E-commerce is one of the most progressive in terms of growth rates, as well as a crypto-currency market. So why not take advantage of them to create a truly effective solution and provide customers with even more opportunities. We continue to talk about the Blockonomics project , within which this idea will be realized.
In the first part of the survey, we found out that Blockonomics is a platform that allows its users from the participants in the crypto-currency market and e-commerce business owners to control their wallets and conduct business using the crypto-currencies - BTC, ETH, LTC, BCH and BCK - Blockonomics tokens.
Participants will be able to monitor the transaction history and the current status of all their wallets from one place, send and receive payments, and also pay with the crypto currency, making purchases in online stores and services. And the integration of the payment system Blockonomics occurs through the installation of special plug-ins, some of which are available now.
No borders
One of the main advantages of the blocking and crypto currency technology is the ability to carry out cross-border transfers without any barriers. All that is necessary for conducting a transaction is access to the Internet, which every customer of e-commerce has. Thus, there is no need to convert currency and conduct cross-border transfers through different payment systems.
Moreover, bitcoin has no geographical limitations. While all the known payment system PayPal is not supported in Iran, Afghanistan, North Korea and Haiti. Crypto-currencies can be used by users from all over the world, regardless of location. The main thing is access to the Internet.
No fraud
Crypto-currency transactions through the technology of blocking are, firstly, transparent, and secondly, they are not reversible. This means that any transaction can be tracked, and their cancellation and refunds are not possible. This feature of crypto currency allows to significantly limit fraudsters in the possibilities of abuse of payment systems. E-commerce business, in turn, will save a large part of the profit, which is lost every year due to fraud.
Bitokoin payments are safe for both the recipient and the sender. Take the same PayPal. In order to receive a transfer, the user must provide the necessary information regarding his identity and account details. He, in turn, can see information about the recipient. Implementation of bitcoin-transactions does not require the indication of any sensitive information, the disclosure of which may affect the safety of funds.
When performing a transaction, the user provides an exceptionally secure public purse address, the use of which by the scammers will not entail any consequences. The private key always remains with the wallet owner, so access to it is completely limited.
No restrictions
In order for users to perform operations with crypto-currencies, they do not need to meet any requirements. Consequently, there can not be any limitations as such. In the case of some banks, the client must at least reach the age of 18 and have a passport, and in the case of the possibility of lending, also provide information on incomes and their sources.
Using crypto currency as a way to pay for purchases on the Internet through the Blockonomics platform allows users to remain completely anonymous - no requirements, confirmations or procedures for KYC. Users do not need to establish bank accounts or go through long checks and verification processes.
Again, to register with PayPal, the user will have to connect at least one other account and undergo verification. Perhaps this is correct in terms of measures against money laundering and terrorist financing, but from the point of providing privacy and protecting the personal data of users - this is a big drawback. The user can always see where the transaction came from, while with bitcoin-transaction it is extremely difficult.
All these advantages and possibilities of bitcoin-transactions and operations with other crypto-currencies have led to the fact that the question arose about their application in various fields, including e-commerce. Despite this, the crypto-currencies have not been applied as widely as we would like.
In the next, the final part of the review of the Blockonomics project, we'll find out what the payment solutions lacked earlier so that the owners of online stores could let their customers pay with crypto currency.
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