5miles, recording its data on the blockchain, leads the way in transforming the e-commerce industry

Scroll to the bottom to learn about free prizes for 5miles users!

5miles, a global e-commerce platform, and CyberMiles, a leading public blockchain, have joined together to lead blockchain’s transformation of e-commerce data. This initiative records 5miles product listings including anonymous reviews onto the CyberMiles public blockchain, in order to prevent data tampering and to ensure the public trust of such data.

For online shoppers, it is common to browse reviews when deciding to buy a product. In fact, besides price, a key factor in purchase decisions is how other consumers have reviewed or rated the product.

Unfortunately, sellers are incentivized to manipulate and even fake reviews as well as the product information. And centralized e-commerce platforms often enable sellers to do this without leaving any trace, as their financial interests are aligned in selling more products. Helping sellers remove bad ratings (secretly) from Amazon, for instance, has become a lucrative business. (It currently costs $100, for example, to get one bad Amazon review removed). For sellers, deleting negative reviews helps to make the products much more appealing and drives organic traffic. While this practice may benefit sellers, there is no doubt that it hurts the buyers (or, rather, infringes upon the right to know).

The data migration from 5miles onto the CyberMiles blockchain started with the basics: the basic information of e-commerce activity, such as the product and review data. The CyberMiles blockchain technology ensures the integrity, authenticity, and accuracy of such data, in a transparent and secure matter while protecting user privacy.

5miles, launched in the United States in 2015, now has 15+ million buyers and sellers worldwide. Since then, it has helped users buy and sell tens of millions of products, including cars, electronics, furniture and more.

5miles’ data migrated to the CyberMiles public blockchain can be readily viewed via a DApp (Decentralized Application) in the CMT Wallet mobile app. If you know the listing ID on 5miles, you can easily view the corresponding data and images in the DApp, hence bridging the closed 5miles database to the open CyberMiles public blockchain. If you do not know any particular listing ID, the DApp lists 10 significant milestone listings during 5miles history for casual visitors to learn about 5miles. For example, you can learn about the first product marked “sold” on 5miles, the first secondhand car sold, and other highlights in 5miles’ four-year history.

Consumer-to-consumer (C2C) e-commerce is the ultimate blockchain application as both are naturally decentralized. C2C e-commerce must solve hard problems such as peer-to-peer payment, trustless transactions and incentives, conflict resolution, information transparency, and user privacy. At 5miles, we believe that blockchain technologies will provide elegant solutions to those problems in a trustless and privacy-conscious marketplace. We are committed to working with CyberMiles on transforming our C2C e-commerce marketplace. The data migration is just the first step.

To celebrate the 5miles data migration, CyberMiles will give away a few prizes based on best-selling products on 5miles. Those giveaways will be exclusively available for 5miles users. We will release more details about the giveaways in the next blog post. Stay tuned!

Giveaway Round 1- Camera Drone

Check for the detail rules from here: http://bit.ly/2Hvhwrz

The lucky draw starts from now and will end at 11 AM, 18th May CST. Good luck

Note 1:

Learn more at cybermiles.io.

5miles, recording its data on the blockchain, leads the way in transforming the e-commerce industry