eCommerce will be worth $75 billion in Africa’s leading economies, and came into existence as the solution to the stress of beating traffic to get to stores, bringing about a more convenient way of buying and selling. Today, online retail seems to be fast replacing the brick and mortar stores, and warehouses are becoming the one place to order items from.
Ventures such as Alibaba, eBay, Payporte, Jumia, and Konga are cashing in big on African’s need to do convenient shopping from the comfort of their homes. While this a massive opportunity for the boost of emerging markets, blockchain, and virtual reality are bringing their promises into the e-market and are already disrupting the normalcy of things.
According to Mattia Crespi, the CEO of Qbit, e-commerce will probably grow to become a more immersive and ambient kind of experience given these two variables. This goes to bolster the possibility that blockchain and VR could be the next big thing in the African electronic market. From the transactions viewpoint, this revolution has already started taking its swing all around us.
Bitcoin value seems to be on the rise again, and this currency makes use of the blockchain technology. The blockchain is an ‘online ledger of transactions’ which is kept under maintenance by a network of anonymous computers on the internet. Its backed by no government, no central bank and no one is responsible for supporting the value of the currencies.
Crypto and blockchain, generally, no doubt have a remarkable number of applications. But what appears to be the killer app for the blockchain is called the metaverse, according to a High Fidelity blog post. With that vision, the crypto firm is building an entire infrastructure to introduce crypto in virtual environments. But it seems Bitcoin and other blockchain systems do not have all it takes for these virtual worlds because of the transaction frequency, as explained in a video by Philip Rosedale.
Should it be true that virtual worlds are a killer app for blockchain systems, it will as well be factual that the blockchain and cryptocurrencies will well disrupt the real world, and they are already impacting. Companies need to have access to breakthrough tech, but not all of them have their eyes set on selling virtual goods on virtual worlds. Some of them have interest only in selling physical products on virtual ambient that is not open. The latest about the virtual world is starting to open countless possibilities for the meteoric development of e-commerce, and some companies are already looking to avail themselves the opportunity and become extremely powerful engines for online retail solutions.