Ethereum Blockchain Solution for Trade and Commerce
In cross-border transactions, clearing goods requires going through copious layers of verification and authorization such as permits, licenses, phytosanitary certificates. To facilitate seamless cross-border transactions, customs and other border agencies need easy access to goods-related information such as their inspection and authorization reports, quality check conformation, details of hand changes along the entire supply chain and others. But the reality of cross-border trade at the moment is bothered by factors like paper-intensive burdensome procedures, the high scope of data manipulation, opaque and manual tracking of shipping documents, involvement of multiple intermediaries and others.
Ethereum blockchain can address the challenge of interoperability and inconsistent data in logistics and supply chains by improving traceability and transparency. They also help in reducing the need for paper-intensive legacy processes by replacing them with automated verification. This promotes prompt execution of multiple business transactions. The use of Ethereum blockchain in trade and supply chain enables multiple stakeholders across a supply chain to handle data exchange and events for multiple transactions without any friction like inaccuracy of data, a time gap in the validation of data source, and difficulty tracking the exchange of hands.
Benefits of our Ethereum Solution for Trade and Commerce
Controlling distribution outside of their own channels is a challenge for most brands and retailers. With blockchain smart contracts, it is seamless to manage distribution across multiple channels.
Our Ethereum blockchain solutions empower you to orient their operational processes around a validated and shared ledger. This facilitates greater visibility of activities and reveals validated information like where an asset is at any point in time, what condition it is in and who owns it.
Single point of contact
A distributed ledger serves a single point of interaction between all parties, which maintains transparency and accountability in the system. Also, all the stakeholders connect over a single, shared version of the truth that is transparent and verifiable. This builds trust in the system.
Theft and counterfeiting result when customers fail to prove product ownership. Ethereum facilitates fair trading and reduces counterfeit goods as blockchain-based solutions can verify the goods’ origin, materials, manufacturer and more. This creates a completely ethical environment for trade.
Simplified trade finance
Get rid of cumbersome operational processes and compliance problems related to trade finance that leads to lack of trust and low profitability in the system. Ethereum Blockchain solves such issues by authenticating documentation, facilitating transparent coordination between multiple stakeholders and streamlining operational processes.
Overcome KYC compliance issues
Ethereum as a public transparent ledger overcome the various issues that occur throughout the process of KYC and regulatory compliance. It provides near-real-time monitoring of transactions for multiple parties. Also, it maintains the verified records of all the transactions and other details of involved parties or individuals.
ERC20 tokens, executed as smart contracts on the Ethereum Virtual Machine , define rules of interaction and purchase with other tokens.
ERC20, ERC721, and ERC1155 are the prevalent token standards as approved by the Ethereum community.
With the help of NFT marketplace developed on Ethereum blockchain, you can leverage open transaction history for ownership verification.