What’s the point of fancy new technologies if they can’t make your life easier, more productive or maybe even both? Envoy uses blockchain to accomplish this in several ways:
No more paper: Trade finance can finally be relieved of the paper burden that’s been weighing it down forever. Eliminating paper and going digital means quicker transactions and creates new opportunities for participants in the market.
Global transparency: Going digital also means unparalleled transparency, which helps investors make the right decisions and helps regulators weed out non-compliant parties to either be excluded from the system or punished with fines.
Security: Envoy’s blockchain model for trade finance doesn’t only make trade finance more transparent, it makes it far safer by decentralising information and using smart contracts that permanently record all transactions to prevent fraud, manipulation, and misuse.
New opportunities: Envoy is also increasing access to and opportunities within the trade finance ecosystem by allowing multiple parties to fund a single contract. The risk is further distributed in this way and smaller entities have a higher chance of getting their deals funded.
All of this innovation certainly changes the face of trade finance, but Envoy has gone a step further in bringing the effects of automation to the industry. There are two ways of using Envoy’s trade finance market:
Manual
The first is to use it manually. The platform is intuitive and handling it in this way can be helpful in micromanaging your resources. You can choose to fund invoices on your own by manually staking the required NVOY tokens. Certain contracts may require a higher minimum number of tokens per financier.
This approach can be good for small operations funding a small number of trade deals. Even larger financiers may want to use this method a number of times to gain a full understanding of the platform and how it works that can only come with experience.
AI
The second is to allow the Envoy AI to trade on your behalf from a designated fund. This advanced AI auto-funds invoices appropriate to each member’s acceptable levels of risk or by invoice type. Regardless of which option is chosen, when an invoice is fully funded, the funds are converted to Ethereum. The smart contract, along with the collateral, is then transferred off-platform to the Corda blockchain where the settlement process begins.
Letting AI automatically handle some of your investments grants you the capability to manage many more invoices at once and increase profits while resting quietly with the guarantee that all your investments are being made in line with your strategy. So, sure, Envoy is changing the trade finance industry — but it’s also letting you participate automatically.
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