Trade began in a barter system where exchange of goods happened between two entities for the exchange of money. Trust has always been a huge factor in buying and selling goods. Trade also involves logistics, where Bill of Lading that has been in use in its paper form has created a lot of chaos. Slowly as trade moved into the Market place sector, Small players have never had an opportunity to trade their assets because the Global players were in the forefront and pushing their products through the internet.There are so many middlemen who had to be paid out of the pockets to push the assets and the trade moving.
The second major issue was security of trade. To trust a buyer or seller when selling a valuable product has been difficult and providing a safe vault for the transaction was near to impossible.
How We Solved It
Undertook multiple calls with project owners, industry experts and various stakeholders to understand how trade works. We Designed the Architecture, prototyping the UI and UX for the entire application.
A separate plan was implemented to use the DLT Technology (Distributed Ledger Technology) using Hyperledger Fabric through which the trust and security aspect is addressed. There are many phases to the project. Phase 2 involves more detailed DLT implementation.
The Core of Trade IT is Tradechain built using blockchain technology. Unlike other online marketplace, Trade IT does trading of assets that have huge value and cost. Both Tangible and Intangible assets require a lot of documentation work. Using smart contracts we create an asset library in Blockchain Hyperledger which provides a lot of safety and security for the data. In simple, using smart contracts there is a seamless, authentic exchange of data and transactions which was missing in the original trade. Also another impact of Trade IT is, once when KYC verification is done even small players can enter into this trading platform and display their assets.
This brings the smaller player into the global trade window and Monetization of assets which is the goal of Trade IT as achieved. Using Trade It we regularize the documentation and process flow of trade. Their transaction time is minimized and fraudulent trades are identified and prevented. High Brokerage commission which happens in normal trade is eradicated.
This provides an environment of trust for the asset holders to buy and sell.