How Connectius reduce the amount of fraud in e-commerce market
The Connectius service is developed to fight fraud in e-commerce.The blockchain-based system was used, to increase efficiency SaaS service.
The Connectius system is developed for online suppliers of goods and services, such as online stores, travel agencies and hotel reservation services. The use of smart contracts should reduce the loss of sellers from the two most common types of fraud in e-commerce: refunds and transactions using cards. Reducing losses from fraud and expenses to prevent this will help reduce the cost of goods.
There are three participants in the Connectius ecosystem: suppliers, consumers and arbitrators. Transactions are processed through smart contracts, increasing transparency and reliability of settlements. If an attempt is made to fraud, the system will help to recover the funds. All users of the platform have a reputation indicator, which affects each transaction that is executed. To resolve conflicts, the parties can invite an arbiter, a user with a high reputation, to solve this problem.
Decentralization prevents theft of user`s personal dataa. The smart contract features and modules to integrate blockchain technology into existing trading platforms are accessible through the Connectius API.
The platform’s tokens allow the implementation of smart contracts and also serve as a payment method within the platform and in Connectius-based apps. The cost of goods and services is given in US dollars, and can be paid for in dollars or tokens. If the buyer uses dollars, they are converted to tokens by an external service.
The integration of all Connectius-based products will take place in the first half of 2019.
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