Demby to revolutionize retailing with crypto
TDR Tech Bureau
LONDON: Technology entrepreneurs, experts in financial services and managers of leading brands from around the world have come together to launch a new global marketplace to unleash the power of cryptocurrencies. The first of its kind marketplace seeking to rival the likes of Amazon and Ebay will bring the cryptocurrency ecosystem the badly needed liquidity by enabling their seemless use as instruments to buy and sell real goods.
The market to be known as Demby will run on the Ethereum powered platform and revolutionise the retail industry, which has so far been slow to adopt the emerging blockchain technology. With Demby, holders of cryptocurrencies will be able to buy anything from daily use itmes to high value luxury brands, including gold and diamonds, using cryptocurrencies. The Demby market will use the proprietory Demby coins, which is being offered through an ICO, to power the exchange of goods and services. The $150 million Dembycoin ICO is set to open …..
Apart from being able to service the US $700 billion cryptocurrency ecosytem, Demby is expected to bring unprecedented levels of transparency and efficiencies in the online retailing industry through the Blockchain technology and Ethereum-powered Smart Contracts. It will effectively address the problem of counterfeits as well as logistics issues such as shipping, wrong deliveries etc. The Smart Contract will automatically trigger a refund in case of any issues with product delivery.
A unique feature of the Demby market is that the goods and services on offer can also be bought using fiat currencies. This is achieved through the market’s inhouse exchange, which will convert the value of the ordered goods into Demby coins, without the need for a third party exchange, which usually makes conversion prohibitively costly. This ensures that merchants who are outside the cryptocurrency ecosystem can also be brought on board.
New and innovative technologies are changing the way retail shopping is carried on. In recent years many companies have closed their physical doors and made the move online, due to the many advantages that it offers, while major online stores weigh the advantages of tapping the crypto ecosystem. But these plans have so far remained on the drawing board. The Demby market has, however, brought the two streams together in one stroke.
“The adoption of Blockchain technology in retail industry is a revolutionary move considering the manifold advantages that it yields. The first and foremost advantage being the Blockchain technology’s potential to reduce operating costs. This is considered a blessing, coming as it does at a time when the retail industry is struggling in a margin-squeesed environment with lower returns,” said Mr Y.O.Kim, CEO Demby, the new Ethereum-powered Blockchain technology based cryptocurrency on-line market place.
Mr Kim said Blockchain technology is expected to have deep impact across the retail organisations, with a high level of impact being witnessed in Operations, Finance, Information Technology and data management functions. Blockahin will also yield benefits in improved process automation and cost efficiencies.
According to a latest study by ‘Cognizant’ , the adoption of the Blockchain technology could yield savings anything between 2.5% and over 5% and help bring about greater transperancy and customer management.
Besides improving inventory managament, tracking provenance and enhancing customer loyalty/ rewards programme are some of ther benefits that will accrue to the online retail industry with the adoption of the Blockchain and Smart Contract system, said Mr Kim.
The Demby marketwill have three major components:
1. Demby market, bringing the world’s retailing industry and the cryptocurrency ecosytem together using the Blockchain technology
2. DembyCoin: The cryptocurrency that will be used for the exchange of goods and services on the Demby market. The coins can be acquired through the ICO or converting existing cryptocurrencies or bought with fiat currencies.
3. Demby in-house exchange, known as Demby Bank.
Demby is wholly backed by Demby Associates SA , a 20 year old boutique financial services Group operating as DembyBank duly licensed by the financial authority of British Vigin Islands.