We are currently transitioning into the Industrial Revolution 4.0 phase. Pundits predict that economies and businesses that adopt emerging technologies and the internet will draw maximum benefit. This change is visible from the steady trend of different industries integrating emerging technologies like the blockchain into their day-to-day operations. Almost every industry, from healthcare and education to agriculture and manufacturing, are turning to blockchain technology to enhance their productivity and efficiency.
Within the commodity trading sector, there is a dire need to shift to a more robust and transparent platform as the industry is highly fragmented, multi-layered, and involves an ocean of participants. Luckily, there is one company taking steps to rectify this problem by developing a solution that is entirely based on the blockchain. Known as NewzoneEX, this company will create a comprehensive commodity trading network using the Quorum blockchain.
Moreover, smart contracts will be employed extensively to automate tasks and optimize operations. Finally, an exchange will also be available, where users can buy and sell digitized commodities, thereby enhancing the trade experience.
In short, by incorporating blockchain technology, NewzoneEX will offer the commodity trading industry with the following advantages:
- Better Supply Chain Management: Given that the present industry is fragmented, the NewzoneEX platform will connect all participants on a single platform. This will result in better coordination and communication among the different participants.
- Simplify the Detection of Fraud and Bottlenecks: On the blockchain, all data is stored in a transparent and immutable manner. This makes it difficult for malicious entities to manipulate the system. Thus, it becomes easier to identify bad actors and bottlenecks that are limiting the growth of the industry.
- Optimize Authentication Processes: Through blockchain and smart contracts, it becomes easier to carry out tasks involving verification. This is because the entire process will be automated and all documentation is stored securely on the blockchain.
- Settlement of Payments: Settling payments or collecting fees on the NewzoneEX platform will become a hassle-free affair. By using the NewzoneEX Token or NZT, users will be able to execute and settle transactions instantly and save on costs.
Apart from the above list, the NewzoneEX blockchain provides a whole gamut of advantages. This solution is bound to metamorphize the commodity trading sector dramatically. In order to develop the platform, NewzoneEX will be going for an ICO. Visit Website and show your support for the project that will potentially herald a new era for the industry.
For more details :