ZETRIX – Can Blockchain Tech further increase e-commerce growth in Asia?

As the government encouraged people to isolate themselves and stay at home to prevent the spread of Covid-19, online shopping, food delivery apps and online payment platforms saw a massive increase in usage.

According to a report from Facebook and Bain & Company, an estimated 70 million more people have shopped online since the pandemic began, and this trend is not about to die down right away.

In fact, Asia’s e-commerce revenue is projected to grow to $ 1.92 trillion by 2024, accounting for 61.4% of the global e-commerce market.

It may be higher with the Regional Comprehensive Economic Partnership (RCEP), a proposed agreement between the member countries of the Association of Southeast Asian Nations and its free trade agreement partners.

RCEP will encourage innovation and upgrades in production to meet the requirements and also promote the establishment of new industry standards and regulations, which help the economic development of all member countries.

The migration to an online economy combined with the improved production and trading opportunities thanks to RCEP signals a new lifestyle.

There is now a need for a secure place on the web to perform a variety of transactions in a safe and efficient manner, while providing a simple, user-friendly experience for customers and scalability for businesses.

Currently, companies are not able to fully embrace blockchain technology; It may promise better security, but it is lacking in many areas, from low speeds to no authentication method and vulnerabilities in the code.

But with the rise of e-commerce companies in South Asia, there is a greater need for a network that can keep up with increasing demands, and the developers at Zetrix seem to have ticked all the boxes.

Zetrix’s multi-sharding technology enables transaction speeds of 10,000 per second, far beyond what is possible with the Bitcoin, Ethereum and Cardano blockchains.

The multi-chain model also improves security since the sharding technique distributes a piece of data across multiple nodes, making it more difficult for hackers to obtain a complete picture.

Zetrix also has a Delegated Proof of Stake model (DPoS) that ensures that no fraudulent transactions are added to the blockchain.

This is done through a voting process, a consensus mechanism and a dynamic upgrade mechanism that adapts to the degree of difficulty of validating node access as Zetrix expands, thus maintaining the privacy and security of all users no matter how large the network grows.

One of the challenges that not only blockchain technology but also current e-commerce sites face is the lack of authentication, which means that there is skepticism from some people, which prevents them from fully embracing e-commerce and payments.

Credible websites and businesses therefore do not get the traffic they could. There is also a solution for that: digital IDs. Zetrix’s platform will allow companies, both small and large, to streamline their identity management process, build trust in their own platform and prevent fraud.

Just as users will be able to authenticate a website and consider it credible, companies can verify customers, employees and partners with digital IDs.

The developers of Zetrix have also made it easy for any developer to create and distribute dApps (decentralized applications) on their blockchain, allowing more people to join the network and take advantage of the benefits of blockchain technology for their e-commerce platforms and online payment. portals.

Zetrix is ​​a future-proof, business-ready network that grows with you, and thus serves RCEP countries and keeps pace with the ever-increasing demands for e-commerce.

This is especially important in a region like South Asia, which is estimated to dominate the e-commerce market very soon.

As e-commerce companies use a network like Zetrix that enables scaling, allows a high volume of high-speed transactions, and offers security and privacy, other small and large companies will follow suit.

This ripple effect will create a boom in economic growth in the region, and that estimates of 1.92 trillion dollars can only be higher.

Disclaimer

All information on our website is published in good faith and for general information purposes only. Any action taken by the reader on the information contained on our website is strictly at your own risk.