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Unlocking Under-utilized transaction data
Release time：2018.12.25 17:33
Author：Back to list
The Current State of the Retail Industry and the Deficiency of the Centralization Platform
The global retail market size was 2.4 trillion dollars in 2017 and is expected to reach 2. 8 trillion dollars in 2020. The retail industry has been affected by the development of the internet and the mobile internet access in recent years, with online retail sales growing significantly faster than offline sales. However, 90% of retail transactions are still offline. With more and more e-commerce logistics moguls are investing in the offline retail market, the traditional brick and mortar merchants can take advantage of the third-party platforms to shift sales online. Omnidirectional retail is becoming the standard, gradually integrating the offline and online worlds. In the process of integration, transaction data between merchants and customers are collected and controlled by the centralized service platforms such as Amazon. The powerful centralized platforms have three main deficiencies:
1、 Data is controlled by the centralized platforms resulting in a huge information gap
On the centralized retail platforms, the information between merchants and users is asymmetric. The unilateral control of transaction data creates a less competitive system, resulting in merchants paying up to 15% in customer acquisition.
2、The authenticity of retail data science cannot be guaranteed while data fraud is common--false data on the part of centralized platforms leads to unfair competition
In the current environment, it is impossible to defend against transaction data fraud effectively. Centralized platforms such as Facebook can easily falsify or overestimate figures. Some merchants, in order to obtain traffic in accordance with the platform algorithm rules, will produce many false figures themselves, not only affecting the purchase decisions of users, but also contributes to unfair competition on the platform.
3、Data contributors are unable to enjoy the value of data assets
Centralized platforms enjoy a high capital premium on the data. As the core creators of the platform value, the high-quality merchants practicing real bookkeeping not only do not get any capital value, but even find themselves being squeezed for profits by the platform.
By using blockchain technology to disrupt the current offline retail ecosystem, Bizkey returns the value of data and consumer traffic to the participants in the transaction to effectively solve the various deficiencies of the centralized platforms.
1、Establish a trusted network for distributed accounts
Bizkey establishes distributed accounts for offline retailers based on blockchain technology and ensures the uniqueness of transactions, putting an end to the unilateral data fraud exhibited by centralized platforms in order to maximize data benefits and ensure fair competition in the ecosystem, thus establishing digitized trust.
2、The rational distribution and circulation of data value
Through tokenization of data assets, Bizkey can validate and capitalize on the transaction data’s value, so that data value can be returned to the creator, rather than be concentrated in the hands of a few centralized platforms, ensuring fair and reasonable circulation of data assets in the physical retail ecosystem.
3、Reach community consensus and community autonomy
Bizkey will align the data formats of retail merchants through the incentive distribution of tokens, setting the rewards according to the contributed value from each side of the transaction, maximizing the value circulated and community autonomy of the ecosystem.