The Future of Ecommerce with Blockchain — ArcadierX Launch Event, 28 December 2018
A Gartner forecast has reported that “the business value-add of blockchain will grow to slightly more than $176 billion by 2025, and then it will exceed $3.1 trillion by 2030.” With the growing adoption and use cases for blockchain technology, how will blockchain technology disrupt the Ecommerce industry?
At ArcadierX inaugural ICO launch event held on 28 December 2018, distinguished speakers and participants discuss the adoption and integration of both spaces over great food and company.
The night kicked off with an introduction on ArcadierX, Arcadier’s blockchain-enhanced marketplace e-commerce ecosystem by Mr Dinuke Ranasinghe, Chief Executive Officer of ArcadierX.
The ArcadierX team also addressed some pertinent questions from the crowd:
Q: How does what ArcadierX do relate to the other projects in the ecosystem such as the United Nations (UN) Defeat-NCD marketplace?
A: ArcadierX will be utilising several aspects of blockchain technology, all of which can be leveraged in existing projects/marketplaces based on the use cases. In the case of the UN project, an example would be provenance, which would be useful to assure the origin and transportation of medicines. The goal of ArcadierX is to leverage blockchain technology to enhance existing solutions and to benefit all key stakeholders within the Arcadier marketplace ecosystem.
Q: What do you expect your Gross Merchandise Volume (GMV) to look like and the usage of ARCX token?
A: GMV is notoriously difficult to estimate, and though it can be a metric of valuation, we do not think it is the most important and that it can be misleading. What we are concerned about is the velocity at which ARCX token is adopted and used and developing a business that is sustainable and manageable.
The ARCX token will support the utilitarian service requests made within the Arcadier ecosystem. With our existing 7,000 marketplaces and 300–400 new marketplaces being built monthly, we believe that the velocity at which our users will adopt and use ArcadierX’s blockchain ecosystem will continually grow and be in demand. And as the ArcadierX ecosystem grows, we expect great amount of usage of ARCX tokens with them being an integral part of the ecosystem.
This was followed by a lively panel discussion on “The Future of Blockchain in Ecommerce” featuring expert speakers and moderated by Kenneth Low, ArcadierX’s Chief Commercial Officer. Panelists included Patrick Ngan, COO and Co-founder of Alchemy Foundation, Tina Rudorf, Head of Business Development at Fractal, Professor Lawrence Loh, Director of CGIO at NUS Business School, and Chia Ling Koh, Managing Director Osborne Club.
The panel discussed the future and vast potential of blockchain technology.
On the use cases of blockchain technology in relation to eCommerce:
Mr Patrick Ngan spoke on the disruptive impact of blockchain, highlighting the fact that although we are at the beginning stages, overtime it will gain traction as long as it is being used in the right use cases and situations such as cross border transactions. Mr Chia Ling Koh noted another possible use case of blockchain technology in the Ecommerce space, such as Arcadier Hub enabling a global marketplace allowing users to purchase anything from anywhere.
On the issue of blockchain transaction speed and whether it will be an issue for ecommerce transactions — Bitcoin does 60 transactions per second compared to Visa’s at 24,000 transactions per second:
Professor Loh noted that speed does not matter, and will surely be resolved eventually as technology progresses. What is most important is the value add and concept. Without a good and relevant use case, nobody will use it even if processing speed is fast.
Ms Tina Rudorf added that even now people are used to a slight delay through PayPal — — she gave the example of buying an item online and paying using PayPal where there was a processing time of 1 day. She expressed that as long as this delay is communicated to the buyer, there is little negative experience, especially in cases where a manual action is still required, such as packing goods and sending it for shipping.
On the issue of violation and infringement of personal data and how blockchain technology can add value through decentralisation of data and protect users security:
Ms Tina Rudorf spoke about the increased focus on KYC, regulations and guidelines in the blockchain industry being great progress as it highlights the prioritising of user security especially in this young and unregulated industry. Professor Loh also highlighted that sometimes the “most dangerous places” are the safest with increased monitoring and surveillance.
On Bitcoin price movements and the recent sell off:
Mr Chia Ling Koh stressed that the key factor is the usage of the technology. With more user adoption, the less speculative the currency will be. Mr Ngan added, “Imagine if everyone is using bitcoin to buy chicken rice at the hawker centre, the probability of the currency fluctuating at the current level will be extremely low”.
ArcadierX would like to thank all participants for joining us at ArcadierX launch event! We invite you to join the ArcadierX team and community on Telegram for the latest updates: https://t.me/ArcadierX
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ArcadierX is a project designed and developed by world leading marketplace SaaS (Software-as-a-Service) provider, Arcadier (www.arcadier.com) to deploy and integrate blockchain and advanced technological enhancements onto Arcadier’s existing marketplace platform in a phased approach.
These new capabilities aim to develop Arcadier into a fully integrated intelligent eCommerce ecosystem comprising of core blockchain characteristics focusing on aspects such as inventory distribution (Arcadier Hub), reputation trust (Arcadier Trust), payments traceability (ARCTX), provenance assurance, trade financing and data analytics.