Ripple official reported the Swell 2018, blockchain session happened during “The Future of Commerce” between eBay Chief Product Officer R.J.Pittman and the Fortune Senior writer and the Ledger Editor, Robert Hackett.
As soon as the conversation gets the stage, Mr.Pittman has explained how eBay begin cross-border payment. He elaborates “eBay is the world’s largest cross-border trade company” where the first transaction occurred cross the border. The very first transaction of eBay was “a laser pointer from the U.S to Canada”.
Blockchain Hurdles Will Advance the Global Selling Experience
Presently, eBay exists across 190 countries and the transaction across these regions happen globally. According to Pittman, “it is one of the most compelling value propositions of eBay”. However, in response to Hackett’s question over blockchain barriers, he agreed on the fact and hopeful of advancing and streamlining the overall cross-border payment system. Further, Pittman is confident of increasing the “global selling experience” by attempting to these hurdles.
As the discussion continued, Pittman recalls his experience at eBay and Google which indicate “every small step has made a day in the sun”. He referred small step to “resizing buy button at eBay or faster search results at Google”. His experience directs the Swell audience to a scenario where we consider improving the payment system despite the brutal market situation, He said, doing so, benefits are definite.
The report reads a lesson from the challenge;
It was less important to be worried about losing nest eggs and more critical that they think about “widening the aperture” to take full advantage of the opportunity.
Of course, as you begin to approach maximum penetration for global e-commerce. He adds.
What’s the Role of Blockchain to Address Challenges in Global Payment?
Before Hackett continued to pose a new question, Pittman put up a point to the audience, asking whether the present industry contains proper cost models, payments infrastructures and the ability to scale in place!
He relates Blockchain as a cousin of MapReduce, a technology used by Google. Furthermore, Pittman said Blockchain could be more similar to MapReduce where Google employed it to speed up the accuracy and reduce computing tasks across virtual servers. Similarly, Blockchain would reduce friction of payments in order to create higher speed and accuracy. Besides, he also points Interledger Protocol (ILP) as the TCP/IP of value.
While discussing the complexity of payment, he said it “a big guessing game” and the payment placement is unclear as to who is holding the money in the transaction, when goods ship, and when payment settle. He said that,
It is one of the big taxes on the eBay call center. The implication being that blockchain and ILP can help settle those mysteries.
Asking about the global financial inclusion across the world, eBay would add another nod. Furthermore, at the end of the conversation, he said eBay’s goal is to
“make the technology so powerful that it simplifies access and engagement for everyone.” Today, he acknowledges we’re just scratching the surface but that our responsibility is to “get after it.”
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