Purpose: User Story
The purpose of the Incoterms Payment Processing Dashboard is to provide a solutions based system for international trade by way of Incoterms. These international standards are terms of sale for importers, exporters, freight forwarders, and that includes other factors including cost of goods, liability (insurance), transportation (air, ocean, rail, trucking), duties, taxes, and customs clearance, all based on terms. The incorporation of Bitcoin and cryptocurrency to the Incoterms and dashboard system will work to include payment in Bitcoin, while allowing for any Incoterms to be reversed or any option. Incoterms are clearly defined by standard. Bitcoin and a dashboard system will allow for currency adjustment and back into hard currency, but by utilizing Bitcoin and cryptocurrency, fees will allow for increased competition, immediate payment, and lesser fees for the entire import and export experience, be it any combination of transport, and of course this will include total cost of goods and product, service, and all via letter of credit if required if not via smart contract and blockchain technology. Purchasing Departments, Importers, Exporters, trade associations, freight forwarders, airlines, ocean liners, rail, trucking companies, and even customhouse brokers, warehouses, and financial services companies can benefit from the solutions and capabilities of this dashboard, while also offering features for combined orders or cooperative purchasing power to force better quality, service, and competition in a global marketplace. Bitcoin and blockchain offers this capability, and the incoterms payment processing dashboard will be the user system that may encompass electronic data interface, if not render it obsolete. Users will not only be able to pay in Bitcoin per “incoterms” but they will be able to utilize this as a service to place orders with manufacturers, track shipments, or utilize public tariffs and quotations for all aspects of cost of goods, services, transportation, insurance, and total costs of supply chain logistics. Enter in smart contracts and blockchain technology, this dashboard system will offer advancement of world trade and the acceptance of Bitcoin and cryptocurrency by way of international standards currently accepted and clearly defined.
Importer - As an importer I want to pay in Bitcoin to save in transaction fees and currency adjustment factor (hard currency) and to then convert back to hard currency.
I also want the ability to change the terms of sale for the competitive edge, and take control of that via dashboard system to work with freight forwarders and transport companies of my own choosing, if not source from other commodity suppliers.
I also want to be able to track all my shipments coming inbound via rail, truck, ocean, or air, complete with status update.
I also want to be ensured via contract and Letter of Credit (L/C).
I also want my customs broker to have access to my dashboard.
Exporter - As an exporter I want to utilize the incoterm dashboard to track all orders and be provided with status updates for all transport methods.
I wish to accept Bitcoin, yet I want to eliminate volatility and have ability to convert to hard currency.
I wish to offer incoterms to increase business and new sales by offering ability to pick incoterms upon importers (customers) choosing.
I wish to allow for bulk purchases from multiple buyers or cooperatives and trade associations with commitment via smart contracts with unalterable blockchain technology.
I wish to accept offers for orders, and commit via contract with the ability to sign letters of credit or specific to incoterms.
I need proof of contract in order to meet capacity in manufacturing environment in order to meet demand.
Freight Forwarder - This organization wishes to utilize the incoterms dashboard for our customers that wish to pay or accept Bitcoin.
We need the ability to track and trace our customers orders or container loads, and preclear customs via electronic data interface or utilize blockchain technology in order to preclear customs.
We need the ability to convert Bitcoin to hard currency, or hard currency to Bitcoin, but that includes all international currencies, while giving option of other cryptocurrencies in a dashboard.
We need the ability to publish our tariffs and rates for each incoterm in order to utilize the incoterm dashboard.
We need to provide total services and capabilities and supply chain logistics, and that includes insurance, trucking, customs clearance, warehousing, from door to door or port to port depending on incoterms.
We need the ability to utilize published tariffs of airlines, trucking companies, ocean liners, with the elimination of errors meaning the ability to guarantee our pricing and quotations from our carriers, be it rail, ocean, air, or trucking, and that includes fuel surcharge.
Operationally, we need the ability to mark up rates published by the services related to ocean freight (less than container load, full container load, and break bulk), air freight, trucking (less than truckload and full truckload), warehousing, insurance, and every aspect per international standard (incoterms).
We want the ability to cater to bulk purchasing and offer volume discounts (varying prices) for the acceptance in Bitcoin and the management of the dashboard.
We want the ability to provide monthly reports or by transaction for proof of payment and delivery.
We need the ability to get signed routing orders from shippers for acceptance in Bitcoin and wish we could do it via the dashboard with opportunity to communicate and we are willing to pay in Bitcoin to utilize this feature.
Trade Association - As a trade association working for economic development of our region of the world, we desire the ability to accept Bitcoin as a means of payment
We wish to accept bulk purchases from multiple buyers that commit contractually or via smart contract and will provide acceptance contractually.
We wish to provide an offer for bulk buys from our trade association be it 1 container or 500 or specific terms be it weekly or monthly or annual commitment but by way of smart contract.
We wish for the ability to utilize the dashboard for the incoterms.
We wish the ability for our buyers (or importers) to be able to utilize the dashboard for the incoterms.
We wish the ability to select freight forwarders, ocean liners, airlines, and customs brokers that will accept Bitcoin or offer management of the dashboard in respective countries worldwide.
