India is one of the world’s biggest booming economies, and e-commerce seems to be taking center stage in the lives of everyday consumers. At the same time, Bitcoin acceptance in the country is seeing an uptrend as well. Even though Bitcoin might not make a major impact in the world of e-commerce in India just yet. there are some benefits to using the frictionless virtual currency when dealing with live goat sales.
This experiment comes at a very opportune time, as the muslim community around the world will be celebrating Eid-al-Adha today, which involves sacrificing livestock and sharing the meat with friends and family. Due to the changing times, and technology becoming synonymous with everyday shopping and communications, even these sacred rituals have to go with the flow.
Rather than standing in line to get a live goat, residents of India now have the opportunity to buy livestock on the Internet. Hassle-free, no stench involved, and far less drama when people are trying to haggle for a better price. The marketplace making all of this possible is called OLX, and they currently have a few hundred goats for sale across all of India.
As you would come to expect, the pricing for these animals can range anywhere from a few dollars to US$10,000. Paying such a high premium price might seem outrageous at for Western readers, but this yearly sacred ritual is reason enough to push the value of livestock through the roof. Whether or not anyone will pay US$10,000 for a goat, is a different matter altogether.
Should anyone in India be willing to sell a goat, all they need is an internet-connected device. Even smartphones and the cheapest tablets can be used for this purpose, as all they need is a picture of the goat and a price to set. However, there is no way to only attract potential buyers within a certain range, which is a bit of a shame. Driving a few hundred miles to deliver a goat on this day is not up for discussion.
But there are certain drawbacks to this OLX marketplace as well. Buyers can only see a picture of the goat, which may or may not be recent. Furthermore, there is no way to check up on the physical condition of the animal or judge its character. The idea of selling livestock online through OLX on such a sacred day sounds great on paper, but it doesn’t seem to be all that feasible in reality.
Despite this idea not being feasible right now, there is always next year to give this idea another try. Planning a rehash of this idea well in advance could make the idea quite fruitful, assuming India is prepared to embrace the proper technology to do so. Using blockchain technology to provide additional information regarding the livestock would be a major step in the right direction.
Furthermore, to make all of the payments as frictionless as possible, Bitcoin could be a great tool for all parties involved. Considering how not every citizen in India has access to a computer, but they do own a smartphone, Bitcoin is far more convenient for these transactions compared to fiat currency. Money can be transferred within seconds, and stored on the mobile device or computer of the seller in a secure manner.
What are your thoughts on selling livestock over the Internet? Would blockchain technology and/or Bitcoin make a difference? Let us know in the comments below!
Source: CNN Money
Images courtesy of OLX, Shutterstock
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