A new platform is in development trying to merge blockchain and e-commerce, to enable just about anyone to operate an online store or a web service, and seamlessly accept payments. This may sound easy with services like PayPal, but that’s not the case in all parts of the world, namely the emerging countries.
At the same time, the platform — called Bezant — would allow digital content providers to get a bigger/fairer share for their work. Here’s what’s it all about…
An end-to-end distribution and payment platform
Bezant is building what it says is the end-to-end distribution and payment platform which, as such, should be beneficial to both the end-users as well as service providers like networks, game developers and video streaming sites. The reason for this is simple – all parties benefit from lower transaction costs.
According to Bezant’s white paper, major players such as Apple’s App Store almost exclusively work to the benefit of big companies, with 94 percent of total revenues going to just one percent of content developers. On the other hand, we have fledgling providers that are left with less than 50 percent of their net revenues once marketing fees and Apple’s commissions have been deducted.
The company goes on to cite research from Statista which values the digital payments industry at $3.6 trillion this year, and projected to grow at a compound rate of 13.5 percent each year until 2022. Additionally, the proportion of smartphone transactions is also increasing, and Bezant intends to ensure all of those payments can be “borderless.”
Instantaneous, global & convenient
Bezant’s blockchain platform will be available through the Jehmi Payment Network, which can aggregate “hundreds of payment methods” in one place. It believes this approach could transcend limitations found in emerging markets and empower sellers with the tools they need to maximize revenues.
In that sense, Bezant will let service and content providers — as well as online stores — to accept cash payments, bank transfers, prepaid cards and billing through SMS; as well as using Bezant’s own tokens. The last payment method doesn’t include transfer fees in a hope to spur adoption. Also, there will be a hard wallet feature to make sure said Bezant tokens can be stored safely offline.
Bezant believes it will be able to accommodate up to 1,000 transactions per second. And it thinks such volume is needed since it’s planning to challenge major app stores through the Jehmi Content Platform, where content providers, end users and distribution partners will enjoy a “better ecosystem” for delivering digital content.
The road ahead
Bezant’s initial focus is on South Korea, which proved itself as a fertile ground for “anything crypto.” Also, the reason for such move is the fact that the company’s development studio is located in Seoul.
Bezant’s chief cryptocurrency officer is Dae-sik Kim, who previously founded and headed Bithumb, one of the world’s largest exchanges in terms of daily trading volume.
The company’s pre-sale ended with $126 million raised, with $16.8 million going in just one hour after the Bezant token sale opened. A pre-sale bonus round of $4 million was concluded in under five minutes.
In other words, these guys are obviously well connected, now let’s see whether they can deliver on their bold goal…