The commodity trading industry has evolved alongside human civilization and has established itself as the backbone of the global economy. Today, it is a trillion-dollar market and has diversified into multiple categories such as - 1) Energy, 2) Metal, 3) Agricultural, and 4) Livestock.
Even though this sector plays a major role in the economy of all countries, it’s day-to-day operating is still stuck in time. This can be seen from how much of the commodity trading market is dependant on paper-based documentation. This reliance on paper trails severely affects the workflow, which in turn increases costs and time spent.
The commodity trading sector also suffers from a host of other problems that include:
Apart from the above-mentioned problems, there are other factors restricting the growth of this sector. These include difficulties in regulation, space for frauds, and miscommunication.
However, NewzoneEX has envisioned a revolutionary way to address the problems affecting the industry. By using blockchain technology, NewzoneEX will be able to offer a decentralized and immutable platform that will record transactions in a streamlined manner.
Moreover, the platform will benefit the different stakeholders engaged in this industry such as traders, brokers, logistics, warehouses, exporters, and others. The blockchain-based solution will also help reduce costs and save time as it will eliminate the need for middlemen and improve transparency.
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