Solutions
Stellar Blockchain Solution for Global Trade and Commerce
The Problem - Manual Contract Creation
Buyers importing goods from other countries generally wish to pay upon receipt of the merchandise to verify its physical integrity on arrival. On the other side, exporters want to be paid when they ship goods. Therefore, to bridge the gap, a guarantee of payment is required to ensure trust between two parties.
The Problem- Delayed Timeline
Currently, the shipment of goods from one country to another gets delayed due to the involvement of multiple intermediaries. The shipment has to go through multiple checks and numerous communication points.
The Problem - Manual Contract Creation
Buyers importing goods from other countries generally wish to pay upon receipt of the merchandise to verify its physical integrity on arrival. On the other side, exporters want to be paid when they ship goods. Therefore, to bridge the gap, a guarantee of payment is required to ensure trust between two parties.
The Solutions
Upon purchase, a sale agreement between the exporter and importer is shared with the import bank via a smart contract on the Stellar platform. Once written, smart contracts on the blockchain cannot be altered or deleted, bringing trust in the ecosystem.
The Problem- Delayed Timeline
Currently, the shipment of goods from one country to another gets delayed due to the involvement of multiple intermediaries. The shipment has to go through multiple checks and numerous communication points.
The Solutions
Contract terms embedded in stellar smart contracts eliminate the need for intermediaries and additional transaction fees, streamlining the delivery of goods and automating trade settlement.
The Solution
Upon purchase, a sale agreement between the exporter and importer is shared with the import bank via a smart contract on the Stellar platform. Once written, smart contracts on the blockchain cannot be altered or deleted, bringing trust in the ecosystem.
The Solutions
Contract terms embedded in stellar smart contracts eliminate the need for intermediaries and additional transaction fees, streamlining the delivery of goods and automating trade settlement.
Looking for a blockchain-based solution for your international trade business?
Benefits of Implementing Blockchain in Global Trade and Commerce
Real-time Review
Financial documents linked and accessible through blockchain are reviewed and validated in real-time, reducing the time it takes to start the shipment.
Proof of Ownership
The title available within blockchain offers transparency into the ownership and location of the goods.
Disintermediation
Banks facilitating trade finance via blockchain do not need a trusted intermediary to assume risk, removing the need for intermediary banks.
Regulatory Transparency
Regulators are provided a real-time view of required documents on the blockchain to help conduct AML and enforcement activities.
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Stellar Insights
Stellar-vs-EVM-Based-Blockchains
Stellar and EVM-based blockchains are decentralized, open-source platforms designed to develop smart contracts and decentralized applications.
How to Issue and Anchor Assets on Stellar?
Stellar Distributed Network is used to hold, transfer and issue assets, including dollars, euros, stocks, gold and other tokens of value.
How to set up deposits and withdrawals on Stellar?
Supporting deposits and withdrawals of an asset on the Stellar blockchain requires interaction between anchor and wallet apps.
