Businesses and organizations all over the world lose more than $ 1.2 trillion annually due to counterfeit transactions. Just fraudulent insurance claims for goods amount to a loss of $ 58 billion, and this is just one aspect of the sense of mistrust propagated by monetary transactions. It isn’t just loss of money: brands are destroyed, businesses built with sweat and blood, are wrecked.
Although digital retail and e-commerce are growing in leaps and bounds, compared to the potential that they have, the rampant mistrust atrophies their growth.
The conventional currency, with all checks and balances, to an extent, has been able to facilitate online transactions, but is prone to exploitation, as proven by the number of frauds committed every day.
Hence, no matter how big e-commerce grows, unless the basic security concerns are addressed, it is not going to be able to break the glass ceiling. How can this glass ceiling be broken?
Cryptocurrency is the answer.
Buying your favorite luxury goods with cryptocurrency is easier now
Online retail stores and e-commerce websites that allow people to buy and sell using cryptocurrencies eliminate chances of fraud and financial misdemeanor almost to zero. This is because the e-commerce solutions that facilitating cryptocurrency transactions are powered by the Blockchain technology, which is an open-source distributed database using state-of-the-art cryptography, dependent upon thousands of “blocks” that are impossible to alter unless every possible block existing on the chain (connected computers) is altered. Hence, giving it immutable security.
One of such pioneering retail stores is Total Exchange. According to the official statement of the developers and promoters, “Total Exchange is a global, borderless online marketplace that prides on financial inclusion, security, and trust.”
Total Exchange is a combination of a marketplace and a cryptocurrency exchange platform. The marketplace comes with a difference.
An e-commerce website vying to mainstream cryptocurrency-based online shopping
It is one of the few online retail stores that sell everyday as well as luxury goods through all mainstream cryptocurrencies. Hence, if you have a cryptocurrency, for example, a collection of bitcoins, you can securely shop on the Total Exchange Marketplace.
Don’t have cryptocurrency yet? In an effort to provide you a complete cryptocurrency solution, there is no need to go anywhere else to get a cryptocurrency. The website also sports a Cryptocurrency Exchange, where you can purchase all mainstream cryptocurrencies including Bitcoin, Litecoin, Ethereum, Ripple, and many more.
So, whether you want to buy cryptocurrencies for the sake of trading in them (just as you do in the stock market) or for the purpose of buying goods (for example, a TV or a music system) with the help of your preferred cryptocurrency, the Total Exchange Cryptocurrency Exchange platform solves dual purposes.
Although, right now, if you have a quick look at the Marketplace inventory, it doesn’t look like an Amazon or a Flipkart, there is a wide selection of product categories such as “Bestsellers”, “Luxury & Exclusivity”, “Computers & Technology”, “Fashion & Lifestyle”, and such and some renowned brands are listed under these categories.
The dollar values of these items are listed and beneath the dollar values, you have an option of selecting your preferred cryptocurrency. If you are logged in as a Total Exchange user, the amount of cryptocurrency (and its variations) that you hold will be immediately available to you and you will be able to do shopping on the website using your cryptocurrency.
The interface is clean, although a bit grim, with black header and footer and black buttons. The navigation is easy. You can quickly find the item you are looking for. There are different sections for customers and vendors. The shopping cart interface includes a facility to immediately purchase cryptocurrency in case you don’t have it yet or there isn’t sufficient cryptocurrency in your Total Exchange wallet.
Online shopping, as secure as it gets, based on Blockchain
Total Exchange solves a fundamental problem that plagues almost every e-commerce platform and online retail store – there is no way of finding out whether you are getting the products that are listed in the catalogue or not. It is humanly impossible for online retail stores to verify every individual item, especially when there are hundreds of thousands of items (even millions of items in the case of Amazon). Instances of fraudulent listings can only be addressed when complaints are raised by irate customers. The Blockchain powered Total Exchange platform ensures that every product that is listed in the catalogue has its origin verified.
Since the cryptocurrencies used to buy products are built on the Blockchain platform, even the vendors can rest assured that their payments are immediately processed, and they don’t have to depend on the whims of the conventional payment gateway platforms.
The founder and CEO of Total Exchange is Bobby Singh and the parent company is Luxury Ledger which boasts IBM as one of its partners. It is also a Google and TechStars winning start-up. According to the information on the website, Luxury Ledger provides a Blockchain solution that provides an immutable transaction ecosystem to retailers, insurers, brands and consumers that want to provide anti-counterfeit and supply chain solutions for the global luxury and retail industry.
Total Exchange is a front-runner in the realm of cryptocurrency-powered online retail. As cryptocurrencies become mainstream, there will be more entrants, but until that happens, websites like Total Exchange will enjoy an advantage among customers fervently looking for cryptocurrency-powered online retail stores.