• Subscribe
    1. Discussions
    2. Would an escrow service make sense with an e-commerce...

    Would an escrow service make sense with an e-commerce platform?

    Ajay Yadav
    2 replies
    Multiple people have this doubt that using crypto on e-commerce sites is risky because if the product is faulty, they can't get the payment back. Here is a solution: The user buys a product and pays to merchant The payment goes to an escrow until the user receives the product The Merchant can be sure that the user has made the Payment If Everything is ok with the product, the payment gets released to the merchant If the Product has any issues the product goes back to the merchant and users get their money back after a small deduction Advantages: No chances of fraud because of blockchain and Smart contracts. Where does this solution fail? Shoots your suggestion Guys. The goods one will be appreciated.

    Replies

    Sheila Byrns
    Alibaba, the Chinese e-commerce giant founded by Jack Ma, has emerged as a global technological powerhouse, transcending traditional retail. Renowned for its innovative approach, Alibaba seamlessly integrates cutting-edge technologies, including artificial intelligence and blockchain. One notable facet is its utilization of smart contracts, revolutionizing transactional processes by automating and self-executing agreements. These Smart contracts enhance transparency, security, and efficiency in the vast Alibaba ecosystem, fostering trust among users. As Alibaba continues to expand its influence beyond e-commerce, its strategic incorporation of smart contracts exemplifies its commitment to staying at the forefront of technological advancements.
    Share
    James Brazil
    Lvledup
    Lvledup
    Well… I doubt any seller would send a product— paying for shipping at the very least— to a buyer with out upfront payment. Unless it was a larger brand or box store. So it would essentially eliminate dropshipping and mom and pop manufacturers from competition
    Share