TANZŌ: Blockchain Social Marketplace

TANZŌ: Blockchain Social Marketplace
on November 10, 2018

TANZO is a blockchain-based social marketplace for handmade goods. TANZO allows crafters to easily create and develop their own storefront profile and list their handmade items for sale. The TANZO community is supported by a reward system of TANZO tokens (TZO), an Ethereum Blockchain based token, created to fuel the platform, incentivize members of the platform and to generate wealth within the community.

TANZO’s distributed ledger technology allows for transparency within the platform, making it open and safe for buyers and crafters. It also simplifies the purchasing process and reduces transaction costs.

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When blockchain meets e-commerce, the result is a totally new paradigm of exchanging goods for value. The most obvious challenges solved are lack of trust, fraud, slow transactions and other costs related to middleman charges.

There are multimillion dollar companies which exist only to guarantee that money will move from hand to hand given that some conditions are met. Immutability and the low cost of the transactions on the blockchain are key properties, which will eliminate the need for these service providers. By integrating cryptocurrencies as a payment method, all transactions are carried out directly, without going through a middleman or currency conversion.

The smart contract implementation on the blockchain makes for very fast and extremely secure transactions. The smart contract executes the payment only when the crafter confirms that the item is available and chooses to sell it to the buyer. Thus, TANZO gives crafters the power to deny some purchases based on the buyer’s rating, a problem with the validity of the shipping address, or for any other reason.

TANZO Helps Handcrafters

TANZO is a first of its kind digital marketplace for handmade goods, where crafters are protected and craftsmanship is guaranteed. TANZO’s distributed ledger technology ensures transparency within the platform and removes any unfair competition, such as wholesale vendors or listings of mass-produced replica items.

Crafters receive payments in the currency of their choosing, including cryptocurrency. Crafters have the option to pair one or more of their externalsocial media accounts with their TANZO account.

Every time they post a new product or an update on TANZO, their friends and followers on social media can see it. By fostering a social marketplace, TANZO creates a loyal customer base for each crafter. Social  elements (Follow, Like, Share) will help crafters get noticed both on TANZO and on other connected social media platforms such as Facebook and Instagram.

Crafters have the option to register as participants in one or two guilds or other types of organisations. Incentives will be rewarded by the platform based on the number of crafters an organisation brings in. This is how TANZO intends to provide wealth within the organisations. Such incentives will be allowed solely for the promotion of the organisation’s activities. Crafters will in turn be indirectly incentivized by their guild’s activities.

TanzAI (TM) – TANZO’s Smart Contract AI

TANZO intends to build an AI machine learning system which will have two main functions. The TanzAI TM Module will be verifying all data registering on the Blockchain and will optimize the decision-making process to execute the purchase.

TanzAI TM will be used for identifying counterfeit products before those are registered on the Blockchain. This will work as an additional security layer, which will include reviews/ rating analysis, bringing another level of trust by ensuring that products registered on the Blockchain are authentic and uncompromised.

Artificial Intelligence Machine Learning (AI/ML) will be applied for crunching all verified data in order to optimize buyer-crafter interactions by predicting their behavior. This process will be customized, based on the  expectations and reputation of the crafter and the buyer. For instance, the AI engine will set automatic rules for crafter and buyers with excellent reputation by setting payment options 50% upfront and 50% at the delivery; new buyers who just joined the platform will be required upfront payment; repeat buyers with a certain crafter may enjoy payment upon delivery after scanning the product. The end results of all AI activities will be registered on the Blockchain. TanzAI TM will be considered as an additional vote for the smart contract system. Whether for product registration or purchase execution, TanzAI TM will have to confirm to the smart contract system the validity of the data to be registered on the Blockchain. Every Blockchain transaction will be marked as “AI verified”. All critical platform data needs to be generated before the TanzAI TM API passes all implementation quality control stress tests and gets released to production. TanzAI TM will use available knowledge related to counterfeit products and fake rating identifications to augment its capabilities.

Crafter-buyer interactions are expected to be increasingly intensive as the platform grows, which will lead to constant optimizations based on observations of user behavior on the platform.

In addition, the Blockchain implementation through the smart contract system will ensure total transparency on the results of the various algorithm implementations.

The TANZO team intends to have the AI module available by the end of the second year of production.

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About the Hand Crafting Business

Recent years have witnessed a surge in the online demand for handcrafted items. Is it surprising? Not really. In an age of global instability, excessive mass production and conveyor-belt consumerism, it’s no wonder people are turning once again to the cozy familiarity and authenticity of handmade goods. Arts and crafts have played an essential part in mankind’s development and culture for the past 5,000 years. Even today, ironically enough, we seem to be using mass-produced hardware and software in order to reconnect with our desire for handmade goods.

When TANZO began its market research back in 2016, we knew there were hundreds of thousands of crafters online, but we were still surprised to uncover over 200,000 guilds, associations, clubs and other communities where artisans and crafters gather to exchange ideas and visions and share the love of creating something with their own hands.

With people becoming more and more interested in owning authentic and unique items, the global market for handmade goods has tripled since 2008 and is currently becoming a $100 billion industry. In 2016, India alone exported $5.4 billion in handmade goods, a 15% increase over the previous year. During the same period, both China and Southeast Asia generated over $25 billion. The total size of the US crafts industry is now $43.9 billion, according to new research from the Association for Creative Industries (AFCI).

With continuously rising demand, the industry projects that by 2020 the global handmade market will become a $150 billion industry.

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