PLAZA SYSTEMS:- Using Blockchain Technology To Revolutionise E-comm...

PLAZA SYSTEMS:- Using Blockchain Technology To Revolutionise E-comm... | Ecency

The world celebrate a decade birth of blockchain in 2018, however much hasn't been seen of its supposed productive lifespan.

In order to beneficially use the innovation available on the blockchain technology, many projects are springing up on daily basis with various use case. A typical example is how Universal Protocol tends to convey decentralization to the already fragmented ecosystem through value transfer of assets across different blockchains. There seems to be few instruments that could have made interconnectivity possible among blockchains. For instance, executing from Ethereum to other platform demands that a user map assets to the other platform.

While concerns have been expressed over seeming security challenges and low exchange time, synergy in exchanges isn't getting it done. Consider a circumstance where you have to transfer assets to a separate blockchain to trade, it would have taken a considerable time lag before your request be processed. This is generally the case if an asset isn't sent to sister-blockchain.

WHAT IS PLAZA SYSTEMS?

Plaza Systems is a project that intends to revolutionize every aspect of ecommerce with Blockchain technology. Plaza is simply only an online Blockchain based Hub where you can purchase merchandise and enterprises with Cryptocurrencies. Plaza is likewise a general answer for every problem faced in everything related to ecommerce extending from payments to even Security and Privacy and in particular it would provide a central point where buyers can purchase any item needed worldwide. Furthermore on account of the MerchantChain Technology, any seller can construct their decentralized application on the platform.

BENEFITS OF THE PLAZA SYSTEMS

SECURITY
In present eCommerce platforms, shoppers are compel to submit their names and credit card details in eCommerce platforms and as we all know, because of the large number of customer, credit and debit card details that are being stored in these platforms are prime targets for hackers and general mischief makers, thus numerous e-commerce platforms have been hacked previously and even well known ones like eBay and Amazon suffered a considerable amount of hackings and one incident was even done by a teenager, many customer's card details were compromised.

The weakness with every one of these platforms is that they have a centralized database which makes it possible for them to be hacked, with Plaza Systems, the data of everybody would be stored in the Blockchain which as per a research is "A decentralized, distributed, open ledger used to record exchanges crosswise over numerous computers and this means the record can't be altered retroactively without altering every single subsequent blocks and the consensus of the network which is impossible."

STABLE CRYPTOCURRENCY
One very essential thing that has made it relatively impossible for Cryptocurrency to be applied in eCommerce is the way that the prices are never stable, which is prone to volatility. So imagine if a merchant sells a product worth $50 to a customer and that customer pays in crypto and the price of that crypto drops after the trade and the merchant is suddenly left with $40, this is one noteworthy reason why Cryptocurrency would never be widely adopted as a means of payment in ecommerce.

This is the splendid reason why Plaza Systems decided to provide a stablecoin tied to the value of the dollar inside their platform, which is the PlazaSystems token itself not ($PL). PlazaSystem tokem will very well be used by buyers and sellers to direct their transactions without the stress of the value of money changing, this effectively solves the problem of utilizing cryptocurrencies for transactions.

SCALABILITY
Another reason why mainstream blockchains like Bitcoin and Ethereum Blockchains can't be used to decentralized eCommerce is that they are not scalable by any means. They are designed to handle very low number of transactions per seconds, for example the Bitcoin Blockchain can just handle 7TPS (Transactions Per Second) and the Ethereum Blockchain can just handle double that sum.

This is the reason Plaza Systems came up with it proprietary MerchantChain™ Technology in which merchants can manufacture their decentralized apps upon the best part is that MerchantChain™ isn't only an extravagant technology in Plaza System's whitepaper, it is already a developed and tested technology which is capable of easily dealing with a challenging 15,000TPS and an approximate 3 second exchange confirmation time.

PLAZA CHATBOX
Shoppers don't need to waste time looking through different e-commerce platforms to search for items, because the PlazaChatBox™ can seamlessly search and compare prices by just a single click from the user. Plaza Systems makes the shopping experience better and effortless.

MILESTONE