One of the biggest issues facing cryptocurrency adoption today is ease of use – both for customers and merchants alike. The biggest roadblock arises when moving from cryptocurrencies to traditional fiat currencies – this almost invariably incurs additional fees both to banks, exchanges and even payment gateways. The majority of the global e-commerce market exclusively uses fiat currencies. Even the few online shops that accept cryptocurrency find the need to convert the cryptocurrencies into fiat currencies to protect them from the volatility and fluctuating price.

Another key bottleneck plaguing the online and e-commerce industry is security – existing models have a large attack area and have gained a reputation for being hacked easily, resulting in customer information being stolen by hackers. And this has happened far too often for one's liking. Even top companies in the online space, such as LinkedIn, Equifax and Dropbox have been attacked in recent years, leading to loss of data. Such attacks diminish the confidence that people have in e-commerce. After all, who would want to trust Internet based businesses if well established and top-tier companies are prone to hacks?

Elysian is an upcoming platform aims to address these gaps in the e-commerce industry with an integrated solution that connects blockchain technology with real world use cases.

Elysian’s Solution

To solve the existing issues with both adoption of cryptocurrencies, and the security issues of customer data, Elysian brings a suite of blockchain based technology revolving around Proof Of Authority to create a unique user experience for e-commerce applications. Elysian aims to integrate two key technology innovations into one efficient platform:

• Blockchain to store and secure records
• Artificial Intelligence and Virtual reality to develop an unmatched user experience.

Security based on Blockchain

Elysian aims to build the framework for modern e-commerce applications, helping clients interact with their customers over an easy to use yet powerful platform. Clients using Elysian can also develop their suite of products on top of the features of Elysian, thus allowing a great degree of freedom for existing industries to migrate towards a secure and modern e-commerce environment.

Blockchain technology uses immutable ledgers that cannot be tampered with once they are written. Decentralization puts the data on distributed systems across the globe, thus ensuring there is no one single point of failure. And the advent of smart contract technology enables storing entire transaction information on the immutable ledger.

AI and VR in E-commerce

Current E-commerce solutions are limited in the way they present content to their audience. By adopting emerging technologies such as Artificial Intelligence and Virtual Reality, clients of Elysian have an opportunity to drastically change user experience, and bring about a revolution in this field. After all, impression is half of any e-commerce application.

The scope of Artificial Intelligence in e-commerce lies in offering ease of use to the customers of the e-commerce store. AI can assist in a number of ways like remembering the particular section or product a customer was interested in, and showing similar items to even interacting with the customer through verbal commands and feedback and responding to the customers queries, overall simplifying the entire shopping experience.

By incorporating Virtual Reality, Elysian aims to bring a whole new level of user engagement right into the e-commerce store. Storeowners can use a multitude of virtual reality themes to augment their business, and present an in-store view to customers. And customers can have a complete experience right from the comfort of their homes.

By integrating modern technology solutions like blockchain, smart contracts, AI and VR into their e-commerce systems, Elysian is aiming to build next generation platforms that provide visiting customers with a vastly superior user interface, thus bringing much more revenue to e-commerce store owners.

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For more information on Elysian, please watch the video below or visit the official thread.