Online Marketplaces to Embrace Blockchain Technology


The world has turned online in every sense of the word. The enhanced development in technology has been at the forefront of the way we look at the world around us, communicate with each other, gather information or even the way we do business has been influenced by the technology and the effects thereof. However, the online marketplaces have taken away the social interaction that formed part and parcel of a traditional economy away. Decentralised marketplaces powered by Blockchain technology are what would change this for better.

The online marketplaces have become almost the constant companions of our life. But, They may be quite convenient and useful in more ways than one, but the fact remains that they are devoid of the social quotient which has always been an essential part of traditional marketing. Bringing back this social interaction while retaining the usefulness and time-saving nature of online marketplaces is what would translate into the better experiences from the future point of view.

The emergence of A Decentralised Marketplace

Blockchain technology is what has brought a new dimension to online marketplaces or even other kinds of transactions as well. One thing that blockchain technology is used for is NFTs, and these non-fungible tokens keep increasing in interest, with more and more people attracted to the rising trend. In fact, nft stats show that the NFT market is currently worth in excess of $40 billion, and this is still rising! In spite of being a fairly misunderstood technology, the decentralized approach used in Blockchain technology aids in bringing the human factor back into the online transaction.

In fact, there are a host of a new breed of online marketplaces – a prime example can be Soma which stands for Social Market. The decentralized marketplaces would bring the much-needed features from the traditional markets into the convenience of online marketing. The transactions do not happen through a central hub, but take place through a peer to peer interaction. The blockchain based platform introduces the concept of cards (as in the case of Soma) or other similar option to enhance the level of transparency and security of the transaction process.

The Future Ahead

Agreed, the online marketplaces are here to stay. They have been growing quite considerably. However, they could have finite possibilities. The decentralized models based on Blockchain technology offers a direct trade between the vendor and a buyer – without the need for a middleman – and can indeed have infinite possibilities of transactions.

More than the profit and savings that you would come across, the decentralized platforms can indeed be helpful in introducing the human factor and social interaction into the online marketing. This can go a long way in letting you build trust, which has always been the backbone of a long lasting business relationship.

The advantages that a decentralized marketplace can offer extend to the fact that they can easily be used for the services sector as well without many hiccups. A few examples can be child care, Home renovations or medical care.

The Parting Thoughts

Blockchain in indeed set to bring the much-needed changes in the online marketplaces as they stand now. The Blockchain technology is indeed set to disrupt everything as we know it today. We would definitely expect and look ahead to the emergence of startups that will be the front-runners in the technology launching the newer innovative and unique products and services.