A new E-Commerce Platform promises two-hour deliveries for over 50,000 products by using blockchain technology, but will it be enough to contend with Bezos’ goliath?
A decentralized e-commerce platform Buying.com dropped some huge announcements in their recently released newsletter, dated January 2019.
First and foremost is the launch of what it calls ‘E-commerce on Demand’ which refers to the team’s ideal operational structure and environment, in addition to the extended service quality and coverage that comes with it. The team believes that they have now achieved this “nine months ahead of schedule”.
E-Commerce On Demand
E-Commerce on Demand is essentially the company flagship product, and it’s built upon the Buying.com token infrastructure based on the Polymath Network.
The company will be launching the product in New Jersey, across six zip-codes, which will allow customers in the region access to over 50,000 items with deliveries promised within two hours, or less. For food items, they offer 30-minute delivery.
Another key announcement was of the partnership with BitGo, which has the target of maximizing security protection for customers and merchants by storing all tokens using cold storage provided by BitGo.
MVP Beta Is Out Now
The E-commerce on Demand system announcement isn’t the only thing that happened this month for Buying.com. It has also launched its minimum viable product (MVP) on Android and iOS, for its forthcoming free mobile application the ‘Direct Product App’ (DPA).
DPA acts as a central hub to deliver benefits to customers such as consumers and manufacturers and, according to official company statements: core aspects of the DPA’s forthcoming “proprietary technology” are exemplified in the recently released MVQ.
E-Commerce Without Middlemen
Buying.com promises to deliver a decentralized peer-to-peer marketplace and logistics system using a number of proven solutions into their own unique attempt at superseding the status quo of dominant market leaders in a wide range of e-commerce related areas, such as Amazon.
At its core, it is a delivery network which uses distributed ledger technology to connect consumers and independent retailers directly with product manufacturers. These parties have enabled access to the lowest prices at a wholesale level by pooling their respective resources to achieve ‘minimum order quantities’ (MOQ).
Hoping to become a pioneer in the blockchain disruption of e-commerce, Buying.com is (according to its website) “for the first time in history” giving “each individual… the buying power of millions in the palm of their hands!” by which the company is primarily referring to, most likely, the mobile app.
How Does It Work?
Buying.com incorporates an arsenal of core functions to accomplish their goals. ‘Microdistribution’ connects independent storage providers directly with retailers, using the proprietary mobile app as a means of recording and monitoring real-time logistics data. It also contains “integrated back office e-commerce processing technology: like Salesforce.”
The purported aim is to optimize costs for dropshipping and to provide transparency by way of immutable encrypted blockchain storage from dispatch through to delivery stage. Those wishing to participate can do so via coin staking (using a consensus mechanism the company describes as both ‘Proof of Delivery’ and ‘Federated Byzantine Agreement’).
Segueing from the subject of dropshipping, the primary partnerships of the company count blue-chip international giants like Sony, HP, Ralph Lauren, and Nescafe. Buying.com likens itself frequently (or touts its features in comparison) to different companies such as Costco, Alibaba, and Walmart – influences it appears to wear on its sleeve.
Key ‘middle-ware’ software and protocol used in the DPA and Buying.com infrastructure include Proxeus, a data storage DApp which integrates “blockchain workflows in parallel with existing systems’.
The Buying.com MVP is available now for iOS and Android devices whilst the token sale commenced in October 2018 and the cryptocurrency remains available for purchase and investment. Furthermore, Buying.com is currently in pre-ICO stage (hence the discount), and the full public fundraising round is scheduled to run between the first of December 2018 through to the final day of January 2019.
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