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Through e-commerce, the whole process of selling and buying services and goods should have been easier, less complicated, more transparent, and less expensive than traditional business. However, the existing technologies do not successfully achieve this main goal of e-commerce.
One of the main constraints in e-commerce is the non-transparency of data and the difficulty in access the data. E-commerce participants include consumers, regulators, brands, manufacturers, and many others. They demand constants data exchange. At the same time, other participants need different parts of the data. Costs for data processing becomes because the information or data needs to be proceeded so many times. Not only does it make the cost higher, it also results in loss of data.
Another sticking point is the lack of a unified standard. As e-commerce market is rapidly developing, attracting more traditional companies to participate in the online trade, more chaos happens as the result of the lack of unified regulations. The same goods available in online shops are named differently and even they are put in different categories. The different formats of stock and goods data become an obstacle in conducting e-commerce not only for customers but for B2B sector, too.
Elementh attempts to utilize blockchain technology in e-commerce. The team believes that the technology can bring a lot of advantages in the e-commerce world. It can improve the efficiency of e-commerce. Every step of blockchain technology introduction in digital business trade will trigger the development of Elementh in world scale. Since 2012, the team have been dealing with e-commerce market. They created Miiix project which the main objective was to be the nomenclature standard in the e-commerce market. For more than six years, Miiix has been used by its users to compare goods sold by thousands, online supplier. Using AI, they can provide accurate data or information of millions of products.
Miiix is developed into Elementh. Elementh enables the users to access stocks and goods and their price in real time. With such decentralized nature of blockchain technology, Consumers can be easier to compare products and get the best deal for their purchase.
In meeting one of the objectives that are to build a fully transparent ecosystem for e-commerce market, Elementh will create a unified product classification standard that can be used by anyone worldwide. Each product item will have a unique code.
Elementh token (EEE) is a utility token that is primarily used to fuel the project. As a utility token, it will be moving around in the system regularly. You can obtain the tokens via the ICO sale that runs from 1 April to 30 April 2018.
The ICO fund is actually not the only source of funding. In addition to the non-operating income that is generated from the initial ICO sale, Elementh also gets funds from a part of transactions fees in the Elementh blockchain. This is called operation funding.
In the article, your read more detailed information about the project including the project roadmap and the team of Element project.
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