We will call him Rick. He is the owner of a small high-end clothing store in Barbuda. It is Friday and he has spent the last three days using outdated methods of tracking where a shipment of Dolce & Gabbana jackets are. They were supposed to reach the client on February 14th. It is five days later and Rick is having to call the different shipping companies and postal outlets to find out where the package is. Finally the package is found, but the disgruntled customer has already canceled the order and is refusing to do business with Rick’s company ever again.
This example is a problem many businesses face in the e-commerce space. This stems from the fact that they have little or no control over the transportation of their goods. But it is not only in the shipping sector that clients have issues. Authenticating products is also a problem. Quite often, unsuspecting customers and retailers fall foul to entities peddling counterfeit goods because they were unable to verify the original source of the product.
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The Elementh Solution
For a long time, Rick along with millions of e-commerce users saw these aforementioned problems as merely a fact of life. That was until Elementh, the blockchain inspired innovation emerged. This ecosystem has made it possible for retailers to setup applications on their platform to track and buy goods through the utilization of smart contracts. There is the added bonus of authenticating products using the blockchain, something that was difficult up until Elementh’s arrival.
But the genius of the Elementh approach is not only that it will provide transparency within the e-commerce sector via the blockchain; whether it be in the area of “logistic, tracking, verifying product quality, authenticating goods among other things.” The real revolution is in the power it will give to its users. Something they have made possible through the use of the Turing-complete programming language, a protocol that “will allow anyone to write smart contracts and decentralized applications, enabling the use of unified product cards, e-commerce transactions and the transfer of ownership.”
These aforementioned were things that were done predominantly by third parties because people like Rick lacked the knowledge, equipment and know how to execute such tasks. Not only did it rob them of agency, these things can cost a lot. Giving this level of control to the user is, as far as this writer is aware, unprecedented. From shipping, to purchasing, to verifying the authenticity of the product, many businesses and customers were at the mercy of the third party provider.
Therefore things like, **the number of goods, the arrival time of the products, the authenticity and quality of the goods, and the ability to track one’s sales and purchases could never be absolutely verified. To underestimate how much solving these problems will change the e-commerce sector is to not appreciate how revolutionary Elementh is. Huge sums are lost yearly due to the inefficiencies in the present e-commerce system. Though it is not mentioned in their whitepaper; Elementh is in the process of solving a USD 1.9 trillion dollar problem that spans the globe. Yes, that is how much e-commerce is worth and this is expected to rise to about USD 4 trillion according to statista.com. Let that sink in.
Post Elementh Use-case Scenario
But let us go back to Rick and see how switching from the archaic to Elementh has assisted him and his business.
Recently, he has been made aware of Elementh. Realizing that it can solve his problems, he has dispensed with the old pen and paper system and is now firmly established on the Elementh platform. Since then, he has built an application that is able to track his jackets. Therefore, instead of spending days trying to find where a shipment is, he can now concentrate on filling other orders through the power of the smart contract protocol Elementh has taken advantage of.
The example failed to disclose that there were also issues on the wholesale side. It was not only the customers who were having problems getting their products, Rick was too. And because he had to pay half the money upfront, he was having cash flow problems because he was paying for goods he did not receive. To exacerbate the situation, on several occasions, he had to wait a long time to get his refund. Now, with Elementh, the money is held by the contract until he receives his goods. In the event that a shipment is late, canceled or lost, he can easily release the funds that are held by the contract and use the money to source his jackets elsewhere.
Additionally, Rick and other customers do not have to worry about the authenticity of products because of the transparency Elementh has brought to the e-commerce industry. This is an innovation that, again, cannot be overstated. Stories of knock off brand names being sold is quite common. Often, there is just no way of telling where a product was made. Because of Elementh, Rick and his customers will not have to worry if the Dolce & Gabbana jacket s/he bought for his/her fiancee is a knock-off because “stores, service provides, distributors and manufacturers can store their product data in a special format on the Elementh blockchain.”
The upside is that each product will have a special ID which can be traced to the manufacturer. Therefore, even if the product, in this case the jackets, are not coming straight from the manufacturer, they can still be traced to the point of origin. Remember, the blockchain does not lie. The Elementh team knows that, which is why they have made this a pillar upon which they have built their product.
Bringing Dapps to E-commerce
To expound a bit on the power given to the customer. It is imperative that one mentions Dapps. Daaps stands at the heart of the Elementh ecosystem. “Buy the Train, Invest in the Train Station,” are words that were uttered by one of the most knowledgeable individuals in the cryptospace. Elementh is a train station, if for nothing else, but for what Dapps promises to do. What exactly? “It will give developers the ability to make apps that work with the decentralized inventory of items.” How many apps to be precise? The number is infinite. This means that the ecosystem will always be in a state of expansion, as users build on it constantly as the platform grows.
But the Elementh revolution does not end there, for in addition to a decentralized marketplace where parties can track the products, there are other advantages to be be had. For example:
1)A banking scoring system in place where businesses can build their reputation which will give them easier access to things like overdrafts as a result of building credit.
2)Being able to shop around for the lowest prices on the platform
3)Finding out the products that are available
4)Ascertaining product location
It would be remiss of me to mention the people who are making this possible. After all, what is a project but the people who have built it. Lead by the ebullient CEO, Sergey Ryabov. This all-star team’s expertise covers all the bases. From designers, to developers, to those verse in the technical aspects of the e-commerce and other industries. In short, they constitute every aspect of what would qualify as a phenomenal group of innovators. They are beyond competent, and, with a project as complicated as Elementh; investors can rest assure that their investments will be handled with the utmost care and due diligence.
An example of this competence can be seen in their road map. Looking at the time period, from the pre-ICO to the roll out of their project, the team is apparently a conscientious and thoughtful one that is using as much time as needed to deliver a quality product.
In addition, members of Elementh have experience in working on blockchain technology as far as the ICO stage. Therefore, add specialized experience to the all star team’s list of advantages, who during their time in the field of e-commerce, created Miiix, which has been in operation for over half a decade. What is little known is that “they also developed a platform for selling non-liquid stocks of retailers… and some other products earlier.”
The prospects for the project are great. Combing through their documents, one finds an ecosystem that will not rest on its laurels of merely providing a superb product for the nonce. As mentioned earlier Elementh is built for expansion. The Dapps initiative will ensure that this ecosystem keeps growing. In short, a well thought out and comprehensive project.