NetObjex and Buying.com revolutionize the E-Commerce space with the launch of the PRIME blockchain protocol to improve efficiency and transparency while lowering costs
NetObjex today announced its partnership with Buying.com in helping develop a Decentralized E-Commerce Network that plans to disrupt the $3T E-Commerce market.
Buying.com, based in Mahwah, NJ, is an E-commerce player which plans to develop a decentralized ecosystem that brings together manufacturers, retailers, distribution centers, delivery companies and consumers using distributed ledger technology. Buying.com’sDropshipper technology enables Direct manufacturer to Consumer drop shipments bypassing layers of intermediaries and inefficiency in the current ecosystem. It also couples this with Snapforce – a backoffice administration technology for e-commerce and Reachlocal which aids in consumer engagement.
“We are very proud to announce this partnership with NetObjex, an innovative player in the blockchain space on this groundbreaking initiative. This is a synergistic relationship where we are able to couple our knowhow in the E-Commerce arena with the platforms and technical capabilities of NetObjex in distributed ledger technologies to build out a new model – the Internet of Commerce,” stated Jean Gabriel, Founder of Buying.com.
The Buying.com network plans to bring to market a number of new capabilities to improve efficiency, lower costs and increase transparency in the E-Commerce space through the launch of its Prime Protocol. Some of the features include Group Buying wherein consumers can now group purchases to meet minimum order quantities of manufacturers to get manufacturer pricing on goods; Hyperlocal micro distribution which leverages sharing economy principles to convert garage space into distribution centers and trunk space in automobiles into delivery capacity; Retail intelligence which taps into inventory information for FMCG (Fast Moving Consumer Goods) which enables retailers to use their stores as distribution centers and fulfill demand dynamically for consumers in a geofenced perimeter.
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“NetObjex is a firm believer in the disruptive potential of blockchain technology. Buying.com exemplifies how forward thinking enterprises can utilize the power of decentralization to create new economic models and change the dynamics of a given vertical marketplace,” added Raghu Bala, Founder of NetObjex.