Network marketing, also known as multi-level marketing, is a business model that involves a pyramid structured network of people who sell a company’s products. The users in this network are usually rewarded on a commission basis. That is, members in this MLM platform get a commission every time they perform the specified task, like –
In simple words, this MLM business model involves a pyramid format of non-salaried participants who get paid whenever they or a person below them in the pyramid makes a sale.
In this system, consumers are the participants, their family, friends, and associates are their customers, and this cycle goes on.
Early MLM business had limitations, however, they opened up new opportunities for their members.
Today, we’re watching a new cycle of MLM business development with the emergence of blockchain-powered smart contract technology. Blockchain technology disrupting nearly every industry, it provides new opportunities for MLM business also, changing how we make transactions online and in our everyday lives.
If you manage an MLM business, then we suggest considering how the blockchain-powered smart contract will impact MLM business. We should start with an obvious question:
The blockchain is a platform-like technology that covers of a decentralized ledger that records, verifies, and tracks cryptocurrency transactions and smart contracts between parties.
Blockchain-based or decentralized MLM business, in turn, are peer-to-peer networks that directly connect members without any intermediaries.
Since a blockchain-based MLM business removes intermediaries, all transactions are traceable on a public ledger, demonstrating a high level of security and transparency.
In addition, blockchain technology involves smart contracts – digitally signed agreements made via distributed computing platforms like Ethereum. Smart contracts are stored publicly, preventing fraud.
If smart contracts can empower the MLM business, then there is no chance for MLM business owners to scam their members.
Decentralized - Supported by users or nodes that share their computing power to the network, ensuring 24/7 availability and maintenance.
Payment and Fees - Direct payment by cryptocurrency (token), which can be exchanged for Bitcoin or fiat.
Payment Processing Time - Payments are instant and don’t need any intermediary like a bank.
Transparency & Long-term - Smart contract will exist as long as the Ethereum blockchain platform, and even the creators of the smart contract will not be able to delete or change its terms and it's 100 % transparency.
Information Security- Data is immutable, so it can’t be deleted or changed. Validation by network prevents fraud.
Privacy- Personal information isn’t required.
Smart Contract - Digitally signed smart contracts. Contracts are unbreakable. No intermediaries required, as smart contracts are executed automatically.
Looking for tailor-made solutions for rapid MLM development with the smart contracts? Or want to implement the blockchain-powered smart contract in your existing MLM business? Or looking for ready-made & 100% bug-free MLM script software for your MLM website?
As one of the best MLM script software development service providers, we’re fully engaged in your MLM business success. We’ve handled a wide range of technical challenges faced by MLM businesses and know how to solve your most pressing issues using advanced technology. We specialize in custom smart contract development also. Our development team includes business analysts, designers, quality assurance specialists, and software engineers.
Explore here - Build Your MLM business platform along with Smart Contract
We’ve built our own in-house MLM software that’s flexible, customizable, scalable, and based on open source technologies. We’re motivated to scale and grow your MLM business, as we are more than just a smart contract development company. We’re a strong MLM script software development partner who’s ready to cover all your technology needs at a reasonable budget.
We deliver first-class MLM software to our customers with the help of the latest technologies and tools that automate our development process.
Ready to create an MLM web together? Need assistance in implementing blockchain technology and smart contracts in your MLM business? Drop us a line and or consult with our experts @ Whatsapp | Telegram