Just about any industry can use blockchain – for example, finance, freelance work, and grocery shopping. Have you ever wondered what are the must-have features of blockchain marketplaces if you would like to build one? Read on to find the best answer.
What are blockchain marketplaces?
Blockchain marketplaces mean a peer-to-peer system that removes the need for the middleman through the incorporation of the transparency of the ledger and a trust layer. This marketplace transaction is one-on-one without the involvement of any centralized authority. It is worth mentioning that for the very first time, said the aim is achieved as we today have technology that gets rid of the requirements for trust. Thanks to its transparency, all the transactions – any pertinent detail on a seller or a service supplier – are available for access. Likewise, without manipulation or falsification, reviews are genuine and will be on the blockchain forever.
Must-have features of blockchain marketplaces if you would like to build one
1. Smart contracts
Smart contracts are one of the foremost attributes of this marketplace. Referred to as digitally signed agreements, they help put a stop to any type of fraud and remove the payment aggregator fees. Some of their standout characteristics include automatic execution (without the need for no intermediaries), the quality of being impossible to break (directly written into code on the blockchain), and public storage.
More specifically, smart contracts work under specified conditions agreed to by users. Right after these conditions are fulfilled, you will have the smart contract terms implemented automatically. This enables automated transactions subject to triggering events or preset conditions. Further, smart contracts aid in dispute resolution in the blockchain marketplaces Another thing to know is that these have breaches. Due to their irreversible nature, rewriting the code is necessary if you want to make a refund arrangement possible.
Blockchain’s decentralized nature implies these features on your marketplace system:
- Nothing is kept at the central location.
- You have every data copied and spread all over the computer network.
- Every time there is a new block in the blockchain, all the network’s computers will update the blockchain for the change reflection purpose.
- Should there be a hacker attack, there would be a compromise on only one copy of the information.
As you may notice, there are limits to marketplace seller control. But on the other hand, the blockchain offers the capability of tracking all the transactions. This allows for enhanced order fulfillment traceability.
3. Fees & Payments
Blockchain marketplaces provide direct payment by crypto (tokens), being exchangeable for Bitcoin. Here, the payments do not need any 3rd-party financial services to take their cut but are instant. There are no requirements for credit card and personal information, either.
Also, we hope you know that these marketplace centers offer little or no fees and sellers do not foot the bill for listings.
In conclusion, we hope that the post answers your question about the must-have features of blockchain marketplaces. For more detailed information and further support, contact SmartOCS.We are always happy to help you as best we can.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.