Sinsang Market to join Terra Alliance ecosystem.
August 7, 2019 9:14 am,
There is no limit to the imagination of the human mind. The same is applicable to the inventions made by the same. One such invention that has the limitless opportunity for growth and the potential to change the very face of how we do business is cryptocurrency. Even though there was reluctance from among the crowd in the initial days of its launch, the trends shown by the numbers in the last few years is very encouraging. Countries like Canada and the USA have played their fair share of the game in making the currency almost legal. Today’s article speaks about yet another nation opening up to the virtual world of cryptocurrency.
Association of the trio
South Korea witnessed one of the most monumental associations the nation has ever seen in the past couple of years, among its fashion platform Sinsang Market, multi e-commerce platform Terra Alliance and mobile payment service CHAI. This association can be considered as almost symbiotic in nature, as the three of the members gain from this, and the sum total of the result will be reflected in the South Korean economy. Terra Alliance can be understood as a platform that hosts various e-commerce websites. What differentiates this from the rest of the platforms across the globe is that it uses stable coins for the transactions carried out there.
How it works
The main aim of the association is to develop a payment system that uses CHAI, their mobile payment platform, to tap into the extravagant blockchain technology of Terra Alliance. As we already know, Terra Alliance uses stable coins for their transactions, and the use of stable coins is always backed up by strong blockchain technology. The main advantage of using blockchain technology is that it is very secure. The data is saved in an encrypted format, so it is safe from mere threats. CHAI intends to use this blockchain technology to safeguard the transactions that take place over the Terra Alliance. At the same time, Sinsang Market looks forward to using the platform provided by Sinsang Market to enable its customers to make payments for personal delivery services offered by the fashion platform.
What it boils down to
The whole association revolves around the blockchain technology used by Terra Alliance and their stable coin. If the model proves successful, it has the potential to change the very element of how transactions take place over e-commerce platforms like Amazon, Flipkart and so on. The security factor that blockchain provides for its users is of immense value for the e-commerce platforms. Keeping this in mind, South Korea has aimed to try an association that involves an e-commerce platform, a mobile payment application, and a blockchain-based platform. This can serve as a model that could possibly change how we shop