Ever since it was released, blockchain technology has revolutionized every single industry it is applied to. The technology is such a milestone that it restructures every business it touches.
Use cases for blockchain technology are endless. Companies come up with an idea to adapt blockchain technology to different industries every single day; and they will keep coming up with more and more.
Smart contracts infrastructure of blockchain technology is applied in a wide range of fields from healthcare to music industry and government works. Personal health records are stored on the blockchain system in an encrypted way. Voting systems are far more secured since hackers cannot manipulate the elections and vote counts.
Blockchain identity, on the other hand, is made use of in passports, birth, wedding and death certificates and personal identifications including one’s social security number, driver’s license, computer password and so on and so forth.
Coimex, however, adapts blockchain technology and smart contracts infrastructure to the needs of international trade industry. The problems traders have to put up with are about to vanish thanks to Coimex platform.
Intermediary figures who are supposed to ease the way of international trade are actually burdens for the industry and traders. They expand the time it takes for the documentation process to be completed and, what is more, they demand money in exchange for approving the documents. Moreover, these third parties have actually nothing to do with the trade itself. All they do is to verify the documents which can be easily completed through alternative methods. The most applicable and efficient method is to use blockchain technology and its smart contracts infrastructure.
The fact that the data is stored in an encrypted way on the blockchain system makes it immune to external interventions and therefore guarantees the security of both trading parties in addition to the business itself. Users are provided with private keys to monitor the documentation processes of their business. With intermediary figures, this process takes 12 days on average. On Coimex platform, however, this period is decreased to seconds.
Plus, storing documents on the blockchain system reduces certain risks, one of which is the possibility of destruction of physically stored documents. In case of a loss or damage, it can be a matter of termination of the agreement. This is a risk no trader is willing to take.
What is more, since every single document is digitalized, the paper waste is no longer an issue. In a way, Coimex comes up with a solution that helps to enable a sustainable earth as well.
The benefits of blockchain use are endless. Moreover, traders are no longer victimized but they rather become the winners of their trading actions, thanks to Coimex.
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