International global trade is essentially the exchange of goods and services between countries. Concurrently relevant information needs to be passed between entities such as customs, regulatory agencies, sellers, buyers, shipping companies….
This complex trillion dollar industry is still mainly paper based, which tends to be fraught with heavy costs, delay´s and prone to error. Additionally, ninety percent of all global trade transactions are financed by commercial banks through a letter of credit. Fees tend to range anywhere from 1-8 percent, which with small margins could potentially be the difference between a profitable and loss making transaction.
With the growth of technological innovation we foresee and are building solutions to these inherent issues:
- Digitizing all documentation flow, which will ultimately speed up trade and decrease cost
- Bill of Lading, Invoices, Purchase orders.. will be transacted between clients on the blockchain, smart contract created and trace and trace of goods integrated.
- Communication channel embedded within the same platform where sellers, buyers, suppliers and warehouse agents to discuss their goods and services.
- Utilizing the clients transactional data on the blockchain to provide a Calero credit scoring rating, where funds can be raised on accounts receivables and payables.
Contact us to find out more regarding how we can help grow your business.