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Blockchain Solution in China eCommerce

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Edward Tsang
CTO
Taeltech & Taelpay

12 June 2020 09:00am UTC+08:00
@ Boston Chinese Investment Club (BCIC) 2020 Blockchain Speaker Series (Zoom Webinar)

Overview: China eCommerce - Why Blockchain?
Taeltech Story - Product Authenticity - NFC + Blockchain
Hyperledger vs Ethereum - Permissioned vs Public
Cryptocurrencies - Libra, Tokens, Coins?
Taeltech WeChat Mini-Program & Partner Market Place
And beyond…

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Blockchain Solution in China eCommerce

  1. 1. Edward Tsang CTO Taeltech & Taelpay
 12 June 2020 09:00am UTC+08:00 @ Boston Chinese Investment Club (BCIC) 2020 Blockchain Speaker Series (Zoom Webinar) Blockchain Solution in China eCommerce
  2. 2. About Taeltech & Taelpay • Complete Anti-Counterfeiting Solution • Hardware protection with anti-cloning RFID/NFC chips • Magento based WeChat Mini-Program B2C with Social Marketing & Loyalty program • Hyperledger Fabric Permissioned Blockchain + Ethereum Token ERC20:WABI • Dev team of 10 in Russia, 5 in Shanghai, 5 in Beijing. We are hiring good devs, contact me!
  3. 3. About Me • Blockchain and machine learning projects since 2016. • Previously in Mobile apps (over 25m app downloads in Travel, Education, etc.) and B2B web systems (Business Banking) • 20 years in the UK and 11 years in China so far • MA in Computation from University of Oxford • MBA from Tsinghua University • Focused on blockchain and AI
  4. 4. Agenda • Overview: China eCommerce - Why Blockchain? • Taeltech Story - Product Authenticity - NFC + Blockchain • Hyperledger vs Ethereum - Permissioned vs Public • Cryptocurrencies - Libra, Tokens, Coins? • Taeltech WeChat Mini-Program & Partner Market Place • And beyond…
  5. 5. COVID-19 Tech Impact • Remote working is now essential and pushing Zoom and other startup online collaboration tools providers to scale up quickly. • Privacy and Security still need to improve • 5G, Robotics and other IoT will generate a lot of new data • Blockchain will help to build new trusted data pools, in healthcare, news, and beyond.
  6. 6. China eCommerce Overview • China eCommerce exceeded US in 2016 and been growing at double the rate.https://www.statista.com/study/46935/e-commerce-china-vs-the-us/ • US started eCommerce with web, China leapfrogged with Mobile and beyond. • Mobile payment, over 80% in China. US is far behind, 80% still use credit card. https://www.cnbc.com/2019/08/29/why-mobile-payments-have-barely-caught-on-in-the-us.html • Dominated by big platforms: Alibaba - Taobao + Tmall, JD.com, PinDuoDuo. Merchants often trade on multiple platforms.
  7. 7. Why Blockchain? • Chinese Central Bank been testing a homegrown digital currency DCEP (Digital Currency Electronic Payment, DC/EP) in a pilot program.https:// www.kapronasia.com/china-banking-research-category/china-s-central-bank-digital-currency-dcep-launches-in-pilot.html • All major eCommerce platforms are actively developing blockchain-based solution. https://www.hyperledger.org/about/members ; https://www.bloomberg.com/news/articles/2019-12-14/tiktok-owner-forms-jv-with-state-media-in-blockchain-ai • Immutable records are strategically inline with wider internet governance in China. • For smaller players, early adoption of blockchain can help to build up trust with other partners.
  8. 8. What to watch out for… • “Doing business in China” is not easy. • Good understanding of internet related laws in China. And they can change very quickly (often in a few months, not years). • General principle: 1) all data stored on servers in China; 2) KYC; 3) self monitoring of your service. • Cloud Hosting and SaaS are more expensive. • Should not rely on global network connections. Google, Facebook, Twitter, etc.
  9. 9. Taeltech Story: Product Authenticity • A startup, our founder Alex and Yaz – had a bottle of fake whisky whilst working in Hangzhou. • Most products were protected hologram, tamper proof labels with QR codes. Easily cloned and not user-friendly. • Our solution: Blockchain solution with NFC labels, dynamically encrypted codes on each scan, also tracking locations. • NFC was getting mobile friendly, driven by mobile payment like Apple Pay, Google Pay and Transit cards. • Newer NFC chips support TagTamper detection, further strengthened our solution.
  10. 10. Which Blockchain? Hyperledger or Ethereum • Our Ecosystem Detailed: 2 Blockchains Explained
