TessaB Corporation announced the launch of Glyde, a blockchain-powered platform for the buying and selling of used mobile phones. By leveraging blockchain infrastructure, TessaB is correcting the core inefficiencies present in the current used mobile phone markets.
Glyde Will Solve Market Inefficiencies
The company believes that Glyde will provide solutions to current market inefficiencies in the used mobile phone industry. It is designed to harness new technologies to give users better transparency and security. To achieve this goal, the platform allows users to cut out middlemen in the sector, who drive up the prices of used phones.
On the Glyde Marketplace, the business rules are programmed into smart contracts. These rules guide all dispute mediation in case the advertised condition of a phone is not what the buyer receives. The result is a minimized need for subjective decision-making.
The Glyde platform is the first to put advanced diagnostics tools, which original equipment manufacturers (OEMs) and wireless carriers use, in the hands of ordinary buyers and sellers. By doing so, users of Glyde will be able to securely test the condition of a phone before completing a transaction.
Glyde is also the first marketplace to use smart contracts to curtail fraud that currently plagues the used mobile phone peer-to-peer platforms. The global used phone market is massive and is forecasted to be worth around $67 billion by 2023.
On the same day they announced the launch of Glyde, TessaB also revisited their partnership with Near Protocol for layer one blockchain solutions. Near Protocol is a scalable smart contract platform that provides a foundation for decentralized applications. Back in May of this year, it was reported by CoinDesk that TessaB was one of the first projects building on their chain.
TessaB believes that the blockchain would ensure a solid foundation for a fairer marketplace for businesses and individual consumers. According to the latest announcement, TessaB also believes blockchain will facilitate transparency in each transaction. Consequently, it would ensure that prices more accurately reflected the quality of a device.
TessaB Leadership Thoughts
While commenting on the issue, Flavio Mansi, the CEO of TessaB said that they were excited about the launch of Glyde. He noted that the platform would help solve many issues plaguing the used mobile phone sector. Mansi pointed out that on average; there were seven middlemen between the person who sells their used mobile phone and the next owner.
Flavio Mansi added:
“Our goal is to eliminate these inefficiencies and also instill trust between buyers and sellers. The biggest barrier to purchasing a used phone is lack of confidence in the condition of the phone the buyer will receive. That is why we have selected blockchain and other innovative technologies to create a more transparent, secure, and efficient marketplace for used phones.”
Commenting on the partnership announcement, Erik Trautman, the NEAR Foundation CEO said:
“We are excited to see innovative projects like The Glyde Marketplace bringing applications that can serve millions of customers to market faster using NEAR. We are looking forward to expanding our collaboration with the TessaB team and bringing to life even more breakthrough projects that create new marketplaces and help consumers save money.”
The launch of Glyde marks yet another important practical demonstration of the blockchain. If it succeeds in its mission, it is expected that large players in the market could adopt blockchain technology and smart contracts to enhance transparency and security during transactions. With a market of this size, companies across the globe are always looking for ways to enhance market share and value across the business
This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. This article was sourced by Visionary Financial