CARGOCOIN: DECENTRALISING GLOBAL TRADE THROUGH AN EFFICIENT ECOSYSTEM

olyonyeka (47)in #blockchain • 8 years ago (edited)

INTRODUCTION
Transportation simply means movement from one place to another. Transportation is the key to the growth of any business. Producers & Major traders of goods needs an efficient and a reliable means of transportation to deliver goods to their customers, irrespective of their location on the globe. The process of transportation of good is usually tedious, sometimes traders gets defrauded, goods gets damaged or lost in the cost of transportation, sometimes customers cancel an order due to delay in delivery .
A Giant(CARGOCOIN) has risen to mitigate this challenges surrounding global trading.

CARGOCOIN

CARGOCOIN is an established global market place which facilitates the interaction between parties involved in international trade and transport of commodities at a fair cost in real time. Cargocoin acts both as a secure transfer and storage method and uses smart contract and cryptocurrency platform as a means to offer services ranging from Inland transport, Air Cargo and Shipping.

CARGOCHAIN ECOSYSTEM
International trade and transportation goes beyond shipping and delivery of goods. There is need for involvement of important parties (Registered Cargo surveyor, Registered ship agents, insurance brokers, customs, ship chandlers ) whose services are vital for the verification of cargo quality, quantity and speeding up the transport process(physical movement of goods). All of these services are available in the CARGO chain ecosystem.

DOCUMENTARY CREDIT
In a cargochain ecosystem, the risk that comes along with the services of independent intermediaries are eliminated. Sometimes the intermediaries release funds for payment of non-existent or worthless merchandise against presentation by the beneficiary of forged documents . To allow for secure and guaranteed transactions between the participants, cargochain adopted the smart contract sL/C (smart Letter of Credit). The involved parties rely upon the security of smart contract crypto letter of credit to ensure that payment is executed provided the pre-set terms and conditions are met. Some of the advantages of Smart documentary credit over the standard ones are :
• It eliminates fraud risk
• It saves cost
• It addresses insolvency risk
• Its flexible and confidential

MODE OF PAYMENT
When compared to the traditional method of payment, the CARGOCOIN token offers a secure and efficient means of payment. The traditional method of payment is expensive and slow,
sometimes funds are delayed by the United State of America intermediary bank. Cargochain crypto payment can be used for :
• Payments for Freight
• Payments for cargo value between traders, importers and exporters of goods
• Payment to Insurance companies, surveyors, ship suppliers, brokers, ship agents for service rendered.

Although transaction fee varies, but in any case it is significantly lower than the current industrial standard. This is believes to be achieved by offering a free alternative platform with no monthly or annual fees, online and offline marketing campaigns and professional services.

MARKET TARGET
The firm envisions to seize 3% market share i.e. about 1,000,000 users from the maritime transport community during the first 2 years of its operation.

BENEFITS OF CARGO CHAIN TO PARTIES INVOLVE IN INTERNATIONAL TRADE
• Minimize the risk of fraud
• Reduces the cost of business
• Optimize time
• Guaranteed security of information