E- Commerce relies on financial institutions serving as trusted third parties to process transactions. The system works well enough for most transactions but it still suffers from the inherent weaknesses of the trust based model. Commerce needs a trustless system so that the Users can transact without any third party and the transactions should be non reversible. The cost of a third party acting as a mediator increases the transaction costs and hence its very difficult for smaller transactions to go through this process of relying on mediators. It acts as a barrier in the modern society and lacks the confidence that we have like in other sectors.
Ourcoin uses the blockchain technology first implemented by Bitcoin. Blockchain is basically a public ledger in which all the previous transactions are included in blocks ( A block contains data about the transactions.Each block is of certain time interval) and these blocks join to make a continuous chain which record all the information publicly.