3
ardeolar
25d

This year, I want to implement a blockchain enabled commodities exchange using Arcblock.io’s Forge framework. I hope to Launch by the 3rd quarter of the year.

Comments
  • 0
    How is this better than standard market like Amazon or eBay but "for farmers"? I'm not sure what problem is blockchain supposed to solve here. Is this just to get more attention because it is blockchain?
  • 0
    Scenario
    Dr. Alao, a cocoa producer from Nigeria just processed about 100 tonnes of cocoa from his cocoa plantation.
    He plans to sell about 80 tonnes to an international market, probably a confectionery brand like Nestle, and use some of the proceeds to set up a chocolate factory in Nigeria. The issue is that there’s no platform for Dr. Alao to sell to other parties, for example, Nestle, because companies like Nestle have no relationship with him and probably don’t trust him.
    Nestle’s demand for cocoa powder on the other hand is rapidly increasing, and their usual suppliers can’t meet up to this demand; hence Nestle needs a way to get new batches from other small to medium scale cocoa farmers like Dr. Alao at a reasonable cost, and be sure that it would be delivered in time, without the need to trust the supplier.
    Merx to the rescue. A decentralised, open and Trustless exchange platform is what both parties need.
  • 0
    Why Blockchain?
    To ensure consistency and immutability of transactions data.
    Trustworthy ledger for the exchange: It’s relatively easy to tamper with data stored in traditional relational databases, but not so with blockchain, as it is a distributed, immutable, and transparent system that provides a low-cost way of trust — machine trust. Because of this trust mechanism, blockchain technology can ensure the authenticity of the ledgers and ensure every party is comfortable transacting with other parties.
    Smart contracts to get rid of the need for middlemen and consequently correct the prices of these commodities.
    Common medium of exchange for all participants; DAX tokens.
  • 0
    Also, the contracts are going to be implemented as digital futures contract, because most of the agricultural commodities (cash crops) are usually harvested in bulk once or twice a year, so there are specific periods when they are available.
    The reason for the futures contract to be backed by smart contracts and blockchain is to make sure that once created and signed, it can’t be altered . This facilitates trust and consistency of data.
  • 1
    Get you a good sales team and marketer when the time is right.

    Have a year of runway.

    Identify the sites and groups your target audience and investors frequent. Start conversations now, buzz is the hardest thing to generate.

    Start building relations with customers and potential clients now. Discuss launch, ask them if they'd be willing to pay up front before launch, in order to secure a "lifetime membership", even offer then a discount.

    No one likes asking for money and yet it is as important if not more important than development.
  • 1
    I guess you should change your target to Amazon, eBay, Alibaba (bulk trades), Aliexpress and other big companies that deal with trading goods and use traditional databases. Their data is in serious danger it seems.
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