We all are well-aware of the Shopify plugin. But blockchain-based Shopify plugin is a whole new thing both for the crypto traders/investors and individual consumers. Recently, a piece of news comes into the limelight that explains a San Francisco-based startup “Real Items Foundation” is beta testing a Shopify plugin. It includes blockchain technology to ensure that online shoppers buy the most authentic items only.
The Shopify plugin is powered by a combination of blockchain technology and a cloud-based application called “TAM”. As a result, the plugin enables brands to generate non-fungible tokens (NFTs) that are pegged to physical assets. Consumers who purchase a product containing an NFT can scan that item to verify its authenticity.
The Founder and CEO of Real Items Foundation, David Menard, in an exclusive interview with Cointelegraph revealed that several cosmetic, skincare, wellness & fashion companies are currently private beta testing the Shopify plugin. Menard also comments that the plugin will officially available in Q1 of this year.
Blockchain-Based Shopify Plugin: Ensuring Ultimate Consumer Protection in a Fraudulent Market
Real Items Foundation aims to create a global consumer protection experience, which David refers to as ‘consumer protection 3.0’. Furthermore, he explains that the new Shopify plugin will allow consumers to easily verify the authenticity of the items purchased on Shopify stores, without having to download additional apps.
Shopify, which has grown to become one of the most popular e-commerce platforms in the world, consists of over 500 thousand active online stores. Recent statistics show that Shopify is the third-largest online retailer in the U.S, right behind Amazon and eBay.
Yet with millions of products being sold each year, fraudulent items are becoming problematic for lots of online shoppers. According to the latest Washington Post, 753 online retainers misrepresent their products, and Shopify hosts about 90% of those sites.
However, Real Items Foundation makes effective use of the VeChain public blockchain and claims it can trace items back to their sources. It can provide consumers with the transparency needed to see where those goods originated at the same time.
The Founder and CEO also point out that Real Items Foundation doesn’t have a utility token linked to its platform. In fact, part of the reason for this was due to poor user experiences that consumers have reported while the company is attempting to leverage wallets as a primary function.
Will Shopify Stores Use the New Plugin?
Statistics show that the e-commerce market will surpass $740 billion in 2023. Therefore, it’s the perfect time for online retailers to apply blockchain technology. However, unclear regulations and technical requirements around the blockchain space may be concerning for eCommerce retailers.
Nevertheless, David says, some major enterprises have shown interest in using Real Item Foundation’s technology. The Founder and CEO also highlight that “Original Highness” is already live on the platform’s mainnet. Original Highness is a San Francisco-based cannabis company.
Moreover, Real Items Foundation is doing something similar to other supply chain management blockchain platforms. Therefore, the company focuses less on specific brands and more on the consumer. Menard mentioned that digital certification platform Arianne shifts its focus on ensuring authenticity for certain luxury watch brands. Likewise, Real Items Foundation aims to become a global solution for all eCommerce sites and enterprises looking to verify the authenticity of products.
So, what do you guys think? Will this plugin bring endless opportunities to the online shopping industry? Do let us know in the comment section