Introduction
Yesterday I wrote an article sharing all of the important details about an ongoing competition from Trade.io, where traders can end up winning a large amount of KTOS tokens, which are the tokens from the KRATOS blockchain project.
The total prizes that are going to be distributed among the winners are valued at around 130,000$, however, the project in question, KRATOs, has not been explained yet, which is why this article is going to provide some insight about what this project is all about.
What is KRATOS?
This project consists in developing a platform that can facilitate the trading activities of commodities by implementing both blockchain technology and cloud technology, with the goal of making these activities more secure, more transparent, and faster. The platform KRATOS is planning to develop can be seen as a modern enterprise resource planning (ERP), this term is defined as:
… think about all of the various processes that are essential to running a business, including inventory and order management, accounting, human resources, customer relationship management (CRM), and beyond. At its most basic level, ERP software integrates these various functions into one complete system to streamline processes and information across the entire organization. Source
Trading commodities is a very challenging activity because these are usually operations with a lot of money and different parties involved, it is a very complex system, and there are usually problems that can create complications for this type of transaction, such as:
Insufficient trust Source: it is extremely difficult to know the real origin of a particular commodity, and the same can be said about the authenticity and quality of the product in question, this makes it impossible to have total trust between trading parties.
Documents Source: given the fact a lot of these trading activities are done with parties from different countries, it is likely for there to be an excess of administrative requirements that must be met so the operation can continue with its due course. This potential excess of administrative requirements can slow down the transaction, and reduce efficiency in the operations of all the parties involved.
Secured capital Source: sometimes, in order to do big commercial transactions, companies need the help of financial institutions so they can have access to liquid capital, and allow the transaction process to remain as smooth as possible. But when it comes to trading commodities, small and medium-sized companies tend to have a lot of difficulties in having access to the capital they need.
There are other problems, but those are the ones that can most easily be solved with a solution like the one KRATOS is planning to develop.
Some of KRATOS solutions
KRATOS is going to develop different solutions that can facilitate this type of trading and make life easier for its customers, in this article I am going to explain the solutions that could fix the lack of trust between the involved parties:
- Implement a KYC/AML process: by doing this, KRATOS can make sure the involved parties are responsible and authentic organizations, and there is little to no risk of one of these parties acting illegally. Therefore, this could reduce and even eliminate the insufficient trust between parties when doing a big transaction.
- Risk Management: by taking care of the risk management when a transaction is taking place, there is an added layer of security for all parties involved, which means, customers would feel more at easy when using the KRATOS platform to do this type of transaction.
Conclusion
This article was just an introduction to what KRATOS is, the problems they are trying to solve, and some of the corresponding solutions.
In the next article, I am going to continue to explore the rest of the developments KRATOS is doing, that can make eventually make this platform the very best in commodities trading.
More information about this project can be found here.
DISCLAIMER
The information contained within this post shall not be taken as a financial advice. I am not a financial advisor and none of your investment decisions should be carried out based on any information presented here. You can lose all of your money by investing. The information presented in this article is for educational and entertainment purposes only.