How people manage physical asset transfer in an e-commerce blockchain?

1 answers
1 votes
How people manage physical asset transfer in an e-commerce blockchain?
asked
Hi Blockgeeks community,

Does anyone know how an e-commerce blockchain platform manages the transfer of physical asset  underlying a virtual asset in its smart-contract? Do they manage that on a separate decentralized  system? Or in a centralized manner? Or, do not manage that at all? Let\'s say the case of Open Bazaar for example. Thank you so much!
4
Now I got some valuable knowledge, thank you Sasha & Blockgeeks for your help ;)
answered

Expert Answers

newest most voted

You gave an example of Open bazzar, but I didnt understand your question. Are you asking “how you track the physical goods on the blockchain” if so, that is not tracked? Only payments

@Blockgks

Thank you so much for your quick response and sorry for the mis-understanding!
Let me rephrase my question with an example:
I buy a digitized asset (of an underlying physical goods) on OpenBazzar & pay with my BTC (no Cash on Delivery option). Does the system have a mechanism to hold my BTC, hold the physical asset or verify the physical asset delivery and automatically release my BTC to seller’s address, validate the transaction once the delivery is verified? Is this a centralized or decentralized mechanism?
Thank you so much!

Hi Blockgeeks,
I’ve just installed and played around with OpenBazaar. I think I got the answer now, thank you so much!
Actually, they do have the option for middle men called Moderator to handle disputes (review delivery,…, then the moderator sign to release the buyer’s BTC held in the escrow account back to buyer or to seller); and any user on the network can become a moderator. However, only one moderator can be chosen by buyer & get into the dispute process so it is kind of centralized way.
Please correct me if I misunderstood! Thank you so much Blockgeeks for your kind help!

@Crystal To

Crystal ToCrystal To
You are pretty much right.
The Proof of Reputation dispute resolution approach and escrow will make much more sense as well as pool of moderators who have stakes on the system.
Too early to check smth real for now but it surely coming.

Hungry for knowledge?
New guides and courses each week
Looking to invest?
Market data, analysis, and reports
Just curious?
A community of blockchain experts to help

Get started today and earn 4 bonus blocks

Already have an account? Sign In