Just a few days ago we were talking about the importance of Blockchain technology for e-Commerce. Today we’ll talk about OpenBazaar, one of the first electronic commerces to apply this new technology.
Using Blockchain technology to exchange goods and services without a third party involved is one of the biggest contributions of e-Commerce. This way, people can make transactions among each other, which opens the door to a fairer economy.
On April 4, 2016, Brian Hoffman created OpenBazaar _ a decentralized, peer-to-peer market. It allows anyone in the world to trade goods and services using the Bitcoin network.
In this website, buyers and sellers can interact without agreeing to any terms and conditions and without the intervention of a central authority in the transactions. Unlike markets such as Alibaba, Amazon or eBay, OpenBazaar has its own program that runs directly from the computer.
OpenBazaar is a complete peer-to-peer market in which buyers and sellers get involved directly. By not having intermediaries, users don’t have to pay any fees for using the network, and you don’t need to agree to any terms or conditions.
According to its founders, OpenBazaar is a combination of Twitter, eBay and BitTorrent, with features from all these platforms and a selling format inspired in social networks, where buyers and sellers can interact closely.
As for the use of cryptocurrency as a payment method, the platform doesn't accept just Bitcoin anymore. It has added other digital coins such as Zcash, Ethereum or Ripple since it merged with ShapeShift in an attempt to expand the use of different cryptocurrencies.
OpenBazaar, which broke the online shopping paradigms, only requires downloading software from www.openbazaar.org directly to the computer.
“Trade was meant to be free. This idea inspired us to spend the last two years building OpenBazaar. Starting today, anyone in the world with access to an internet connection can use Bitcoin and OpenBazaar to exchange goods and services freely. We can’t wait to see how people will use this tool,” said Hoffman.
By Ana María Morales