The network marketing industry is adopting cryptocurrencies and bitcoin much faster. The cryptocurrencies add a trust factor to multi-level marketing (MLM) business. In GegoSoft, as a company involved in custom web application development and custom cryptocurrency development, we focus to present a case study on Bitcoin MLM Software.
The Problems in Traditional MLM Model
No Transparency
MLM industry has seen many scams. So the people don’t believe in new companies. The numbers ans stats the new company projects are not getting trust of users.
Mutability
The traditional database based MLM system can be tweaked or muted by the core team or by the hackers. This leaves the members uncertain about their earnings or profits.
Delayed Transactions
The current MLM system relays on the conventional banking system. There is a huge delay in banking process and also the fee involved also very high.
The Solution by Bitcoin MLM Software
Public Blockchain
Bitcoin is a public blockchain. So all the transactions made in this are traceable and can not be muted. This helps the users to verify the stats and believe in the numbers.
Transaction Speed
The transaction can be fully automated and with a single transfer transaction call, all the related member balances can be updated.
Key modules in Bitcoin MLM Software
Internal and External Wallet Services
Depending on the nature of the MLM business, the wallet system can be designed. If the business involves a lot of microtransactions it is better to have an Internal Wallet System. As the network fee in the bitcoin network is relatively high, an internal wallet system is recommended.
The internal wallet system may be of Database Managed or Smart Contract based or Token based. External wallet can be used for deposit and withdrawal
KYC & AML Module
To meet out the legal compliance it is recommended to have a well structured KYC (Know Your Customers) module and a AML (anti-money laundering) module. These modules helps you to earn trust factor from customers and legal organisations
Audit Module
We strongly recommend an audit module, which clearly store the complete transactions log. It should be easier to track any transactions.
Final Thoughts
If you are looking for Custom MLM Software Development, do consider a company that has proven records in Blockchain Development and Cryptocurrency Development. The MLM industry demands innovative and user friendly software solutions and Gegosoft is working on that. Contact our support team and get a demo of Bitcoin MLM Software.
