Ecommerce giants across the world have achieved a lot of success over the years but within the midst of this success they have been faced with a lot of operational problems that leave them tangled up and in a ridiculous fix. Even though e-commerce is a much simpler way of buying and selling goods and services, the current technology on ground makes it an imposing obstacle for the operators of the business as it is not up to the standard where it can run smoothly with minimal losses.
One common problem faced by e-commerce business owners is product duplication. Major product manufacturers did not consider the development of e-commerce across board and so paid less attention to product identity when manufacturing. The fact that there were no establishment of unified regulations and standards also contributed to this fault. This result ended up with instances of online stores in one nation having the same products but with different names and categories. This leads to confusion not only on the part of the customer but on the part of the retailers and suppliers as well.
Another major constraint facing many e-commerce operators today is the potential for frauds, fakes, smuggling of products and other condemnable atrocities when there is a lack of transparency of information. With manufacturers, retailers, logistics, consumers and regulators all in the mix, it is inevitable that there will be continuous change of information and data. This is the effect caused by a monstrous number of several e-commerce operators. At several stages during the course of transactions between these participants of the market, certain different parts of the data is required. This could very well leave important data and information at the mercy of harmful participants of the market.
Elementh has provided a unified solution using blockchain technology that will help standardize the categorization of goods in the e-commerce spectrum. Online store owners will find it easy to compare countless goods from a pool of several merchants made possible by specific algorithms rooted in the use of artificial intelligence and machine learning. This blockchain based solution will allow anyone to access intricate aspects of e-commerce like stock inventory in real-time. All price data of vendors and merchants can also be viewed right there in the blockchain. A successful decentralization of the Elementh blockchain will have lasting positive effects as it ensures that end users will always have access to the best deals and merchants can operate their businesses at faster speeds.
If the goal of Elementh is achieved, we will start seeing an influx of new e-commerce startups utilizing Elementh’s standardized system of unified product classification. Using a built-in Turing-complete programming language that will enable almost anyone with the ability to write smart contracts and decentralized applications, Elementh will utilize a blockchain structure that will activate the use of unified product cards, e-commerce payments and transactions as well as transfer of ownership.
E-commerce operations will be streamlined when goods are digitized in a process that involves creation of product cards and a specified ID to be carried by each particular product. Using this procedure, online stores can make use of the EOTS client which can be used to get data on SKUs ownership history and dAPPs implementation which makes it possible to produce several companion dAPPs including; decentralized marketplaces, perfect for quickly making new marketplaces with high-quality data using the EPCM technology and EOTS to track the movement of items right from the manufacturer down to the consumer or end user. Elementh’s blockchain concept makes it very easy to search for goods and scan for product authenticity while also enabling a banking score which makes it easy to rate system users based on the availability of transactions.
Website – https://elementh.io
Whitepaper – https://github.com/ElementhFoundation/Documentation/blob/master/ElementhWhitepaperEN_v.2.md
Telegram – https://t.me/elementh_community
Facebook – https://www.facebook.com/Elementh-1371154296341075/
Twitter – https://twitter.com/Ahooleeman
Bitcointalk – https://bitcointalk.org/index.php?topic=2590603.new#new
Author – Coltpython
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