The market, in the traditional sense of the word, is what would work as a medium where buyers and sellers meet for completing a specific service. It is exactly what would facilitate the exchange of the product or service as per the mutually agreed terms and conditions. The market can either be a physical one as in the case bazaars or a virtual one in the case of an online market. In case of online marketplaces, a lack of human interaction would make it a little out of place and creates issues. That is exactly where Blockchain technology or a decentralized marketplace helps you with.
Well, we mentioned the lack of human interaction and quality of the relationship that would be found in the physical marketplace. Decentralised marketplaces tend to bring this element of social interaction into the online marketplace. This is exactly what decentralized platforms like Soma tend to do.
How does Decentralisation Enhances Online Marketing?
Well, though we have been going through this discussion with a special emphasis on Soma, that would not mean the social interaction and other added options are not necessarily limited to one particular marketplace. Some of the features that the decentralized marketplace concept that enhances the quality of an online marketing service can be listed out as here below.
Enhanced Social Interaction
Social media platforms have been an integral part of the decentralized marketplaces. The community keeps in touch with each other. The concept enhances the digital content of the platform as a whole. The members of the community keep interacting with one another thereby sharing the content with each other.
Peer To Peer Transactions
One of the best advantages of a decentralized platform is the peer to peer marketing options that it provides. The P2P mode of marketing will be the essence of a growing community. In fact, it would what would reduce the need for middlemen and thus reduce the prices of the commodities further. Whether goods or services the P2P mode in the decentralized marketplaces would make the transactions faster and cheaper.
Security and Transparency
Decentralised marketplaces are based on Blockchain technology. In fact, the Blockchain technology enhances the security of the digital transactions. The Decentralised mode of transactions saves the data in separate blocks. These blocks are stored anonymously within the network. This eliminates the need for centralization. The blocks cannot be overwritten and this will make the system tamper proof and most secure ever. Moreover, all the changes done to the blocks are transparent and visible to all the users.
The huge difference that decentralized marketplaces introduce with the P2P marketing is that they work with their own tokens. These blockchain based crypto coins help the ecosystem grow further. This enhanced functionality helps grow the network further in a positive manner.
Well, that is just a tip what changes a decentralized marketplace can bring to your life. The concept has a potential of completely revolutionizing the way we interact with the online marketplace.