Place/Date: Estonia - May 28th, 2018 at 2:52 pm UTC · 5 min read
Furnishing an apartment can be a nightmare.
First there’s the problem of sorting through the massive number of catalogues from different stores and selecting a couch or table that both my wife and I like. Then there are the questions if it’s too big, too little, too high… And also if it fits with the rest of the furniture or décor.
This problem is not new, but it looks like people from Faradise.io have discovered a new way to reduce the time, trouble, and, too often, arguments that go along with getting new furniture. Their innovation: AR.
As of the end of 2017, Faradise developed a relationship with 200+ retailers across Russia and created an IOS app. The app allows you to browse and select furniture from multiple retailers and then using the camera on the phone and AR technology, virtually place the chair, shelves, or bed in your room to see how it fits with the rest of the décor.
Once you have found just the right piece, you can directly place an order from within the app.
Faradise may be a new company and a new idea, but they have seen a huge amount of interest in their solution. So much that they are setting their sights high: After getting a solid grounding in their native Russia, they will quickly expand their services to North America, then to the UK and Western Europe, then to the rest of Europe, and finally to East Asia.
With such large ambitions in the works, naturally, Faradise will have to solve problems on a number of different fronts: They will have to manage a tremendous amount of data coming from the vendors, they will have to manage a tremendous amount of data from customers, and they will have to find a way to make the platform operable in multiple countries with multiple currencies.
To deal with the vendor, product, customer, and order information, Faradise is planning on using a blockchain. By using a blockchain, Faradise will offload the responsibility of maintaining an error-prone database and allow for instant verification of all product and order information.
Main features of the Faradise blockchain platform: transparency of transactions, recording of unique characteristics of furnishings, collecting data and statistics (volume of sales, number of active customers and other participants, average prices etc.). This data will available for users, and help Faradise follow the development of the platform and make effective decisions in future. Also Faradise will use blockchain technology for providing safe purchases – each buyer can return his tokens for defective goods within 14 days, by a smart-contract conditions.
Vendors will be able to track inventory, and customers will be sure that the hutch they have set their hearts on is actually in stock.
With all this information at hand, the folks at Faradise also mean to take advantage of a huge potential benefit it creates: utilizing a learning AI that will be able to analyze customer profiles and then help select the exact-right piece from the enormous number of furnishings available.
Faradise already has an operational platform that is drawing a tremendous amount of interest, but in order to meet the goals they have set for themselves, they will need more capital. They are launching an ICO (initial coin offering) to be able to build a full ecosystem with breakthrough technologies like AI, Big Data, machine learning and set the effective network of suppliers, designers, consumers and other participants across three continents.
The token will be used to complete payment for items on the platform, removing the problem of having to deal with many different currencies. For example, if I live in Japan and want to buy a sofa from Russia, I buy tokens in yen and the seller can trade them for rubles.
All transactions on the platform will be performed in Faradise tokens, which can be acquired in personal cabinet for fiat and cryptocurrencies.
Having a certain amount of tokens will allow customers to have an access to preferred services which give them additional advantages. Designers may attract more customers making collaboration with each other and promote their rating by using Faradise tokens. Customers may participate in periodic Dutch auctions, also using tokens. Manufacturers may interact directly with interior designers, 3D designers, to promote their goods within Faradise platform using tokens.
The tokens will also be used for a variety of other purposes: loyalty programs, referral rewards etc.
Interestingly, Faradise is not promising to be a ‘discount’ provider of furniture. They are focusing on both convenience and helping to find exactly the right piece of furniture for each nook and cranny. Faradise say that they are not (necessarily) about saving people money, but the fact of the matter is that by using their app, people may find it no longer necessary to hire designers or decorators. Just not having to travel to all the different stores and deal with the sales people may be enough of a reason to pay a premium.
Through a focus on new technologies and by having a truly-global vision, Faradise is positioning themselves to revolutionize the future of furnishings. If you’re interested in checking them out, you can find their site here and their app here.