Online Mall Fends off E-commerce Giants

April 17, 2019

South Korean entrepreneur Ku Young Bae has built Singapore’s largest e-commerce company over the last decade while fending off global rivals such as Amazon, Alibaba and Tencent, reported by Bloomberg.

Ku now says distributed ledger technology (DLT) will help his online mall company, known as Qoo10, expand beyond his home and into the wider Southeast Asian region. To compete against larger rivals, he intends to bring the efficiency advantages of blockchain technology to the e-commerce space.

In January 2019, Qoo10 launched a separate market known as QuuBe, which used DLT and purportedly reduced the costs of running an online marketplace. This, in turn, allowed Ku to remove the fees he was charging merchants to sell their products on his site, thereby attracting more sellers.  

The e-commerce entrepreneur is also creating a blockchain-based payment system that he says will help attract new shoppers in a region where cash is still the primary mode of payment. The response has so far been positive, with over 5,000 merchants registering some 2.3 million products on the platform.

While previous attempts have been made to apply blockchain technology to e-commerce, Ku says Qoo10 is the first to try to “shift the paradigm and level the playing field,” citing what he believes to be a lack of radical innovation in the industry.

Blockchain essentially automates certain e-commerce transactions and processes that usually require personnel. The technology also enhances trust among participants, who can better trace transactions from beginning to end.

Ku believes this will give him the edge he needs to compete and to avoid getting mired in a costly war of monetary attrition with major conglomerates.

Source: www.bloomberg.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

 

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us