A recently revealed blockchain platform called Release is aiming to revive the otherwise corruption-ridden agriculture and fishing industry through supply chain transparency and efficiency, an official press release announced on July 12.
Social commerce, the social media-influenced subset of electronic commerce, has witnessed a considerable surge in popularity amid a rise in mobile technology demand. However, it has its fair share of challenges.
The absence of a robust communication link between sellers and consumers, inadequate supply chain transparency, and ineffective operations are hindering its further progress, which is otherwise estimated to be trillions of dollars worth in value in the next few years.
Blockchain platform that brings buyers and sellers together
A Taiwanese social media distributed platform, Release Co Ltd, is leveraging the power of blockchain and tokenization to bring decentralization to social commerce. It will combine the best of both technologies to bring buyers and sellers under one shared platform for factual information about the product.
The blockchain platform will also utilize emergent technologies like Big Data and artificial intelligence to design a consumer-centric, safe, and transparent social commerce platform for several industry-wide applications. For starters, it can bring about price fairness and logistical efficiency in the agricultural and fishing industry, which is currently ridden by inefficiencies.
Sale of fresh produce redefined
According to the announcement, what the blockchain platform Release does is that it designs a robust architecture that enables sellers to select spot prices on the fresh produce like vegetables, fruits, seafood, etc. This will level the playing field for the buyers as well as sellers as they no longer have to rely on predefined price tags set forth by intermediaries who, too, charge a commission.
This way, the blockchain platform will not only optimize the entire industry by bringing down costs and excessive external intervention but also instill trust among consumers. Both buyers and sellers will have the power to verify the authenticity of the product and put a fair price tag on it. Meanwhile, Release native token also allows users to purchase services, skills, products, among others.