When the government encouraged people to isolate themselves and stay home to prevent the spread of Covid-19, online shopping, food delivery apps, and online payment platforms saw a massive surge in usage.
According to a report from Facebook and Bain & Company, an estimated 70 million more people shopped online since the pandemic began, and this trend isn’t about to die down anytime soon.
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In fact, Asia’s e-commerce revenue is predicted to grow to $1.92 trillion by 2024 and account for 61.4% of the global e-commerce market.
It might be higher with the Regional Comprehensive Economic Partnership (RCEP), a proposed agreement between member states of the Association of Southeast Asian Nations and its Free Trade Agreement partners.
The RCEP will encourage innovation and upgrades in manufacturing to meet demands and also promote the establishment of new industry standards and regulations, helping the economic development of all member states.
The migration to an online economy combined with the enhanced manufacturing and trading capabilities thanks to the RCEP signals a new way of life.
There is now a need for a secure space online to conduct numerous transactions in a safe and efficient manner while providing an easy, user-friendly experience for customers and scaling abilities for businesses.
Currently, businesses are unable to fully embrace blockchain technology; it may promise better security, but it lacks in many areas, from low speeds to no authentication method and vulnerabilities in the code.
But with the rise of e-commerce businesses in South Asia, there is a greater need for a network that can keep up with increasing demands, and the developers at Zetrix seem to have ticked all the boxes.
Zetrix’s multi-sharding technology enables transaction speeds of 10,000 per second, far exceeding what is possible by the Bitcoin, Ethereum, and Cardano blockchains.
The multi-chain model also improves security since the sharding technique distributes a piece of data across multiple nodes, making it harder for hackers to obtain a complete picture.
Zetrix also has a Delegated Proof of Stake model (DPoS) that ensures there are no fraudulent transactions being added to the blockchain.
This is done through a voting process, a consensus mechanism, and a dynamic upgrade mechanism that adapts to the difficulty level of validating node access as Zetrix expands, thus maintaining the privacy and security of all users no matter how vast the network grows.
One of the challenges facing not just blockchain technology but also current e-commerce websites is the lack of authentication, which means there is skepticism from some people, preventing them from fully embracing online shopping and payments.
Credible sites and businesses are therefore not getting the traffic they could. There is a solution for that, too: digital IDs. Zetrix’s platform will allow businesses, both small and large, to streamline their identity management process, creating trust in their own platform and preventing fraud.
Just as users would be able to authenticate a site and deem it credible, businesses can verify customers, employees, and partners with digital IDs.
The developers of Zetrix have also made it simple for any developer to create and deploy dApps (decentralized applications) on their blockchain, empowering more people to join the network and take advantage of the benefits of blockchain technology for their e-commerce platforms and online payment portals.
Zetrix is a future-proof, enterprise-ready network that grows with you, thus serving RCEP countries and keeping up with the ever-growing demands of e-commerce.
This is especially vital in a region like South Asia, which is projected to dominate the e-commerce market very soon.
As e-commerce businesses adopt a network like Zetrix that enables scaling, allows a high volume of transactions at great speed, and offers security and privacy, other small and large companies will follow suit.
This ripple effect will create a boom in the economic growth of the region, and that $1.92 trillion estimates might just get higher.
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