In a nutshell, blockchains are databases that are distributed across a vast network of computers. This makes them completely decentralized; that is, they do not have a single point of failure. All data is stored using encryption, and a copy is stored on all nodes of the blockchain. This feature makes it difficult to manipulate records as one would need to replicate the change in all copies spread throughout the network.
This technology is attracting a lot of attention from a variety of sectors ranging from healthcare to education to finance. The trend is primarily driven by several of blockchain’s advantages, such as transparency, efficiency, security, immutability, and more.
One segment that will massively benefit from blockchain technology is commodity trading. This industry plays a critical role in driving the primary economic sector. Today, the commodity trading industry struggles with a variety of problems, such as authenticating the origin of goods, supply chain inefficiencies, cross-border fund transfers, and more.
NewzoneEX will launch a multi-faceted platform that will systematically address these inadequacies, here are 5 ways how:
Organize Trade: Middlemen dominate the commodity trading sector, and their presence increases costs and hampers growth. NewzoneEX will operate an exchange that eliminates middlemen, connects buyers and sellers directly, and allows users to trade their physical commodities digitally in a secure environment.
Improve Transparency: All records of transactions will be saved on the blockchain using encryption. Since all records will be stored in an immutable fashion, it will discourage fraud and other malicious activities.
Connect Participants: The commodity industry is very large and is divided into multiple layers and numerous levels. It also consists of several participants. NewzoneEX will link all the stakeholders on a single platform, thereby promoting coordination and growth.
Simplify Certification: Authenticating the origin and quality of commodities is very important. NewzoneEX will enable easy certification and verification processes by using smart contracts.
Optimize Payments: Cross-border transactions are expensive and time-consuming. NewzoneEX will offer an efficient channel that streamlines payments and eliminates redundant costs.
Thus, it can be seen how the NewzoneEX platform will benefit the commodity trading industry. NewzoneEX will build its solution using Quorum, a consortium blockchain network built on Ethereum.
To power the development of the platform, NewzoneEX has officially launched the ICO.To learn more about NewzoneEX and its offerings, visit the official website today!
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