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 Yuen Wong, CEO and Co-founder of Galaxy eSolutions.
1. What’s the history of Galaxy eSolutions? How and where did you begin?
YW: Well, Galaxy eSolutions (GES) team is a team of ecommerce specialists and had happened to chance that the pre-owned and refurbished phone market is massive and yet hugely fragmented, and ideal for consolidation. The team then got a licensed refurbishment factory in China as a stakeholder to give it a hue supply chain advantage. The team then looked into blockchain and believed this technology would address the industry pain points and bring disruption to ecommerce.
2. Who are the founders and key team members?
Yuen Wong, Co-Founder & CEO
Yuen has a strong e-commerce sense and entrepreneurial initiative that gives him the ability to make the business operate in the global consumer markets.
Expertise: Entrepreneurship, Business Development, E-commerce specialist.
Joe Chan, Chief Technology Officer
A technology lead, he uses new innovative ways for product development and generates data-driven strategies and results.
Expertise: Technical Engineer, Coding, Online Infrastructure and Database.
Erik Hohmann, Chief Marketing Officer
Managing digital projects and campaigns and leading the digital marketing team to effectively implement the campaigns across the global markets in which we operate.
Expertise: Digital Marketing, Social media, PR and communication, Global outreach.
Chris Wong, Chief Operating Officer
Chris is data-driven and handles the day-to-day operations, such as inventory management, technical user interface on our website and analysis and reporting.
Expertise: Data analysis, Coding and Development, Google Analytics, User interface.
Blockchain Development Advisor
Ben Xiong, Sharder, CEO & CTO
15 years of experience in programming, B.E. in software from Shanghai Jiaotong University, Architect of Seachange, Chief Architect of Yiji Pay, Co-founder and CTO of Taogushen.com, Founder of Conch Chain.
3. What problem are you solving? Who are you solving it for?
YW: Basically we are solving the trust issue. The trust in ensuring the right products being delivered within the right period in the right condition and at the right price. We are solving this not only for the end consumers but also the business resellers within our ecommerce ecosystem.
4. What is your solution to this problem?
YW: GES will utlise the blockchain to store the phone IMEI information so as to ensure the right product and version; to store the product movement info so as to ensure the goods are delivered accordingly; to reduce the cross-border transaction costs and time in order to allow best product pricing; to have the smart contract acting as escrow to eliminate trust issue; to store the refurbishment details so as to ensure the proper service levels and expectations.
5. Why is your industry ripe for disruption?
YW: Well, the pre-owned and refurbished phone market alone (not to mention the entire consumer electronics market) is a 20BN USD market according to IDC market research report, and deemed to hit 30BN in 2020. Yet, it is a very fragmented market without a true market leader.
The market inefficiencies lie in the current market lies in the traditional supply chain, in which a factory sells to wholesalers then to resellers and finally to the consumers. GES instead utilises F2C (Factory-to-Consumers) model for its B2C and cuts out middlemen to increase on price competitiveness, service level and quality assurances.
There is also a big lack on trust and confidence. Consumers find it hard to know what’s the likely quality of their refurbished products; traders find it hard to know who are good suppliers; there’s a lot of frauds in this market and industry;
In our whitepaper, we detailed clearly on how we address these issues using blockchain and a hybrid ecommerce ecosystem model.
6. What’s the future of your industry?
YW: GES is confident enough to make the following bold predictions:
Prediction #1: Blockchain will bring big disruption to ecommerce.
Prediction #2: The pre-owned and refurbished consumer electronics industry will be much more consolidated at the top.
Prediction #3: GES will be the market leader in this industry.