The commodity trading industry needs several structural changes in order to make headways in an increasingly digital age. Even today, the industry is heavily reliant on paperwork to process orders and settle payments. The practice is not foolproof and is vulnerable to physical damage while it also drastically reduces the mobility of data.
NewzoneEX is an upcoming commodity trading platform that is underpinned by blockchain technology. It will use this revolutionary, decentralized technology to simplify processes, streamline recordkeeping, and optimize transactions.
Moreover, the NewzoneEX platform will connect the different participants in the commodity trading industry. This proves beneficial for the industry as it is a highly fragmented one. Hence, it is possible to connect traders, producers, warehouses, logistics, manufacturers, and other elements on a single platform.
Next, NewzoneEX will also help organize the supply chain network better by tracking the status of different orders effectively, settling payments faster, and improving transparency overall. The blockchain-powered platform will also eliminate the hassle involved in procuring licenses and authorizations from different regulatory bodies.
NewzoneEX’s solution can also aid businesses to collect fees and data without any issues. This way, businesses can securely transfer funds and information instantly without incurring additional charges. Businesses engaged in regular cross-border transactions will find this advantageous.
Another facet where the NewzoneEX platform will shine is the area of KYC and verification. By using smart contracts, the hassle of verifying and authenticating goods or services is made easy. This is because the smart contracts can be programmed to execute only if predefined parameters are met.
Finally, the NewzoneEX platform will help create a transparent network where participants can effectively monitor the progress of their orders. This will also help them identify bottlenecks and inadvertently save on costs.
The NewzoneEX platform will be built on the Quorum protocol, which is based on the Ethereum blockchain. The Quorum protocol is developed by JP Morgan, and it is optimized for enterprise use cases. It offers better throughput rates along with unparalleled customization and security options.
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