Until now, the e-commerce market is still a blue ocean market with a trillion-dollar market size which continues to grow rapidly in recent years. The turnover of the global e-commerce market has reached $29 trillion in 2017, a 13% increase from 2016. However, the e-commerce market has constantly been encountered with several pain points, i.e. untrustworthiness, inconsistent quality and personal data leakage for customers, and difficulty in surviving the stabilizing market for emerging platforms. Would the blooming blockchain technology be able to solve the aforementioned problems?
The answer is yes – the release of BitCherry will change the pattern of the current e-commerce industry. BitCherry (bitcherry.io) is world’s first distributed e-commerce platform aiming to build a new-generation shared e-commerce ecology through the empowerment of the retail service industry with the blockchain technology. BitCherry was invited to hold a global launching ceremony as a highlight project on the Global Blockchain Investment Summit Singapore on April 24th, 2019. Attending guests and industry peers paid special attention to this emerging project.
In a traditional e-commerce platform, all parties are independent from each other even though they together form a so-called “shared community.” Moreover, due to the existence of a fixed and powerful center, users have limited authority over their own accounts and the data within, and therefore are passive operators. BitCherry effectively solves these problems thanks to the distributed character of the blockchain technology. In BitCherry’s eco-system, super nodes, operational nodes, businesses, consumers and the platform interconnect with each other in the entire commodity value circulation lifecycle. All participants in this ecology are able to enjoy secure transactions and shared profits incentivized by token rewards with the underlying platform blockchain supporting as the technical core.
With the Internet playing an increasingly important role in people’s lives, the traditional e-commerce industry is monopolized by e-commerce giants such as Alibaba and JD.com. Small and medium sized e-commerce platforms face the challenges of insufficient traffic inflow and expensive operational cost, and have to seek low-cost traffic acquisition methods as the traditional traffic dividend gradually disappears. Now, the blockchain technology has brought a new driven point for the development of the e-commerce industry. Many companies are exploring ways to combine the revolutionary distributed methodology with existing businesses to re-construct a new shared e-commerce industry pattern.
BitCherry creatively connects consumption with mining to accelerate the platform’s token circulation and value transfer. It creates an “online-to-offline” e-commerce system with everyone participating in the mining process. Besides, it ensures stable transactions and high efficiency through the combination of digital tokens and traditional payment methods using the blockchain technology and smart contracts.
As a blockchain e-commerce pioneer, BitCherry establishes a strong industry basis for blockchain’s future large-scale applications. It is perceivable that all participants on this platform, including nodes, businesses, consumers and the platform itself will achieve profits and dividends with this technological reform. Therefore, it is reasonable to expect that BitCherry will be able to expand its business globally.