TEMTUM AND ITS POSITIVE EFFECT ON THE E-COMMERCE INDUSTRY

aaemma (35)in #trading • 5 years ago

The world is growing tremendously in a technological way with new technologies coming up while bearing disruptive solutions which will make the world a better place. As we know, there are AI, Blockchain as well as different technologies which are contributing in one way or the other for the betterment of humanity and one of such place or industry which has felt the heavy presence of blockchain is the e-commerce industry.
There are no doubts e-commerce is growing tremendously in different ways as more and more users keep getting acquainted; this is true because with the advent of e-commerce Industry one can stay in the comfort of his home and order for any product online which will be delivered directly at his doorstep. In the same way, owing to growing issues present in the e-commerce industry blockchain platforms starts coming up with various solutions to enhance it but yet owing to lack of speed, scalability and so on they couldn't achieve the desired results. But with the advent of Temtum blockchain, a solution has emerged, one which will ensure the features found wanting in the current blockchains are taken care of thus providing more efficient e-commerce services.

However, there is always a reason why every blockchain platform is needed in current existing industries like e-commerce. To begin with, a study has it that the e-commerce industry is expected to worth $4.8tn by 2021, but this growth comes with increasing unfriendly fees. For every transaction taking place in the current e-commerce industry both those carried out via platforms like PayPal, MasterCard, VISA or with cryptocurrencies like Bitcoin and Ethereum comes with fees. In the same way, like earlier stated, e-commerce is growing tremendously with new users from every part of the world coming on board as well as retailers going for new and emerging markets; but this comes with its issues as well as both for retailers and merchandisers. This issue comes in the form of currency conversion rates and multiple payment processing fees.

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WHAT TEMTUM OFFERS

Temtum is a blockchain network made up of Temporal technology and quantum randomness, thereby having the capacity to revolutionize the blockchain space as well as bringing efficiency to peer-to-peer networks. Temtum is capable because it works with low resource devices, less power, energy and storage while processing transactions at extremely high speeds and with guaranteed security.
With Temtum being a blockchain it has its own cryptocurrency known as TEM, which owing to the technologies within will be preferred over fiat.

Like earlier stated, Temtum aims to bring a tremendous turnaround in the e-commerce industry and this takes place in two ways. First, Temtum team aims to develop e-commerce which will run on Temtum blockchain thus using TEM as payment for goods. In addition, within this online store will be existing e-commerce features and a special wallet which will be used for payment.
Secondly, Temtum will also make it possible for existing online stores to accept TEM. In this case, there will be a feature known as "Pay with Temtum" whereby if users pay with TEM it will be converted into fiat; that is to say, the vendor receives fiat

HOW TEMTUM SUCCEEDS

Within Temtum, the main goal of the team is to ensure the adoption of Temtum on a global scale as in POS mobile payment systems, online gaming, e-commerce. Thus, in the case of e-commerce, the team developed steps which will help them to make it possible for TEM to be used in the e-commerce industry.
The first step was creating a process known as "Temtum Pay" process which will work perfectly with a Shopify payment plugin in addition to a "quick-buy" feature. Secondly, Temtum created an API so as to make it possible for custom payment systems to connect freely to the payment plugin.

Furthermore, by using TEM for payment, all transactions are confirmed within 12 secs and the retailers do not face any transaction fee, bank charges, audience segmentation etc.
Since Temtum is a decentralized blockchain, all transaction is transparency thus can be tracked on its explorer.

CONCLUSION

There is no doubt in what cryptocurrency offers in the world; in the case of e-commerce and via Temtum blockchain, there will be no fee, fast transaction confirmation and transparency.
In addition, with Temtum developing a plugin through which current e-commerce system can connect to, it sets the blockchain network on its path to mass adoption. To make it more interesting, Temtum e-commerce features are already developed.