International Commodity Trading on the Ethereum Blockchain that reduces costs by 15%-50% and eliminates traders, brokers and banks.

Trading goods between countries is a $12-15 Trillion per year market.

A ConnectX.com Product Module.

How it is done today.

Bidding & Contracts

When a company or country needs to import goods, they will bid this to trading firms. After selecting the trading firm, contracts are awarded and the buyer instructs the trading firm which commodities they would like to purchase.

Shipping

The supplier will insure the product and vessel against loss during the sea voyage to the destination/buyer. The trip can take days or weeks. Once the shipment is received, the buyer inspects the goods and pays the trading firm. The supplier is paid and all letters of credit and credit lines are released.

Costs

Banks are charging interest and points and trading firms earn 15% or more in profit. Higher margin commodities like oil provide traders with enormous profits of $3-4 per barrel.

Assuring Payment

After the trading firm secures the suppliers, they must put up assets, letters of credit or arrange credit lines with their bank to pay for these goods. Credit line fees and Letters of Credit can cost 2%-10%. Suppliers will not ship goods until a payment commitment is in place.

People

A typical transaction has brokers on the buy and sell side increasing the cost. As the contracts get larger, more brokers and more traders are involved.

Managing received goods

After the commodities are delivered, the buyer must manage multiple agreements, invoices and shipping and pickup of each product with their buyers.

The Exportly Solution

Buyers and suppliers of international commodities use the Exportly mobile or tablet app.

Buyer’s select the commodity, chose a supplier and deposit funds in "escrow" via a smart contract on the Ethereum Blockchain alerting the supplier to package, insure, load and ship the cargo.

Once the goods have arrived and are accepted by the buyer, the Ethereum smart contract releases the funds to the supplier.

Cargo ship GPS tracking, IoT devices related to the products and containers and all documents are stored on the Blockchain.

The buyer can then manage the selling of the goods just delivered with their buyers using Exportly.

All traders, brokers and banks are removed from the process.

Exportly will charge a 1% transaction fee and issue its own digital currency to the suppliers, buyers and customers of the buyers to use as the medium of exchange. Each Exportly E-Token will be backed by one gram of gold.