BIZA-CarnegieMall is the world’s first blockchain-based peer-to-peer (P2P) shopping mall, an application of blockchain technology to an e-commerce platform.

According to AMAXG, any entrepreneur can run their own store on the platform, without additional charges on signing up to the shopping mall or registering products.

Transactions will be conducted through the company’s own digital currency, BIZA, while BIZA wallets will be used as payment gateway -- the virtual equivalent of a credit card reader. Security is to be ensured by BIZA DID, a decentralized identity verification service, it said.

A “smart contracts” program stored on the blockchain facilitates transactions across a peer-to-peer network, meaning that individuals can trade goods and services in a decentralized manner without the involvement of a third party. The program also ensures transparency and data security.

The CarnegieMall also provides an in-app payment service called “BIZ-InApp” to businesses that engage with virtual assets. In-app payment allows users to buy digital content within a mobile app.

E-commerce platform Channel.com has already embraced AMAXG’s BIZ-InApp service in a bid to protect customer data and save on transaction fees. AMAXG Anistar, the company’s culture and arts content arm, has also introduced BIZ-InApp to kiosks at its salad restaurant chain, Pink Rabbit.

AMAXG said it hopes to expand its CarnegieMall shopping mall to encompass other electronic financial services such as banking, stock transactions and insurance. The company hence aims to lay out a new paradigm of e-commerce that allows market players like sellers, buyers and entrepreneurs to easily tap into the world of blockchain commerce and the metaverse.

By Ahn Ju-hee (dianahn@heraldcorp.com)