Delivering a keynote entitled “What’s Next” at Blockchain Impact, 2020 Perspectives “Supply Chain” to a full-house turnout, Ethan Ng,South-east Asian CEO of global cryptocurrency exchange BiKi.com, identified the major trends impacting blockchain in 2020, delving in particular into the role of supply chains. The esteemed panel of speakers included supply chain experts such as the Director of Trade at Infocomm Media Development Authority (IMDA) of Singapore and the CEO of Karuschain, blockchain technology platform for the precious metals mining industry, amongst others.
The Shift to Mainstream Adoption
The past 6 months have seen how Libra and the SEC have turned the spotlight on the decentralized economy. However even before this, in 2017 when the ICO markets were very hot, the IMF had already suggested working on CBDCs (Central Bank Digital Currencies) to central banks.
“BiKi is banking on this,” insisted Ng. “This is why we believe mainstream adoption will happen. When one of the major CBDCs is ready, which we anticipate may happen in Q1 or Q2 this year, they will eventually influence the MNCs who are likely to adopt the CBDCs. SMEs under them, through the network effect, will provide many more channels to market, to spread the use of digital currencies to the masses. We’re then going to go through a plateau of competition, figure out what works and what doesn’t and find the model that works.”
Singling out blockchain solutions in supply chain as playing a big role in enterprises, Ng pointed out that, “with increased efficient supply there will be increased demand.”
The Elephant in the Room
Ng pointed out that in 2017 and 2018, everyone was caught up in the hype of the possibilities of blockchain technology and what problems it could solve. However, with huge innovations happening in the space, the adoption rate was far below expectations. A very important factor had been ignored – the huge elephant in the room.
Citing how in traditional markets, every single player in the supply chain space needed a financier – a central player, a bank – for the space to function, BiKi CEO Ethan Ng proposed that in the newly disrupted supply chain, a new kind of financier category was necessary.
That new role would be filled out by new financial institutions which could offer many of the services from traditional financial institutions but adapted to the new decentralized economy. Identifying decentralized finance (DeFi) as one of the major significant trends in 2020, BiKi’s CEO Ethan Ng saw exchanges that offered DeFi products as the new disrupting financial institutions of the future.
Growing Market of Blockchain Supply Chain Solutions
Industry-specific solutions using blockchain, for example in pharmaceuticals and food amongst so many other industries, where logistics and supply chains experience massive pain points, has spilled over to enterprises. Ng believed that this growing market of supply chain solutions will enable these newly disrupted industries to similarly be able to gain market share and scale.
The maturation of the technology in mainstream enterprise usage, against an impending landscape of CBDCs and DeFi products, will work together to boost the role of decentralization in economies, where of digital currencies such as BTC and ETH will rise.
BiKi.com: 2020 Plans in a DeFi Economy
Together with partner Node Capital, BiKi exchange has huge plans to be ready for this scenario.
Firstly, would be the launch of a lending product on BiKi exchange not using BTC but USDT, which would be more stable for a lot of players.
Secondly, would be the launch of a public financial chain in Q3 2020 which Ng strongly felt would be one of the core aspects in future financial institutions in the blockchain space.
As always, the user-focused platform considers serving the needs of its users a priority. BiKi exchange will ensure that it is providing the utmost benefits for its users by providing an increasing lineup of financial services and products for the DeFi economy, including new and innovative ways to trade on the platform.
BiKi exchange is also currently focusing on getting its license as per the Payment Services Act by the Monetary Authority of Singapore (MAS). Singapore is one of the world’s leading financial hubs and becoming a regulated exchange here will gain the cryptocurrency exchange further recognition and instil user confidence as a global brand, cementing BiKi’s position at the forefront of the blockchain and cryptocurrency exchange industry.