decentralized market
/diːˈsɛntrəlaɪzd ˈmɑːrkɪt/ · de·cen·tral·ized mar·ket
noun
- A market system in which buyers and sellers interact directly without the need for intermediaries, often facilitated by digital platforms or blockchain technology. The company's business model relied on a decentralized market, where individuals could buy and sell goods without the need for a central authority.
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Did you know? The concept of a decentralized market has been around for centuries, with examples including traditional flea markets and bazaars, but the rise of digital technologies has enabled the creation of global, decentralized marketplaces that can operate without borders or central authorities. The first decentralized market on the internet was likely the Silk Road, an online black market that operated from 2011 to 2013.