BlacqMarket CEO Tim Hogins.

Blockchain-based online marketplace BlacqMarket has evolved its business model to introduce a classifieds service that offers buyers and sellers protection against online scams.

Introduced in April, BlacqMarket initially allowed SMMEs and established businesses to list their products and services online, including professional service providers such as plumbers, electricians, handymen, etc – helping to increase their access to earning opportunities, especially during the lockdown.

It is now expanding to target any person wishing to sell any item online, after integrating blockchain-based escrow technology called BlacqPaye, to protect the buyer and seller against online scams commonly found in classified advertising and e-commerce platforms, it notes.

Cyber fraud is witnessing an unprecedented rise across local marketplaces, with business owners telling ITWeb they have been forced to beef up security on their platforms since the onset of the pandemic.

The crime trend has contributed to a lack of trust in classified advertising among many South Africans.

BlacqMarket CEO Tim Hogins says the portal aims to be the platform of choice for entrepreneurs in the formal and informal economy, and for anyone selling something from a garage sale.

“What we offer is protection for both the buyer and seller, coupled with peace of mind. The BlacqMarket message is: if you want to buy any product, or specific car, or…

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