Having deep expertise in intercultural communications, Natallia is fond of foreign languages and cultures. She strongly believes that people should continually develop to stay on track, that's why she permanently widens her knowledge in various spheres. Currently, Natallia is fully immersed in crypto, blockchain and financial techs.
Although innovative technologies are widely implemented in modern trade, there is still a place for trust and security problems. Largo Platform is weeding them out in both domestic and international trade.
Tech advancements of modern e-commerce give us an opportunity to make easy transactions between borders. All transactions are quick and more or less transparent. The only problem is the extreme lack of security which represents a strong barrier to the growth of e-commerce markets.
Let’s get down to business by taking a closer look at a real case, and then describe a solution based on the latest technological advances.
Suppose a person from the U.S. wants to buy some electrical components from a little Chinese shop. There is a huge geographical distance between them, but this is not the key issue: both countries are situated extremely far from each other in terms of both legal and political areas. This presents many potential risks for each country, as it appears rather difficult to detect a potential fraudster responsible for their activities.
As there is no reliable system that would allow both the seller and the buyer to fulfill their part of the transaction in real life, some of these transactions result in a measurable loss of either products or financial resources.
The selling party can deceive the receiver by sending defective products or even delivering an empty parcel. As there is a significant delay between the payment and the product delivery (which can take up to several weeks), customers might be fooled and lose their money. And it’s almost impossible for the seller to be held responsible because of the current market structure. This situation results in a lack of trust and gears down trade rates, which consequently leads to an economic downturn.
To summarize, we can say that although we implement innovative technologies to instantly transfer electronic money abroad, the entire industry is still very susceptible to problems related to trust and reliability. A new generation of service is forming to become a part of a solution to a stated problem. As it is essential to ensure the safety and convenience of trading for both sellers and buyers using transaction insurance.
The key disadvantage of platform-based insurance services is that they often work in a one currency setting. While the buyers keep choosing an e-commerce platform that uses their local currency and that operates at a convenient location there is no universal transaction-insurance service covering several online markets.
Largo Coin, on the other hand, provides transaction-insurance service to both B2B and C2C customers. Bringing together up-to-date web technologies with blockchain and cryptocurrency, Largo Platform ensures growth by weeding out security problems in both domestic and international e-commerce trade.