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Decentralized Ecommerce on Blockchain
Blockchains like Ethereum have built-in smart contract support using which we can create a smart contract between a buyer and seller easily for a single order or a group of orders. These contracts ensure payment is automatically released as soon as a promised asset is delivered by the seller. Best part is these contracts are immutable and visible to everyone so it is transparent for all the parties involved.
We can envisage a host of contract types in ecommerce between a buyer and seller. Below are three basic types of contracts we will talk about here in this article.
This kind of contract is for a transaction where the full asset like a mobile phone is being bought by a single buyer. Below is transaction flow of this type of a contract:
This kind of contract is for a transaction where a fractional part of an asset like a fractional ownership of an NFT is being bought by a collection of buyers with a buy back clause so that seller can regain control of the whole asset if need be. Below is transaction flow of this type of a contract:
Ecommerce Staking (Renting) Contract
This kind of contract is for a transaction where an asset is staked or rented for a reward like an NFT is being staked for gamers to use or a gown is rented for wedding. Below is transaction flow of this type of a contract:
We have discussed only three types of ecommerce contracts here. We will discuss more contracts in detail in our next article in our newsletter
If you have any questions or comments, feel free to write to me at manoj@plotch.ai