Connectius: Increasing Transparency in E-commerce

Members of the e-commerce industry are forced to spend at least 5% of their income on ensuring their own financial security and defending themselves from malicious consumer activity. Using blockchain technology, the Connectius project promises to solve these problems and decrease losses in e-commerce.

Connectius is a blockchain-based SaaS solution for e-commerce that allows companies to decrease their e-commerce-related losses due to the actions of dishonest customers during chargebacks or non-card-based transactions through the use of smart contracts.

“Blockchain, which is public, immutable, and decentralized, is more transparent and reliable than existing traditional solutions, which means it is ideally suited for solving business issues related to decreasing costs and increasing security. Our goal is to make the e-commerce industry more open and simultaneously more secure,” says Sergey Nosikov, Connectius co-founder and CTO.

Three types of users will interact in the Connectius ecosystem: consumers of goods and services, who place orders within the system; suppliers, who provide these goods and services; and arbitrators, who resolve complicated situations between other users.

Each transaction in the system is a smart contract. If something doesn’t go as planned, either party can request an “arbitrator” to resolve the dispute. The reputation of all users is changed each time a transaction is complete and the changes are stored in the blockchain, which ensures increased mutual trust between users. An arbitrator may be a user with a high reputation within the network, or a person chosen by the community.