BEC Fund Committee and Overstock Reach Strategic Cooperation on Blockchain

The E-Commerce Chain Fund Committee signed a blockchain strategic cooperation agreement with the well-known US online shopping platform and Overstock, a brand discount sales platform. Basic e-commerce (hereinafter referred to as BEC) will record the traceability information for the whole supply chain system of overstock in real time based on the blockchain technology "e-commerce chain", which is credible, consensus and tamper proof, giving consumers a reliable purchase experience. Ovestock representatives said that with this technology, the consumer experience will be better and shopping will become more enjoyable. I believe that the number of Ovestock consumers will have a breakthrough in the next three years. Basic E-commerce representatives said that the birth of the e-commerce chain is to let consumption become more convenient, more trusting, and happier for customer. I believe the cooperation with Overstock will be deeper.

The essential technical principle of BEC is to establish the trust value network of e-commerce and consumers through the distributed bookkeeping transaction relationship and trust endorsement, and introduce a new consensus algorithm to achieve the characteristics of multi-project extension. At the same time, BEC solves a series of problems in traditional e-commerce: random collection of user privacy, personal information leakage, personal information trading, and even fraud. It has achieved technical protection of customer information and in many aspects such as commodity trading information, which has greatly helped protect the safety of customers information and commodities during the operation of Overstock.

The business of OverStock American brand shopping network covers: large-scale comprehensive general merchandise, famous fashion clothing, jewelry, electrical appliances, household goods, audio-visual products and so on. Overstock is a brand-name distributor at the forefront of the world. It has a certain market share in the e-commerce industry and has a large number of high-quality consumers. The average annual income of these consumers is more than 120,000 US dollars and about 91% of consumers have their own housing. And OverStock has nearly 20 years of successful e-commerce experience. Through this cooperation, BEC technology will receive innate platform support and financial assistance, which will greatly increase the market value of BEC. According to the analysis of the BEC Fund Committee, with the promotion of BEC technology and the maturity of the BEC secondary market, a dividend and reward mechanism will be launched in the future, so that every BEC investor can share the technical value. The current value is around between 3 and 4 US dollars. Professionals analyzed that through this cooperation and the mature development of BEC technology, it is expected that the later value of BEC will reach more than 30 US dollars.
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