How the Blockchain Impacts Marketplaces

The blockchain offers a new networked business model, offering marketplaces new opportunities for user interactions, payments, and agreements. But what’s the next step? Where does blockchain technology lead marketplaces, with its cryptocurrency transactions, smart contracts, and decentralization? Let’s consider some pioneering blockchain marketplaces and how they’re experiencing the impact of the blockchain.

Decentralized hosting

A blockchain-based marketplace is hosted by its users and supported by their computing power. This constant maintenance ensures that a marketplace is always accessible. Besides, rethinking how data hosting is organized can lead to more security, privacy, and transparency. Another result of removing the centralized host is the ability to avoid hosting costs altogether and set the lowest possible prices for producers, sellers, and consumers.

Secure environment

Blockchain marketplaces offer an immutable and time-stamped verification of every single transaction ever made. This approach makes transactions easily traceable and also prevents double charges, fraud, abuse, and any other type of manipulation.

Product transparency

Transparency is in the blockchain’s DNA. Blockchain marketplaces encourage transparency for transactions and agreements. In particular, such marketplaces inspire producers, and sellers to verify their businesses and prove the quality of their products and brands to increase trust. Moreover, blockchain marketplaces offer producers and sellers digital IDs to verify their products and businesses. These unique digital IDs can be used to track products within the supply chain, know where products are, and ensure that claims aren’t duplicated or deleted.

Smart contracts

Smart contracts are the final piece of the puzzle in completely removing third parties and achieving a true peer-to-peer model. Smart contracts are claimed to be unbreakable and reliable, and allow parties to agree on literally anything. What smart contracts contribute to marketplaces is a toolkit for building a new generation of platforms where retailers, sellers, and consumers can make trusted transactions.

Gplay by Gplay
in Jan 26, 2018

How To Spend Multiple Cryptocurrencies on Gplay Marketplace

GPA is the main payment currency. However, our goal is to make Gplay cryptocurrency agnostic, meaning people will be able to spend and receive in whatever cryptocurrency they choose. That’s not a simple task, and it will take some time to get there. But before we achieve that goal there is still a way to use a wide variety of other cryptocurrencies in Gplay. Gplay has a built-in wallet that allows you to easily pay for items with a single click. You can fund this wallet with various cryptocurrencies.

Gplay by Gplay
in Jan 14, 2018

Blockchain Tech: Next Frontier For Online Marketplaces

Blockchain technology has been growing at an unbelievable pace over the past two or so years. Through 2021, some see a 61.5% annual growth rate. As the revolutionary technology increases in popularity (see Jamie Dimon’s latest endorsement) more blockchain-based companies are dreaming up the next big step for a variety of industries.

Certainly the impact that blockchain has had over in recent years has been nothing short of stellar. And, on the investment front billions of dollars have been poured into blockchain companies so far in 2017. Initial Coin Offerings (ICOs) or token sales have zoomed to around $2 billion (bn) this - versus $256m in 2016.

Figures contained in an analyst research note (‘Blockchain: An update on ICOs and VC investment in the blockchain’) for the third quarter of 2017 from PitchBook, revealed that private investments into blockchain companies had topped $4.5bn so far this year to that point in time. This contrasted with the corresponding period last year when 203 transactions raised $624m in aggregate.

Against this backdrop, several blockchain-based companies in particular are looking to revolutionize the way business is conducted through online marketplaces. These companies are creating decentralized platforms to foster peer-to-peer (P2P) interactions.Buyers and sellers benefit from clarity, pricing freedom, and effectively immediate compensation.

Gplay by Gplay
in Jan 11, 2018