No one thought that internet would someday connect people beyond geographical boundaries, that too in real-time. Similarly, when Satoshi Nakamoto created blockchain technology, no one would have thought that it will have the potential of disrupting industries like banking and payments, supply chain management, cybersecurity, networking and IoT, insurance, and many such sectors. The third-generation blockchain technology is now ready to take a big bite in the pie of “Marketplace or E-Commerce Industry”!
Blockchain is a digital ledger which is used by bitcoin and other cryptocurrencies in order to record transactions chronologically and publicly. Comparisons are often made between blockchain and TCP/IP. TCP/IP is the set of rules that connect computer systems to the Internet, which enable bilateral email messaging. This would now meet its contemporary equivalent blockchain, that will go on to power bilateral financial transactions. Like the Internet, blockchain is designed to be decentralised, and similar to the Internet, the distributed ledger has layers, where companies and individuals can build products and services. As a shared public ledger that maintains a record of all transactions across a peer-to-peer network, we can envisage a future where blockchain will be used to record contracts, embedded in digital code, and stored in transparent databases, which are free from tampering or deletion.
Initially, the idea was first introduced by a pseudonym: Satoshi Nakamoto. He or she wrote a paper called Bitcoin: A Peer-to-Peer Electronic Cash System, where a ground-breaking concept was discussed. Simply put, the paper suggested ‘A purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution’.
However, shortly after the paper got published, Bitcoin was born. The technology behind Bitcoin, blockchain, has started to create a paradigm shift in many industries. Blockchain-based marketplaces have the latent dexterity of disrupting the E-commerce industry as they challenge to overcome the limitations of the online marketplace. Hitherto blockchain based marketplaces have relieved P2P transactions using smart contracts, decentralized platform, and the distributed ledger properties. No doubt, these features make blockchain marketplaces –
- Cost Effective, as intermediaries are eliminated
Blockchain implementation is removing intermediaries, thus, reducing costs and time in various marketplaces. A real-time clearing and settlement process would remove the counterparty risk, mitigate the settlement risk and decrease the scope for data errors.
Bitcoin will rise and fall for the next coming days, weeks, months and years. However, Blockchain, has a more concrete future. Often Bitcoin and other cryptocurrencies are offered up as the main use of blockchain, however, it is only one of the applications of blockchain. Companies around the world are adopting this technology in order to increase their efficiency and add value to customers. An example of this is that Blockchain is being used internally by companies as a database for applications like managing physical and digital assets, recording internal transactions and verifying identities. This is a useful solution for companies struggling to reconcile and maintain multiple internal databases.
The blockchain revolution is here and is gradually disrupting every industry. One such disruptive company is endeavouring to create a world-class AI based, smart blockchain marketplace for “Dating and Relationships”. This blockchain marketplace is addressing “Human Issues” like companionship and love by integrating –
- Artificial Intelligence
- Blockchain Technology
It is called Viola.AI, whose prime motive is to address “Humane” needs of P2P transactions. Viola.AI uses Artificial Intelligence to validate details of users, find an appropriate match for them, and arrange a date. Therefore, if a user subscribes to Viola for this service, they first share their data, which will be thoroughly validated. After validation, using blockchain technology and distributed ledger, it will be encrypted and stored. Viola.AI has the potential to disrupt markets like dating services, gifts, dating, and romance associated expenses, which stand at a whopping USD 800Bn.