Blockchain companies are popping up everywhere and all over the world. Leveraging on its unique and economical properties of speed, low transactional costs and security, disruptive platforms are being developed that are all claiming to herald in a new process that will fundamentally change how any work or process is done.
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E-Commerce Overhauling By Runs
A product of Columbia University’s Innovation and Entrepreneurship program, Runs.com is a Singapore based platform with offices in multiple locations that is also relying on the blockchain technology to outperform traditional services. Made for the e-commerce sector, the platform is not simply adapting the technology to make e-commerce more efficient and user friendly, but is actually changing how the industry works.
The platform has taken the concept of traditional e-commerce and given it a new twist by introducing a new element called the XKU. The concept of XKU is where the platform differs. Rather than have a product or service described and judged according to its specifics, called Shop Keeping Unit (SKU), the platform uses an Experience Keeping Unit.
But What Is XKU?
An XKU, like its traditional counterpart, the SKU, is a unique code assigned to each product or service that contains information that helps in identifying the product type, variation, size etc, that can be used to track it throughout the supply chain.
Yet, unlike an SKU, which only contains information such as size, shape, color, price, manufacturer etc., XKU adds in three more information, the S-Factors. These are:
- Story: Aspects such as authenticity, speciality and uniqueness of a product is stored in this.
- Source: Source contains a complete information about the origins and sources of components or raw materials required for the manufacturing of the product.
- Sustainability: The ethical practices, environmental issues and social impacts are recorded in this.
These factors will be added into the Universal Product Code, the vertical bars pertaining SKU information, making it a part and package of the bar code. Three additional lines will represent the three factors. Each line will range from a value of 0 to 9. Higher the value, higher quality of the factor.
The S factor information will be a user feedback into the product and like all blockchain data, stored permanently into the record, creating an immutable set of information about a product of a service. This will enable companies to have a realistic rating incorporated into their products and allow future users to make a better choice through the feedback of other users.
Runs Token Generation Event
The platform will be using its own tokens, the RUNS, to power the economics of e-commerce trading. Runs is currently going through its Pre TGE, where a total of 75,000,000 tokens are available for investors. The ongoing rate of distribution is USD 0.7 = 1 RUN. The initial event is set to end on 15th of July and carries a 30% bonus.
There will only be a total of 180,000,000 RUNS ever created, without the ability to burn or ever produce more, countering inflation and stabilizing the price of the tokens.
For more information on the experience keeping unit, visit the Runs website.
Image(s): Shutterstock.com
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