The Future of e-Commerce – OpenBazaar And Bitcoin

OpenBazaar Bitcoin

Let me first introduce you to the concept of bitcoin. A Bitcoin, also often called the first cryptocurrency, is a digital payment system. Unlike other currency system, bitcoin is a decentralized and is not an official currency.

OpenBazaar, launched on 4th April 2016, on the other hand, is a bitcoin-powered market; an open source e-commerce project, aiming to unfold a transaction system in a fully decentralized marketplace. This market has published a long term roadmap, a blueprint, in a bid to become a global giant in censorship-resistant trade. Because, of course, censorship equals bad news by legal authorities.

Jokes apart. Since it commencement, OpenBazaar has seen a lot of dealers and vendors, who registers themselves to this market, to sell goods like handcrafted lip-balms, beard oil, chili peppers. Even extremely weird items like, zombie apocalypse preparedness patch are being sold. I’m not even kidding about this.

Anyway, now, the team running OpenBazaar, is expecting to witness an expansive growth in the coming months. Atleast according to the new roadmap.

Quoting the new roadmap: “OpenBazaar is and always was a mammoth project with an ambitious goal to become the backbone of global commerce. Every marathon begins with the first step

The new roadmap plans include resolutions like, job postings, a built-in social network, and integrations with the InterPlanetary File System, also abbreviated as IPFS. And also anonymizing Tor network. The team also plans to release a mobile app.

Officially launched in April 2016, this marketplace saw a huge rise in supporters and as the developers claiming at the time that OpenBazaar had been downloaded around 25,000 times on its first day in business.

Earlier this month, the app and its parent company, OB1, had won the Blockchain Award at ConDesk’s Consensus 2016 blockchain conference. By this time, the app was downloaded more than 110,000 times.

OpenBazaar – Blueprint of the future:

According to the proposed roadmap, the main aim of this project focuses on the improvement of the customer’s experience using the app as well as onboarding other types of purchasable contents.

The future plans also includes the addition of “advanced digital good” including music. This should be happening in next three months.

Also, OpenBazaar schemes to add support for registering a blockchain ID within the application.

The next three months will also see addition of features like webhooks, email notifications, cloud-storage, enhanced order and inventory management, relatively more intuitive user-interface and an improved sales control center.

Meanwhile, the plan for one-year timeline, includes several “big ticket items” that stands out potentially as news-makers in their own rights

Allowing similar functions to that of BitTorrent, the contributors plans to design the InterPlanetary File System as an “extension” of the existing network. The IPFS integration will let visitors to a store download and seed its data for other users.

Other benefits include increased censorship resistance, and relatively more persistent content even if the dealer or the vendor closes the application.

According to the post, “This means that the more people who visit your store, the more your data will be replicated across the network

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1 Response

  1. May 13, 2016

    […] OpenBazaar with a Tor network will provide privacy to all the shoppers and clients using this […]

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