This paper describes a revolutionary combination of the Ethereum Blockchain technology and e-commerce & payment ecosystem. The ARAW token and its unique infrastructure offers e-commerce and service-providing companies to standardise reward programmes as well as expose the regular people to the cryptocurrency economy. Our solution is completely transparent and strives to make cryptocurrency accessible to the regular people. From the customer perspective, there will be no habitual change – for example, one of our offerings include the Araw Touch & Pay card to be used in tandem with everyday micropayments. The main goal of the ARAW token is to build the Decentralised Payment Ecosystem for E-Commerce to increase the Blockchain adoption for regular people across the world. The ARAW token ecosystem offers unified reward system which any service-providing entities can partake in. This allows virtually any company to further incentive consumption of their service as they provide real value via token distribution and expand their previously limited market of loyalty-reward consumers to the next level. The paper focuses on cutting-edge technologies that support the e-commerce & payment ecosystem including ‘Araw Pay for Online Payments’, ‘Open API Platform’, ‘Araw Touch & Pay Card’, ‘Unified Reward System’, ‘Peer-to-Peer Transfer’, ‘Araw Mobile Wallet’, and ‘Cryptocurrency Exchanges Integration’.
Today’s e-commerce industry is growing at a rapid pace and global retail e-commerce sales are expected to reach $4.5 trillion by 2021. For most commercial businesses, cryptocurrency is becoming a preferred mode of transaction highlighted by its current cap of hundreds of billions and expected to rise to trillions. According to research, most of the finance and banking industry is expected to move to the blockchain and hence adoption rate of blockchain across all industries will increase in the coming years. By Introducing the ARAW Token, the heart of the decentralised payment ecosystem powered by the Ethereum Blockchain, we are aiming to increase blockchain adoption for regular people across the world. We are the first company in the UK whose mission is to combine the benefits of the E-Commerce and Payment industries; provide end-toend solutions for E-Commerce Marketplace, Touch & Pay Cryptocurrency Card, Online Cryptocurrency Payment, and Unified Reward System on the Ethereum Blockchain powered by the ARAW token. The goal of the ARAW token is to be a part of everyone’s day-to-day online & in-store shopping.
The Araw platform addresses fundamental problems in the e-commerce and cryptocurrency economies. Firstly, retailers online and offline offer restrictive reward systems bundled with their services – they are often of little value to the consumer given their limited nature. Reward systems in commerce as a whole are underutilised due to the lack of technological investment. Coincidentally, many companies find it difficult to provide attractive reward schemes as they risk undervaluing their services. The ‘Unified Reward System’ allows service providers to become an ARAW token distributor, allowing them to control the format of their reward plans. The ARAW token now acts as more than a simple reward point – as it is utilised and redeemable across all of ARAW’s ecosystem participants. Additionally, owners of ARAW are able to convert their tokens into fiat currencies via ARAW mobile wallet & take cashback to their associated bank account. Secondly, the complex barrier to entry into the cryptocurrency market limits the potential value of the crypto market as a whole. The technologies surrounding ARAW are strategically built for the platform to support a ‘Unified Reward System’ – ensuring ease of adoption and maximising consumer outreach. While the ‘Unified Reward System’ makes it possible to standardise reward tokens across industries, the ARAW token will also allow regular customers to have a stake in the rapidly expanding cryptocurrency world – benefiting all parties involved. The key factors include the ease of adoption for the customer as reward schemes are already common. While the needs of an enterprise entity are met with ARAW’s technological offerings discussed in detail in the paper.