Once the internet enabled opportunities for making purchases online, it became clear for sellers and retailers that if they want to win a customer they need to provide more payment options rather than payments via credit and debit cards. And this is where FinTech comes to the stage. Financial technology implies use of digital technology in financial services to create seamless and secure systems that help facilitate and improve online payment.
One of such innovations is L3COS, the first regulated blockchain-based platform in the world which offers individual authorities the opportunity to regulate digital economies, making fraud or money laundering.
The facilitated central bank digital currency (CBDC) would serve as an electronic form of central bank money to be used by households and businesses to make online payments for any kind of products and services.
In the interview for Forbes, Zurab Ashvil, the L3COS Founder and CEO, explains why L3COS is a good fit for luxury brand market ecommerce since it offers high security and legitimacy to transactions. Through building a much needed global supply chain and marketplace, the platform will remove counterfeit and fraud from the luxury goods market.