newsbtc