With its great advantages, however, it is often backlashed due to various issues with data security. It is a fact that the biggest companies in the business have thrived by selling customers’ data to third parties. As such, customers receive unsolicited adverts and upsell recommendations. An example of this is the Facebook-Cambridge Analytica data scandal which sparked a huge public outcry2. Issues like these are usually the reasons why many people typically opt for the traditional in-store businesses where they do not have to divulge sensitive information.
Also, the business model is too centralized; and in a bid to accommodate increasing business needs, companies spend more money on infrastructure. They also need to employ effective strategies that could help them guard against consumers’ data breach by hackers. Customers usually bear the brunt of these challenges as the sellers increase the prices of their goods.
Blockchain has been touted as the savior of business by many tech evangelists. In fact, there have been some blockchain startups that have emerged in recent times, seeking to harmonise ecommerce with blockchain technology. But many of these either do not have the technical knowledge of how it works or they have become frustrated because what they anticipated had not worked out and had thus abandoned the project. No matter how difficult it is, there is no denying of the fact that blockchain will bring great improvements to businesses, and especially ecommerce, if some of the challenges facing it is solved.
Other companies that have launched successfully into the space have not enjoyed good traction because they are too complicated for the novice. Most people do not know the rudiments of the blockchain technology. They typically need to purchase cryptocurrencies to access the benefits afforded by the blockchain. Also, due to the fact that cryptos are volatile, they cannot be used as a stable means of transaction.
It allows transactions through the Merchant Coin (MTC), a stable coin that is backed by real value and pegged at 1:1 to their denominated asset which makes it immune from cryptocurrency volatilities. Various businesses can mint their own coins for their transactions.
The coins are mined using the PlazaConcierge smart device which grants every miner the opportunity to earn royalties by using multiple criteria to determine the value each witness gets. (More information about MerchantChain and MTCs can be found in the yellow paper).
Plaza tokens are the fuel of the Plaza ecosystem. Users are rewarded with Plaza tokens when they complete actions that are beneficial to the ecosystem such as instant cashbacks on purchases and so on.
Businesses can succeed on the blockchain if they know how to overcome the challenges of the blockchain which is what Plaza is offering. You might want to check them out to know more features and more details about the amazing platform at the website.
Bounty0x full name: Omitusa Oluwafemi
Bounty0x username: omitusaf
