Blockchain : Spl.yt takes the power from the big data gobbling giants of e-commerce and gives it back to buyers and sellers, who can freely engage in a true peer-to-peer experience, securely and simply via blockchain technology and smart contracts
What all of these behemoths have in common is their insatiable hunger and capacity for the personal data of consumers. Every time a sale is made, a customer’s data is collected, aggregated and used toward facilitating more sales. The problem with this kind of endless appetite, is an inherent lack of transparency and privacy that come with a centralized organization actively mining data from its users. The oligopoly of e-commerce — Amazon, eBay and Alibaba — are calling all the shots with consumers’ data.
This problem has become increasingly dangerous, as issues of fraud, identity theft, and other privacy issues have finally come to the attention of lawmakers in the European Union, resulting in the General Data Protection Regulation or GDPR as it’s known. This regulation came into effect across the EU on May 25, 2018 and sets principles for data management and the rights of the individual, while imposing fines that can be revenue-based. The General Data Protection Regulation covers all companies that deal with data of EU citizens, so it’s critical for corporate compliance officers. And it’s giving them all a major headache as they scramble to avoid the fines associated with non-compliance. Such are the problems of a centralized system. These are the issues of middlemen.Spl.yt takes the power from the big data gobbling giants of e-commerce and gives it back to buyers and sellers, who can freely engage in a true peer-to-peer experience, securely and simply via blockchain technology and smart contracts. Through this decentralized, more efficient system, the middleman is eliminated. Time and money are saved by automating key intermediary functions via smart contracts. Spl.yt token economics incentivizes its users to transact fairly for a more secure e-commerce experience. Data is not mined by any central authority. Private data is protected, not harvested and used.
The Giants of e-commerce will not be taken down by a bigger giant, but by a global community of individuals all freely connecting with each other through a decentralized e-commerce ecosystem By decentralizing e-commerce, these giants will simply no longer be needed. Smart contracts will automatically facilitate payment to service providers along the e-commerce retail chain (affiliate marketers, dropshippers, etc.). And e-commerce giants will go the way of the dinosaur.
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
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