What are the key areas of R&D focus:
The following are the key areas of R&D focus:
– Payments
Purchase payment in JWC tokens is conducted directly and without any middleman. The “smart contract” transfers the money to the seller’s account only when the item has reached its destination. Cashback mechanisms can be implemented when paying with JWC tokens, as well as discounts. The “smart contract” ensures that the money goes to the seller’s account only after the item has reached its destination.
– Product origin
Blockchain enables transparency and feasibility for quality and convenient access by any participant to the distributed ledger database. A seller can have a crystal-clear look at their cargo shipment and at the same time the buyer is able to trace the product’s origin.
– Trusted reviews
The “smart contract” records the interaction between the buyer and the seller, ensuring all reviews come from people who actually bought the item.
– Addressing the counterfeit problem
One of the key features of the blockchain is the immutability of its records. This feature makes it ideal for tracking the authenticity of for-sale products. Sellers or even manufacturers/suppliers can create certificates of authenticity for products.
– Supply chain
In a token-based system, transactions amongst community members may be recorded instantly and securely using digital tokens. The parties would only convert any excess tokens into other assets from time to time on an “as needed basis”, limiting transaction costs.
– Loyalty
Loyalty reward system acts as a fundamental community bond, for both merchants and customers. Any user participating in the “smart contract” transaction such as e-commerce one is encouraged to exercise integrity and honesty.
– Built-in smart contract modules
With a Smart Business Contract platform specifically optimized for e-commerce and common data services, the JWC blockchain is ideal for many types of e-commerce applications. If a blockchain application is going to be built on the JWC blockchain, it will utilize the JWC as its means to pay for the execution of Smart Business Contracts and settlement of financial transactions.
