CyberMiles: Transforming Online Marketplaces

(10 Ways CyberMiles Can Change E-Commerce Business)

Disclaimer: This article represents my opinion. It does not in anyway constitute advice in relation to participating in the CyberMiles platform or buying CyberMiles tokens.

Introducing CyberMiles:

CyberMiles is a decentralized blockchain for smart business contracts that is specifically tailored for e-commerce applications. The CyberMiles blockchain will record user identity, credit history, reputation, and facilitate financial transactions.

Just like Ethereum, applications built on the CyberMiles network can use CyberMiles Token (CMT) to issue their own ICOs. A remarkable point about CyberMiles blockchain is that it will start with 12 million user base migrated from 5miles — a successful ecommerce app and the first to apply the CyberMiles blockchain solution.

CyberMiles Changing E-Commerce Business

One may ask: just how will CyberMiles affect, transform and/or revolutionize the online ecommerce business. In this article, we shall discuss ten (10) ways CyberMiles can change ecommerce business operations forever:

1. With CyberMiles, E-Commerce Apps Will Never Go Offline

A key advantage of decentralized networks — such as CyberMiles — is the ability to run network nodes; as long as some network nodes are running, the services built on the network will be available. CyberMiles will reward its community members for contributing computing powers and running network nodes. This will ensure that ecommerce apps and marketplaces on the network will never go down; unlike traditional marketplaces with centralized servers that go down when the data centres go down.

2. Elimination Of Costs Associated With Dispute Resolutions

CyberMiles as a decentralized network records transaction data transparently on the blockchain. If disputes occur, resolution can be quick and easy as data are readily accessible by authorized parties in the resolution process. Besides, since CyberMiles uses CyberMiles Tokens (CMT) to incentivize community members, when disputes occurs, the network can request interested members to act as dispute resolvers in exchange for CMT. This will help eliminate the cost and time spent by marketplace operators in resolving disputes.

3. No Need For Employing And Maintaining A Team Of Customer Service Agents

Utilizing the incentives provided by CMT, community members can gladly assist in clarifying issues, resolving disputes (as described above) and serving one another in exchange for CMTs. Simply put, members can be rewarded with CMT for providing customer related services to one other.

4. Eliminating Huge Promotional Costs By Using CMT Based Promotional System

In simple terms, marketplaces using the CyberMiles network can develop digital solutions via smart business contracts to promote their offerings by rewarding buyers and users with CMT in the form of coupons and discounts without changing their products’ prices. Even social influencers and community ‘gurus’ designated as “brand ambassadors” can be rewarded with CMT for generating a number of views or likes for a product. This will eliminate (or greatly reduce) promotional budget and save the business money.

5. Marketplaces Can Adopt CMT Based Lead Generating System Via Smart Business Contracts

In contemporary online marketplaces, sellers try to connect with buyers by setting up and sending disruptive, intrusive and (sometimes) annoying messages and pop-up notifications to potential buyers. But using CyberMiles blockchain, marketplaces can use digital signatures to designate laser-targeted potential buyers and send them messages with CMT as rewards for viewing and reading those messages. Due to the economic reward signified by the CMT, users could be more accepting of these messages, thereby creating more potential buyers.

6. Blockchain Based Secured Escrow System

Businesses (especially online marketplaces) need trust. That is why most marketplaces operate an escrow system — a process of holding sellers fund until buyers confirm goods received or until a certain timeframe elapses. This system can sometime be frustrating if issues occur. But using CyberMiles blockchain technology, CMT based smart business contracts can be utilized to automatically and transparently hold or release funds when certain conditions of the smart contracts are met; e.g. when seller’s shipping carrier sends back a delivery confirmation to the network, or when the buyer inspects the product and agrees to accept it. Otherwise an automatic dispute process starts.

7. Adopting Blockchain Technology To Address The Problem Of Counterfeit Products

Generally, counterfeit products are serious issues in online marketplaces, requiring extensive research and expert knowledge to address. But with CyberMiles network, sellers (including manufacturers and suppliers) can create and record “Certificate of Authenticity” of their products on the blockchain; and due to the immutability of blockchain’s records, buyers can easily verify that a product complies with recorded authenticity parameters.

8. Reducing Transaction Costs By Creating A More Efficient Supply Chain Via Blockchain Technology

On the CyberMiles network, transactions among community members — sellers, suppliers, shippers, buyers, etc — can be recorded instantly and securely on the blockchain using the CMT digital tokens. Unlike traditional ecommerce, this system will ensure a more efficient and speedy supply chain that is easier to manage and less costly as fees are securely paid in CMTs, which can be converted to other assets as required.

9. CMT Based Incentives For Community Management

Marketplaces running on the CyberMiles network can adopt a community management system by incentivizing members with CMTs via different smart business contracts as rewards for participating in managing the network and for voting for major decisions that are being taken. This allows for a democratic system of ecommerce management.

10. Smart Advertising Methods Using CyberMiles Blockchain

Advertising systems on the CyberMiles network can be set up via smart business contracts in such a way that advertising revenues are automatically shared among members based on their levels of activities and engagements, or securely distributed to buyers in the form of price reductions. Also, members can be rewarded with CMT by advertisers to upvote an advert to gain higher visibility.

Conclusion

The possibilities that can be achieved with the CyberMiles blockchain network for ecommerce are virtually endless. The power of blockchain technology coupled with inbuilt ecommerce solution will surely change the way ecommerce businesses are run.

To learn more about CyberMiles, please visit the website here and read the technical whitepaper and project whitepaper.

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