Sounds familiar? Do not worry, no beasts in here. A lot of chains and some cryptography though.
As Coimex, we were inspired by the idea of a free trade without any place for intermediary figures, meaningless bureaucracies and third parties that turn the trade action into misery. Instead(as a solution), we adapted the groundbreaking Blockchain technology to the needs of the international trade market.
Here is how Coimex works.
Step 1: Crucial documentation (Attestation, permissions, receipt of related payments, taxation declaration, the bill of lading etc.) is gathered from all the responsible authorities by the exporter party.
Step 2: Exporters will be responsible for the necessary documentation to be completed. Documentation will be uploaded to the Blockchain Server in order for everyone to witness the validity of the papers provided. Access to the content will not be fully represented but the actions will be recorded as to the nature of the technology.
Step 3: Terms and conditions will be subjected to the smart contract that secures the rights of the both parties and can be witnessed by all the participants in the Blockchain system. The role of a smart contract is to make sure that exporters get their payment in Tmex while importers are shared with the QR code for the maximum access to the documents provided by the exporter.
Step 4: Importer parties have to be verified before fully accessing the private documents at the stage during which the purchased items change hands. They will be sent a QR code by the supplier’s command and the involved parties have to give permission and see each other’s approval. Once the QR code stage is passed successfully, that works as a key for the full access to the documents that declare the ownership of the products included in the agreement.
Step 5: QR code recognition forms the completion of the trading process. The whole paper transaction can be traced by any user making the system approved; not only by the participants but by the whole community. The smart contract has now completed its function, making both sides satisfied.
Step 6: Those using the Coimex trading platform are also members of the Coimex Foundation established in each country that has various missions including Blockchain education events, creating networking opportunities, generating and burning Tmex coins and to some extent, regulating the Coimex community by traders that are democratically elected by the members of the foundation. Bringing together all the parties above is to supply a physical roof above all that believes in the nature of a borderless trade raised upon the Blockchain Technology.
Step 7: Every completed transaction happened in Coimex platform results in an evaluation form for the performances of the attendees, their degree of excellence and position in the community. This rating form is sent and checked by the foundation.
Step 8: One mission of Coimex foundations is to legitimate their existence by the existing players in the market starting from the agents that hold Tmex coin in their hands. The trading agents will be selected country-wise, in the case of being the first to invest Tmex coin in their area.
Step 9: Coimex has opened its gates for all the actors in the trading community including advertisers, carriers, logistics companies, Blockchain startups, shippers, authorized corporations, trade chambers etc. as well as the main parties who do the physical form of trading between countries. Just like any other private platform with smart contract support, Coimex partnerships with Blockchain innovators are based on a permissioned cooperation structure.
Here, it is a must to go over the advantages of Blockchain Technology in terms of international trade. These advantages are branched into four categories:
1. Secure and Fast Money Transfer: Buyers and sellers are connected to each other with a peer to peer, safe payment system through which the money transfer can be actualized instantly.
2. The Relief of Diplomacy Procedures: Through the Blockchain Technology, trading parties are offered a compact system that is both fast and secure. Documents and receipts are stored in the system right after the transaction happens and therefore they do not wait or pay for these steps. The problem of paperwork and storing them are off the table since the system has them covered. In this sense, it is not wrong to say that Coimex Project is eco-friendly. Additionally, trading parties no longer depend on intermediary figures in their business, thanks to the practicality of Blockchain System. Waiting for the approval of intermediaries is a bothersome process, making the international trade complex for no logical reason. Plus, the money demanded by them is highly redundant and an extra cost for traders. Coimex annihilates all these nonsense, with the use of Blockchain Technology that is adapted specifically for the sector.
3. The Decentralized Characteristics: The member traders of Coimex can be seen as a community. Each trader gets to evaluate other members through the transparent voting system Coimex offers for its users. Therefore, every member of the community is evaluated by the community itself, rather than a dominant group or class and this results in an objective and trustworthy trading network.
4. Blockchain Smart Contracts: Trading parties can make agreements autonomously within themselves without lawyers and brokers. Preconditioned contracts aim to protect the rights of everyone included in the trading action. Thanks to smart contracts, everything is preset and clear, leaving no room for any potential problem in terms of governmental rules. Additionally, terms and conditions can be altered accordingly to the requests of the parties. Taxation and other necessities are set forth clearly for a trustworthy business transaction.
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