ZETRIX ‑Could Blockchain Tech Further Boost E‑commerce Rise in Asia?

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When the gov­ern­ment encour­aged peo­ple to iso­late them­selves and stay home to pre­vent the spread of Covid-19, online shop­ping, food deliv­ery apps, and online pay­ment plat­forms saw a mas­sive surge in usage. 

Accord­ing to a report from Face­book and Bain & Com­pa­ny, an esti­mat­ed 70 mil­lion more peo­ple shopped online since the pan­dem­ic began, and this trend isn’t about to die down any­time soon. 

In fact, Asia’s e‑commerce rev­enue is pre­dict­ed to grow to $1.92 tril­lion by 2024 and account for 61.4% of the glob­al e‑commerce market. 

It might be high­er with the Region­al Com­pre­hen­sive Eco­nom­ic Part­ner­ship (RCEP), a pro­posed agree­ment between mem­ber states of the Asso­ci­a­tion of South­east Asian Nations and its Free Trade Agree­ment partners. 

The RCEP will encour­age inno­va­tion and upgrades in man­u­fac­tur­ing to meet demands and also pro­mote the estab­lish­ment of new indus­try stan­dards and reg­u­la­tions, help­ing the eco­nom­ic devel­op­ment of all mem­ber states. 

The migra­tion to an online econ­o­my com­bined with the enhanced man­u­fac­tur­ing and trad­ing capa­bil­i­ties thanks to the RCEP sig­nals a new way of life. 

There is now a need for a secure space online to con­duct numer­ous trans­ac­tions in a safe and effi­cient man­ner while pro­vid­ing an easy, user-friend­ly expe­ri­ence for cus­tomers and scal­ing abil­i­ties for businesses. 

Cur­rent­ly, busi­ness­es are unable to ful­ly embrace blockchain tech­nol­o­gy; it may promise bet­ter secu­ri­ty, but it lacks in many areas, from low speeds to no authen­ti­ca­tion method and vul­ner­a­bil­i­ties in the code. 

But with the rise of e‑commerce busi­ness­es in South Asia, there is a greater need for a net­work that can keep up with increas­ing demands, and the devel­op­ers at Zetrix seem to have ticked all the boxes. 

Zetrix’s mul­ti-shard­ing tech­nol­o­gy enables trans­ac­tion speeds of 10,000 per sec­ond, far exceed­ing what is pos­si­ble by the Bit­coin, Ethereum, and Car­dano blockchains. 

The mul­ti-chain mod­el also improves secu­ri­ty since the shard­ing tech­nique dis­trib­utes a piece of data across mul­ti­ple nodes, mak­ing it hard­er for hack­ers to obtain a com­plete picture. 

Zetrix also has a Del­e­gat­ed Proof of Stake mod­el (DPoS) that ensures there are no fraud­u­lent trans­ac­tions being added to the blockchain. 

This is done through a vot­ing process, a con­sen­sus mech­a­nism, and a dynam­ic upgrade mech­a­nism that adapts to the dif­fi­cul­ty lev­el of val­i­dat­ing node access as Zetrix expands, thus main­tain­ing the pri­va­cy and secu­ri­ty of all users no mat­ter how vast the net­work grows. 

One of the chal­lenges fac­ing not just blockchain tech­nol­o­gy but also cur­rent e‑commerce web­sites is the lack of authen­ti­ca­tion, which means there is skep­ti­cism from some peo­ple, pre­vent­ing them from ful­ly embrac­ing online shop­ping and payments. 

Cred­i­ble sites and busi­ness­es are there­fore not get­ting the traf­fic they could. There is a solu­tion for that, too: dig­i­tal IDs. Zetrix’s plat­form will allow busi­ness­es, both small and large, to stream­line their iden­ti­ty man­age­ment process, cre­at­ing trust in their own plat­form and pre­vent­ing fraud. 

Just as users would be able to authen­ti­cate a site and deem it cred­i­ble, busi­ness­es can ver­i­fy cus­tomers, employ­ees, and part­ners with dig­i­tal IDs. 

The devel­op­ers of Zetrix have also made it sim­ple for any devel­op­er to cre­ate and deploy dApps (decen­tral­ized appli­ca­tions) on their blockchain, empow­er­ing more peo­ple to join the net­work and take advan­tage of the ben­e­fits of blockchain tech­nol­o­gy for their e‑commerce plat­forms and online pay­ment portals. 

Zetrix is a future-proof, enter­prise-ready net­work that grows with you, thus serv­ing RCEP coun­tries and keep­ing up with the ever-grow­ing demands of e‑commerce.

This is espe­cial­ly vital in a region like South Asia, which is pro­ject­ed to dom­i­nate the e‑commerce mar­ket very soon. 

As e‑commerce busi­ness­es adopt a net­work like Zetrix that enables scal­ing, allows a high vol­ume of trans­ac­tions at great speed, and offers secu­ri­ty and pri­va­cy, oth­er small and large com­pa­nies will fol­low suit. 

This rip­ple effect will cre­ate a boom in the eco­nom­ic growth of the region, and that $1.92 tril­lion esti­mates might just get higher. 

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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