A blockchain is a database that stores transactional information in the form of code. The data is protected with cryptographic encryption and is stored on an entire network of computers. The decentralized nature of blockchain allows all nodes on the network to be able to access the data (with the exclusion of private blockchains that are controlled by a single entity/authority). The peer-to-peer system that blockchain works on eliminates the need for middlemen.
Every entry of new data is recorded on the blockchain, with all nodes notified of the action. The blockchain works on a consensus model that requires the participant nodes to verify the new data. All the entries form an entire chain of transactions that appear in chronological order. Since data is stored as a hash, security is at the highest level and anonymity is maintained. Moreover, only permitted members are allowed to access data.
Blockchain and Commodity Trading go hand in hand
Blockchain technology has spread across the world because of the effective solutions it provides. Leading businesses are starting to understand the potential hidden in this technology and are moving towards blockchain-powered systems. It is already being employed in major industries like:
- Healthcare
- Logistics
- Finance
- Digital Identity
- Media and Entertainment
- Government
So, can commodity trading benefit from the privileges that blockchain technology provides? This sector’s supply chain consists of complex processes, innumerable third parties, financial transactions, and more. Therefore, an effective management system will help take the sector to unimaginable heights.
We at NewzoneEX have made it our mission to build a platform that transforms commodity trading. And what better technology to power it than blockchain. Blockchain technology is decentralized, immutable, and highly secure. With the NewzoneEX Commodity Trading Platform, traders will be able to connect with each other seamlessly.
Physical commodities will be represented by ‘commodity credits’ to increase liquidity and enable trades to take place without any obstructions. The platform will operate with NZTs (NewzoneEX tokens), which will act as digital currencies. The NewzoneEX platform is the future of commodity trading. Participate in the upcoming ICO and fund a revolutionary cause. NewzoneEX- The Future of Commodity trading!