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
An “Oligopoly” is a market structure in which a small number of firms/companies dominate the market which can lead to reduced competition and ultimately higher prices for consumers.Oligopolies through history have ranged from steel manufacturers to wireless carriers, oil companies to e-commerce. In general, an oligopoly is not good for a free market economy because it tends to block new competition, slows innovation, and increase prices. Firms in an oligopoly often set prices, either collectively — such as by a cartel like OPEC — or under the leadership of a single member. This way, profit margins are artificially kept higher than they would be in a truly competitive free market.
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.
Author: UsefulOccasion
Score: 3
Don’t forget to share the post if you love it !
