How Libra Coin is All Set to Reshape the Ecommerce World
To understand how Libra, a crypto coin developed as a utility token for the Libra e-commerce platform, can help reshape the e-commerce industry, we must start with how traditional e-commerce works and its limitations.
Traditional e-commerce and its limitations
Traditional e-commerce, i.e. the one we use now, is centralized. In other words, e-comemrce systems are generally centrally managed and controlled. While such a system can be efficient, it has many limitations including lack of security and privacy. Moreover, traditional e-comemrce platforms use many intermediaries such as payment gateways, delivery people, and others, who all have access to customers’ information including their address and contact details. This type of system cannot be considered very secure, and the use of intermediaries increases the final product cost for the consumer.
There are other problems like increasing competition in the e-commerce space. With the online shopping industry being dominated by a couple of large players, smaller retailers or platforms have little space to grow. Protection of consumer data and privacy has always been a major issue for e-commerce platforms.
Another problem is the lack of financial services or payment options for online consumers. Traditional e-commerce portals still offer a fixed number of payment options including credit/debit cards, internet banking and wallets. This greatly limits their reach to a particular country’s borders, making it difficult and costly for international customers to buy from them.
Other common issues of the e-commerce industry include a complex buying process, lack of transparency, the cost of middlemen, fraudulent actors, and the inability to take payment in cryptocurrencies.
How Libra Coin will reshape e-commerce
Libra is a first of its kind global e-commerce marketplace based on blockchain that is powered by a native token called the Libra Coin. Libra oin, a utility coin based on Binance Smart Chain, empowers the Libra ecosystem and ensures seamlessly processing of transitions, rewards and payments in a totally transparent manner. This type of system is decentralized, i.e. fully independent of intermediaries and centralized entities. All payments within the Libra ecosystem are based on the Libra coin and are processed using smart contracts at a relatively lower cost/fee and higher security. Moreover, all Libra coin payments are by default fast and cost-effective, no matter where you live in the world.
Libra is an all-inclusive e-commerce system with many advanced features and tools. It offers a ready to use payment API that businesses can readily integrate into their existing e-commerce systems to conveniently accept payments in digital currency, including ETH and Libra coin, from their local and international clients. In addition, Libra is working on and will soon launch a series of high-end products for the benefit of the e-commerce industry. These include the Libra Pay wallet, Libra Exchange, Libra Marketplace, Libra Atm, Libra Card, Libra PoS, and others.
Libra intends to solve the e-commerce industry challenges while providing access to a totally new kind of blockchain-based e-commerce system that is powered by a decentralized cryptocurrency called the Libra coin for seamless, affordable & highly secure cross-border payments.
Originally published at www.medium.com