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Multi-level marketing (MLM), also known as network marketing or referral marketing, has been a mainstay for companies running MLM programs and people participating in these programs to earn money. Companies incentivize participants for promoting their products and services by referring them to their family, friends, or others in their network. It creates a win-win situation for both companies and participants.
However, the traditional MLM model is beset with inefficiencies, such as lack of transparency, distrust, mutability, and delayed transactions. These pain points hold back the best of MLM projects.
To overcome these inefficiencies, companies are shifting to smart contract based MLM software.
Before understanding smart contract based MLM software, let’s gain an insight into a smart contract in the first place. A smart contract is a computer program intended to automatically execute, control, or document legally relevant actions according to the terms of a contract or an agreement. Smart contracts drive trusted transactions while enabling two parties to transact without any third party involvement.
When an MLM platform is underpinned by a smart contract, it automates processes performed on the platform and reduces human involvement significantly. The smart contract performs immutable calculations and enables P2P (peer-to-peer) transactions between platform users. Furthermore, since the smart contract is completely encrypted and automated, it reinforces the security of the MLM platform and builds trust among platform users.
A smart contract has served as a great solution to overcome the drawbacks of the traditional MLM model. Smart contract based MLM software development forges the path for a reliable platform that offers the following benefits:
Blockchain brings everything on a distributed ledger that is accessible to everyone on the network, thereby promoting transparency. It is one of the reasons smart contract based MLM software is gaining traction among MLM participants.
Blockchain offers better traceability of funds between platform users. Traceability is the ability to identify, track, and trace the transactions performed on the MLM platform.
The smart contract brings immutability to the MLM platform. It means that once a smart contract has been created for a platform, it cannot be changed, even by the Admin. For example, suppose an MLM platform uses a smart contract to calculate funds earned by platform users. Once the smart contract has been created with all the conditions and formulas for calculation, the contract cannot be altered by anyone at any time.
Blockchain based MLM software fortified with a smart contract drives quick transactions between platform users. The smart contract automatically calculates funds earned by users and transfers them to users’ wallets with minimum latency.
Building and launching an MLM platform is a complex process. Developing the platform from scratch requires considerable development time and cost. However, using a smart contract MLM script (or a white label solution) can reduce the development time and cost significantly.
Businesses are leveraging smart contract MLM script to build their MLM platform due to the following reasons:
The white label MLM script is a ready-made solution that can be easily customized as per your business requirements and quickly launched into the market while saving the development cost.
Antier Solutions is a leading blockchain development company backed by seasoned blockchain developers and subject matter experts. We provide completely decentralized and transparent white label smart contract based MLM software built on Ethereum blockchain.
The backbone of our white label MLM platform is an ecosystem comprising the following:
Our white label MLM solution can help you save your development time and cost while enabling you to disrupt the MLM market with a platform that users seek.
Schedule a free demo of our white label smart contract based MLM software or connect with our subject matter experts to share your business needs.
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