BUILD YOUR BUSINESS "COMPOUNDS" IN THE RIGHT ÊLEMENTH || THE ELEMENTH BLOCKCHAIN OF E-COMMERCE.

ced000 (54)in #business • 8 years ago

The Focus on business bread and butter - sales - by merchants is often hindered by thoughts of the business logistics - Products shipping, Products delivery, Products quality, Countering Product counterfeiting and inventory management.

A similar problem is encountered by buyers when they go in search of original quality low prices commodities, finding products with all the above mentioned qualities can be difficult and even when they are found, they could get exchanged on the way as its being shipped to the customer's location or entirely get missing, leading to funds loss at the customer's end or the merchant's end.

The Next-Gen Blockchain technology has been applied through various concepts in different industries to solve problems of e-value and its gradually transforming the internet from the internet of things to the internet of value.

But can it solve the problems mentioned above, the problem of e-commerce?

Well, here is a hint, commerce is simply the buying and selling of value and if this technology solves the problem of e-value, then what does that that mean for the problem of e-commerce?😏.

Note again that;
e-COMMERCE = e-VALUE.

Based on a true story, Mr. Tunde(@kilatunzii), a Nigerian, sells Samsung earphones, he makes orders from AliExpress. Although he has made many successful orders, he still gets worried about the products' shipping because most times there are delays in delivery and he is completely left in the dark about the location of his ordered products.

some of Mr. Tunde's earphone stock
Speaking with one of his business partners, Mr. Henshaw(@eghe21), He opened up to me that there are times when Mr. Tunde got so worried about the products arrival that he asked for refunds. Surprisingly in a few days, his products arrives and so does his funds, which he did send back to create a good business relationship.

But not everyone would do that, not everyone is Mr. Tunde. And you'd agree with me that this is threatening to the supplier's business.

This is not the only problem that Mr. Tunde has encountered. He has also encountered the problem of underpricing, due to the fact that he cannot prove that his products - Samsung earphones - are original. I got to know again from Mr. Henshaw that they sometimes chat up the supplier, specifically asking for Samsung earphones with the "Samsung logo" printed on it, in order to solve this problem.

Unfortunately, brand counterfeits have gotten excellent with this, in fact I purchased a phone charger branded in name of the company that produced my phone and branded on it as well was, "Fast adaptive charging", but it charges my phone in 7hours😧, normally my phone charges in an hour and 30mins when charged with the original one. To cut the story short, I discovered that there were real "Infinix fast adaptive chargers" and mine was not one of them. But how could I have known. There was no verification ID😧.

Finally on the problems of Mr. Tunde😏, he is yet to set up a store online so as to reach a larger market in his region. This is because it costs a lot to do that because of the centralized nature of stores now and the costs that comes along with it. His earphones are affordable and it wouldn't be so affordable if he had an online store.

Now let me tell you about êlementh.🤗🤗

Introducing êlementh!

Remember how I told you that the Next-Gen Blockchain technology solves the problem of e-value, yea?

Specifically, the blockchain that focuses on the problems of e-commerce - the problems of Mr. Tunde and myself 😂🤣 - and solves these problems is called êlementh.

What is êlementh?

Êlementh is a decentralized ecosystem of e-commerce. It is blockchain register that proves ownership and exchanges of goods with the use of its unified nomenclature of goods and its ability to write smart contracts for quickly creating decentralized applications(DAPP).

It is not just an e-commerce platform because it has a built-in programming language that can be used to optimize the operations of big and small businesses in the areas of products procurement, tracking, authenticity verification, and store design tools.

Some of its major features include;

System of Goods.

Sellers on the êlementh blockchain lists their items for sale through already existing or created merchandise cards, in essence they create a store online, with the design tools created by the êlementh blockchain. This helps to ensure authenticity of goods, tracking the movement of goods from the manufacturer down to any level of any reseller, countering goods counterfeiting, possible.

Say Mr. Tunde decides to take his products online, after hearing about êlementh. He sets up his store with the design tools available on the Blockchain. Before he adds his merchandise to his store, he does a fake search by sending the serial numbers in each and every products in his inventory to the êlementh network. This confirms the originality of the product.

‎To his suprise he discovers that the Amazon and AliExpress market just joined the ecosystem. In addition to the benefits, he discovered that through creating a specialized DAPP, he could set notifications that kept entirely in the loop of his products supply chain all the way from the manufacturer down to him when the products crossed specific landmarks. No worries anymore! The problem of underpricing surely settled as he could show the customers of his product the entire supply chain, down to the manufacturer which they are clearly interested in.
Unified Nomenclature of Goods.

This system of naming ensures that there is no duplicate of goods and that the information is accurate and complete in the blockchain by attaching costs to creating or using an already existing merchandise cards, with the cost of creating a new one higher. This is to bring sellers to caution and the realization that merchandise cards are cards of value especially creating a new one. Realizing that products in a "Unified" naming system helps to easily spot the products of similar quality but at a lower price is a realization that could increase a reseller's profits.

For how long Mr. Tunde will continue patronizing AliExpress, I'm not sure, but I'm sure he will find a lower cost merchant to make more profits😏.

This is beneficial to Mr. Tunde, but how does it solve the problem of his supplier who could have possibly lose all his funds if Mr. Tunde was not a honest customer?

In a practical case, this is;

First of all, Êlementh has made Mr. Tunde able to make payments over a long range of distance with the use of any cryptocurrency of his choice. Now through the use of smart contracts, the cryptocurrency is frozen in it - in the blockchain network, the funds are neither with the buyer or seller. The funds are not released to the seller until the Mr. Tunde confirms ownership and quality of products. In the way, the funds are not refunded to Mr. Tunde until the seller verifies that sent products have returned to him. This makes the transaction "trustless", secure and less costly as intermediaries are cut off.

DAPPS

The ability for developers to create DAPPs built on êlementh gives them a creative opportunity to create applications, decentralized or centralized that ensures specialized transaction operations in different verticals and that there is no single copy of a product. If there is, the buyer is notified, specifiying that there is no origin for the copy. It also encourages customer relationship management as a decentralized messaging system can be created by a developer with the use of the built-in programming language.

Developers are not left out of these benefits, like earlier mentioned DAPPs mean decentralized applications and except the business team are expert devs, they have to employ one to the job. These inevitably increases the opportunities of programmers getting a job. These programmers because of the ease to design a store in just minutes may even decide to delve into the world e-commerce a bit.

Hope this is the last you hear about Mr. Tunde in this article😏, but before that, this is of great benefit to him because he is already an expert dev in other languages, switching to these new êlementh built-in language should be an easy-peasy task. Rendering his services could earn him additional funds to move his business that would be a great and secure advantage to him.

‎The mission of êlementh is a simple but e-commerce world quaking and it summarizes all I've been trying to explicitly explain. It states;

Elementh's goal is to create an alternative protocol for the development of decentralized applications used by e-commerce, providing a standard quality nomenclature, guaranteeing ownership of a particular product and the ability to create specialized smart contracts for e-commerce. Elementh will achieve this by creating a blockchain with a built-in Turing-complete programming language, allowing everyone to write smart contracts and decentralized applications, enabling the use of unified product cards, e-commerce transactions and the transfer of ownership.

The name might sound like the simplest unit of anything, but it is building a bigger market compound than anything the e-commerce world has seen!.

I'm sure Mr. Tunde is sure of this.😏

êlementh2018.