Trade is not an easy business; the procedures take so much time that importer and exporter parties need to pay high amounts of fees and they might even have to bribe intermediaries to pave the way for the trade itself. Doing business and profiting are the main motivations of (international) traders and this is why they are trying to keep up with the existing unfair conditions of the market.
Coimex, however, is completely against to any sort of exploitation and trade-irrelevant fees that have nothing to do with the functioning and operational requirements and yet results in a trader being victimized at the end.
Here is how it goes; taxation is subject to smart contracts that are arranged and regulated by Coimex, including the legal disclaimers and conditions, together with the recording feature of Blockchain technology, which can be used as a voucher for those seeking a solid proof of previous transactions.
Extra fees that traders, both importers and exporters, come up with and have to pay during business procedure are listed below.
Transaction fee is the commission that is taken per transaction by intermediaries and it is high especially if the Swift procedure is involved as well. Why do we need to have a break at every single stop and pay for it while we can just keep going non-stop and keep the money in our pockets?
Documentation fee is another financial burden for traders since it must be paid for the documents of/about the products or services that are subjected to trade.
Shipping costs apply both for the products and the documentation (the bill of lading). Shipment of the products is another thing but shipping hard copy documents between countries and even continents is completely behind the requirements of the contemporary era. It not only costs money for traders but also sounds absurd; having such technological advancements and still posting documents and waiting for them to be back for extended periods of time is literally wasting sources and potential.
Here comes in the ground-breaking Blockchain Technology and it allows peer to peer transactions. Coimex will arrange and provide smart contracts that not only seek for the satisfaction of both parties but also consider and protect the legal rights of all the actors that are mentioned in the agreement. Governmental obligations are taken into account and these smart contracts claim taxation as well. In this sense, it is seen that the system is legal and takes trade laws into account. In the end, since the taxation has been completed as well, the business takes place legally. Since all the documents will be digitalized and uploaded to the system, documents will no longer be physically shipped, and shipment costs will be eliminated. QR codes that are offered by Coimex are very helpful in digitalizing and keeping trach of the documents while reducing extra costs.
Once again, the unpractical document-shipment process will become history. Traders will no longer feel the need for a witness or any third-party during documentation in order to sustain trust and solidity; thank to Blockchain Technology and its decentralized structure. Coimex is the first institution ever that makes use of blockchain technology in such a useful way and easing the way of international trade by providing receipt through this revolutionary technology.
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