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BCShop.io: Buy and Sell Good Using Crypto

  • 22 February 2018
  • Expert Insights

Our new Disruption by Blockchain series aims to highlight companies that are leveraging the incredible potential of blockchain technology to disrupt and revolutionize their industry. Through one on one interviews, we'll speak directly with industry leaders to cut beyond the hype and get directly to the heart of practical use cases and examples of how it will change the world, one industry at a time.

The following is an interview we recently had with Vladlen Manshin, CEO and Co-founder of BCShop.io

1. What’s the history of Bcshop? How and where did you begin?

VM: The idea of the project came when we were brainstorming how emerging blockchain technologies can solve problems of direct people’s trading and service providing at an international level.

Current payment systems involve too many intermediaries and impose many restrictions, especially when it comes to international payments. So we thought that Ethereum blockchain with its smart-contracts perfectly suits for direct seller-buyer interaction. That’s how the idea of BCShop.io was born.

“Smart-contracts” is newly born term that means an electronic form of documents combined with automatic processing of data. They guarantee that the agreement between involved parties will be executed in fair, secure and transparent way.

2. Who are the founders and key team members? 

VM: We have a 3 core team members that decided to found BCShop.io after working together for 10 years, all are co-founders.

Besides team members in executive positions, we have many contractors which include many professional companies. For example, our law firm contractor is one of the best ICO legal service providers in Russia, web-development studio is on the market for more than 10 years and security auditor firm includes top security hackatons winners.

BCShop.io’s core team members are:

Vladlen Manshin

Vladlen is Blockchain enthusiast and investor. He believes blockchain will change the world.

He is charmed by programming and modern technologies from his school years. Later in University he studied it as a main specialty and took part in different contests including international ones. Right after his graduation in 2009 he formed a team with his university group mates and since then they are working together.

In his 25, after gaining some business experience, Vladlen realized that creation process in hi-tech field is what he is longing for.

Oleg Kondrakhanov

Oleg is an experienced software developer specializing in object-oriented programming languages.

Oleg is capable of solving any technical tasks you can make up for him. He is that person for whom maximum University mark is too low. Always being very steady and responsible, Oleg is ready to deliver cutting-edge solutions all day and night long.

Alexey Kuzmin

Alexey has the same computer science degree as other team members. He is a professional developer since his first days of graduation.

Alexey easily masters new skills required to solve all kinds of tech-oriented tasks. No surprise he grasped blockchain development in no time. He is a sport fun with most passion for football. At least he was, before he dedicated himself for morning-to-evening programming of BCShop.io project.  

3. What problem are you solving? Who are you solving it for?

VM: BCShop.io project aims to improve the way digital commerce and payments work today. Focusing on digital goods and services area our goal is to enhance it with fast-growing opportunities blockchain technologies and cryptocurrencies have to offer.

The list of problems of currently used centralized approach includes the following:

1. Large fees. Starting from 3.5% of simple international transactions and growing up to 50% for specific merchandise and markets.

2. Long and inconvenient international payments.

3. Centralized data storage highly susceptible different kind of fraud.

4. High operational costs for companies which come from the need to do a lot of tasks manually, tons of paperwork included.

This can be continued to more technically oriented problems in another in-depth article.

4. What is your solution to this problems?

VM: The core idea is to provide an out-of-the-box solution for the economy of the new age. Based on revolutionary blockchain technology with its smart-contracts benefits all problems above can be sold:

1. Blockchain allows for really low costs of transactions. As low as couple cents to any recipient in the world no matter where he is situated.

2. Transactions can be made in couple minutes, all is needed is recipient wallet address.

3. Blockchain is organized the way it is highly secured, fraud resistant and transparent.

4. Smart-contracts allow automating most of the paperwork and skyrocket companies’ effectiveness.

5. Why is your industry ripe for disruption?

VM: One of the fundamental economic principles tells us that markets gravitate to efficiency. Well-known examples of this principle include the gold standard abolition, progressing substitute of cash to credit / debit cards and the introduction of electronic payments.

Simply put, time for another economy and society evolution has come. Blockchain technology provides what is needed to get to the new level.

There is a great book called “Bitcoin and cryptocurrency technologies” recommended by Princeton University to its students which I suggest for those who are looking for deeper knowledge of blockchain disruptive potential.

6. What’s the future of your industry?

VM: The technology is developing so rapidly that it’s hard to do far-reaching predictions. In some near future of 2-3 years we should expect the following:

Prediction #1: Blockchain technology adoption by big companies. First, by e-payments and e-commerce, later spreading to all economic and social areas.

Prediction #2: Inclusion of blockchain and cryptocurrency in school and university textbooks. This is already starting to happen.

Prediction #3: Fiat money inflation. All value in the world will be slowly moving towards cryptocurrencies as more and more people will be realizing its potential. This is already happening as well with crypto market capitalization multiplying each year.

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