Purchasing Departments, Supply Chain Management - We want the ability to place purchase orders with our vendors and manufacturers via the dashboard.
We want to pay in Bitcoin and the ability to convert currency.
We want the ability to utilize the dashboard for our vendors or lane segments that will not accept Bitcoin and streamline our purchasing but want to save money via transaction fees and thus Bitcoin.
We want proof of delivery.
We require status updates of freight in order to meet manufacturing requirements or deadlines.
We want the ability to utilize the dashboard worldwide.
We want the ability to have our freight forwarder or airlines or ocean freight companies to have access to the management of our dashboard here and abroad, specific to the need.
We want to seek new suppliers and wish to pool our purchasing power with others to purchase bulk purchasing with other purchasing departments of commodities, with the ability to commit via smart contract in order to get better pricing on commodity items, goods, and services.
Airline, Ocean Liner, Trucking Company, Transportation Broker - We want the ability to publish our tariffs or pricing as we will accept Bitcoin.
We require the ability to convert back to hard currency or any international currency.
We need the ability to track shipments and require proof of delivery via the dashboard.
We desire the ability to publish our tariffs and have the ability to update them.
We desire the ability to include fuel surcharge amounts.
We need the ability to agree to contracts with buyers and customers of our transport services.
We need the ability to formulate offers into contractual agreements via this dashboard in order to eliminate non payment via buyers through the dashboard.
Customhouse Brokers - We need the ability to preclear through customs be it electronic data interface but will consider smart contract and blockchain technology if capable in order to clear goods for our clients.
We need the ability to transact both in hard currency or international currencies but also in Bitcoin for duties and taxes.
As customs brokers we can accept Bitcoin for our services and wish to utilize the dashboard, but as required by laws will require the ability to convert from Bitcoin to hard currency in order to pay duties and taxes.
Insurance Companies - We require contractual agreement for liability purposes and wish to utilize dashboard for smart contracts.
We need to be able to publish our rates and quotations in order to insure products, goods, and liability, for all modes of transportation.
We wish to accept Bitcoin and secure new business and will work within all incoterms.
We need the ability to offer specific lanes (or country) due to requirements by law including maritime law.
We require the ability to pay claims via smart contract and blockchain technology as much as accept Bitcoin.
Other: A dashboard scenario is one thing, a functional platform for all inbound and outbound logistics across the globe, in a viewable format that describes the “incoterms” or terms of sale. That is the benefit for any importer or exporter, or service provider, or any provider or purchasing group that relies on domestic transport as well. It is another to create the state of the art website and to be the leader in changing international banking as it relates to transit of goods and commodities.
Google Earth is interesting in that it could be incorporated, be it a moving earth or a map, or both, but by incorporating this feature, it could be segmented to fit the needs of each “account” for tracking all their worldwide traffic, and it may be possible to break that lane segment down to the responsibilities of both the buyer or the seller for existing orders, or this feature could also be for sourcing and arriving at competitive quotes should incoterms be changed or for an “offer” or “booking” based on contract or “smart contracts”. Say a shipper in Rotterdam was responsible for transport to the port, this could be mapped for that leg of transportation from the origin to the port, while the map could also display the responsibility from once over the ship all the way to the door of the importer, say in Los Angeles. Color coded “lanes” could indicate responsibility and indicate by order or purchasing order total costs of transport to arrive at true costs. Likewise any incoterm could be used, to arrive at true costs should total reversal be required or to look at other options to improve pricing, service, or to even pool purchasing power with others via “smart contract” to establish better pricing, via contract or contract offer. This would entail not only the transport costs, but also cost of goods and commodities, and all services along the way, including insurance. Visualizing the mapping via a revolving globe would be interesting, but that could also be translated into a map feature in flatland, but both flatland (1D map) and revolving globe could be used specific to account, or all current orders in transit, or a complete history by account (ie freight forwarder or airline), or commodity even specific commodity code (as established by customs authorities). This mapping feature could coincide with the dashboard that would be utilized for data, contracts, pricing, quotations, and history. The map feature would simply show it by lane segment and in color coordination to indicate incoterms and for visual aspect, but it just another tool for any department involved.
In this scenario, all points of origin and all final destination, every port or airport (depending on lane and mode of transport), every warehouse, freight forwarder (or transport mode) could be highlighted and noted.
Every aspect of cost (in Bitcoin or other cryptocurrency, including hard currency) could be broken down (if for quotation of services) including for cost of goods specific to purchase order or “offer” to buyer, or agreed upon sell order (specific to contract or quotation) while this could also be broken down specific to Bitcoin address or physical address if “pooled purchasing” can be worked under “smart contract”.
If this were to occur, at any moment in time, an importer or exporter could see in real time the total costs if in hard currency (country of origin or country of destination) versus total costs if in Bitcoin or any cryptocurrency. Given the transaction fees, total costs, from door to door, it will be recognizable the cost differential between hard currency and Bitcoin. This is where competition comes in between competing currencies. And of course this dashboard is capable of adjusting back to hard currency as required, be it via batch or specific to order, meaning one at a time, but it could also be done at end of the day, but specific to needs and requirements of any user of the dashboard.