The traditional commodity trading system works akin to the stock market. The buyer books a commodity and on confirmation from the seller, the items are delivered to the buyer’s location. The price is predetermined based on market value and the seller’s discretion. Although this trading practice can seem devoid of challenges from the outside, it is plagued with complexities and inefficiencies. This is why NewzoneEX is here to create a seamless trading platform that transmutes the buyer and seller’s daily trading experience into one of high quality.
Blockchain Technology for Commodity Trading
Blockchain technology is the ingredient that will make the NewzoneEX platform the first of its kind. This highly reliable Distributed Ledger technology enhances the accountability and efficiency of commodity trading. By acting as an accurate digital ledger of all transactions and transactional data, Blockchain Technology is the key to transforming the commodity trading sector. NewzoneEX employs Quorum Blockchain for this purpose.
Data is protected from any form of manipulation and exploitation. An entry made into the blockchain is unalterable, therefore helping substantially reduce the occurrence of fraud. The ledger is an eternal proof of every action. Unlike the current commodity trading market that is preyed on by fraudsters, NewzoneEX will create a platform that can only be accessed by genuine traders.
The NewxoneEX Commodity Credit System Powered by Blockchain
Tokenization is a term we might have come across. What is its significance in NewzoneEX? The commodities to be traded on the platform are represented digitally by ‘commodity credits’. Different types of commodities have different credits, i.e. a unique credit for every commodity. This ensures that no confusion exists while trading. In order to list their commodities on the platform, traders will have to request for a KYC. Once verified as a credible trader, he/she can commence trading activities.
The platform will run on NZTs or NewzoneEX tokens which means that any purchase or sale of commodity credits is transacted with these tokens. First and foremost, the traders will have to obtain NZTs to be able to carry out any transaction. The unified digital currency (NZT) will create a more efficient trading system.
Therefore, why don’t you become a catalyst to this incredible change? Join the ICO that will contribute to building the first blockchain-powered commodity trading platform in the world! Help the commodity trading sector save millions by eliminating complex manual processes, lengthy paperwork, and other practices that are detrimental to its growth. Be the revolution!
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