Overview

this time I introduced EBcoin. EBcoin is the cryptocurrency and blockchain project in singapore.

And  EBcoin tries to construct immediate tax refund service, currency exchange, method of payment by using smart contract in Ethereum. EBcoin is ERC20.

Existing problems 

• The only less than 40% of overall tax refund are requested by traveler for "lose of receipt" and " the difficulty of procedure at tax refund window.
• When traveler receive tax refund, intermediary require 30%service charge.

Usefulness of blockchain

• Blockchain enable shopping record  to be into electronic data and recorded. So,Shopping record is saved to maintain integrity of information.
• By having integrity of information and smart contract, Blockchain can connect traveler with customs. So, It cut significant cost like service charge.

System of EBcoin

• User can exchange fiat for EBcoin through mobile wallet at ATM which is set up at airport.
• EBcoin project team's monetization is exchange commission  between fiat and cryptocurrency, EBcoin. 
• Request of tax refund are sent to customs by blockchain.
• When customs allow application, tax refund are automatically paid to  user's EBcoin wallet.
• User registers passport with wallet app. And User scan serial number of product.
• Customs checks traveler's passport and product information.After that, customs pay in EBcoin to traveler. 

Use case of token

• means of payment when traveler buy product in EBcoin's member store.
• means of Receiving tax refund 

EBcoin's Superiority for exsting business

• Instead of check one by one in off line, simply online check  is possible due to integrity of information.
• EBcoin doesn't need tax refund window.So, EBcoin can do business without significant cost. Cost is employment cost , maintenance cost of window etc...

Concern

• If EBcoin member store is not many, travelers don't have necessity which is to use EBcoin.
• EBcoin project require significant cost.Because Setting up one ATM require  $50000 and maintenance cost require $80000.
• In case of payment in EBcoin at store, EBcoin need to solve scalability.