 https://medium.com/@Taelpay/our-ecosystem-detailed-2-blockchains-explained-901b4c4e3a55 • Ethereum for ERC20:WABI, for the underlying tokenomics of our business. • Hyperledger Fabric, the blockchain technology we build our platform on for our users and partners. • Our network of peers (nodes) includes active stakeholders (Masternodes) and industry partners like Rakuten, PCA Express (EnterpriseNode). • Two chains are linked at the application level so that our Loyalty points on Hyperledger are pegged to ERC20:WABI.
  11. 11. Why Hyperledger Fabric? • Most companies are still not comfortable in sharing data openly and uncontrollably at variable transactional cost. • Started by IBM, a Permissioned Blockchain is well suited for corporate use. • No mining or gas cost, just fixed server costs. Easier to budget. • Only shared with trusted partners with specific permissions, no decentralisation and 51% attack risk. More inline with business contract needs. • High throughput, transparent to end users. Shoppers don’t care if it is on Blockchain, your business partners do.
  12. 12. • Centralised and Distributed are not all bad. It’s about picking the right model for the situation.
  13. 13. Hyperledger • The Hyperledger Project is not just about Hyperledger Fabric permissioned blockchain. • Lead by Open source (Apache) legend, Brian Behlendorf, it’s the fastest growing project in the Linux Foundation. • A very comprehensive set of blockchain technologies covering many kinds of DLTs, Libraries and Tools. Sawtooth, Indy, Ursa, Caliper and Explorer and many more. • Find out more at https://www.hyperledger.org/
 https://www.hyperledger.org/wp-content/uploads/2018/08/HL_Whitepaper_IntroductiontoHyperledger.pdf
  14. 14. Cryptocurrencies • Cryptocurrency issuing and trading are generally illegal in China (and many other countries). It challenges traditional monetary sovereignty. • ERC-20 was not the original intention of Ethereum, but it is proving to be the primary value so far.
 https://coin360.com • Facebook announced Libra in June 2019 together with many respectable partners. Ambitious plan. US and EU regulators quickly stepped in. Many key partners left the Libra Association. • Tokenomics are alive and well. Slowly seeing good projects using crypto to drive changes in legacy business models. Brave browser ad rewards, Exchange (Binance, Huobi), Blockchain-platform (EOS, TRON), etc. https://brave.com/epl157 Referral Link to try Brave browser
  15. 15. WeChat Mini-Program & Partner Market Place • Most eCommerce platforms in China don’t provide full API access to build custom apps. No strong Shopify-like SaaS in China. • We built our own WeChat Mini-program solution based on Magento open source backend. Most developers hate PHP. Adobe is integrating eCommerce directly into digital creative platform (Magento was acquired by Adobe Inc in May 2018 for $1.68 Billion USD.) • Using Hyperledger Fabric to store all product and order information, non-PII. • Consolidated our anti-counterfeiting, loyalty points and eCommerce platform into our market place solution for our partners like Rakuten and Odakyu in Japan to share trusted data.
  16. 16. Closing notes, and beyond… • Blockchain is designed to be immutable. Any mistakes you make will be there “forever”. Avoid storing any sensitive data or Personally identifiable information (PII) on it. • BTC started on 2009/01/03 (11 years ago), ETH started on 2015/07/30. Created quarter of a trillion dollars of “value” so far. What’s the next killer app? (Wasn’t dApp). • Artificial intelligence, Blockchain, Cloud and Data (big or small) are the ABCD of current tech trends. AI over trusted data on blockchain can be very powerful, but it takes time to build up these data pools.
  17. 17. It’s all about UX Selectproducts Usepointsorcash Enjoytherewards
  18. 18. Questions? I will be sharing these slides, Hyperledger Fabric setup tutorials and sample code repo on LinkedIn https://www.linkedin.com/in/edwardtsang/ or write to: etsang@taeltech.com
  19. 19. A few more links… Our team has published a set of Hyperledger Fabric setup guides on Medium and you will find the Magento Server integration sample source code there. • 5 minutes to Install Hyperledger Fabric v2.0 on Ubuntu 18.04 • 5 minutes to Install Hyperledger Explorer with Fabric on Ubuntu 18.04 • 30 minutes to Setup Production Ready Hyperledger Fabric cluster with Docker Swarm Chinese versions are also available and we will be sharing more sample code and documents. Stay tuned.
  20. 20. Thank you

Edward Tsang CTO Taeltech & Taelpay
 12 June 2020 09:00am UTC+08:00 @ Boston Chinese Investment Club (BCIC) 2020 Blockchain Speaker Series (Zoom Webinar) Overview: China eCommerce - Why Blockchain? Taeltech Story - Product Authenticity - NFC + Blockchain Hyperledger vs Ethereum - Permissioned vs Public Cryptocurrencies - Libra, Tokens, Coins? Taeltech WeChat Mini-Program & Partner Market Place And beyond…

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