In late November 2017, ModulTrade launched the ModulTrade Platform (MTP), the world’s first blockchain based trade platform democratizing global trade for micro, small and medium enterprises (MSMEs) with a new digital marketplace to meet, commit and execute trade anywhere in the world, safely and securely.
Disclosure: This is a Sponsored Article
In October 2016, the ModulTrade team of MIT graduates began their mission to give an estimated 40mln MSMEs the same opportunities to trade between markets as per larger corporations. Currently, 56% of trade proposals made by MSMEs are rejected, compared to a mere 7% of those submitted by bigger companies. Now, the MTP provides a revolutionary change and solution to the many barriers MSMEs face when working to complete a successful trade cycle.
How the MTP works and its key features.
By cleverly tapping into the heart of blockchain technology, the ModulTrade technical team have created an easy to navigate digital marketplace to sell and/or buy products. The application of smart-contracts legally and efficiently replaces conventional financial trade instruments, such as letters of credit and bank guarantees. Blockchain technology provides users a secure platform, with a simple digital end to end trade process, and transactions in real time. The launch of the ModulTrade crypto-token, MTRc (architected on the standard Ethereum) can be used directly within the ModulTrade Value Eco-system to further streamline the trade cycle.
Now, every entrepreneur can place an offer to sell and/or buy a product on the MTP. The ModulTrade team continually seeks new ways to expand opportunities for MSMEs from local to global and everything within the platform has been considered and tested, from the user’s first experience creating an account and logging in, to the benefits of trading in real-time with MTRc.
Integration with logistics company DHL (with further companies to be added) provides another solid layer of security with real time tracking, and the ability for the MTP to immediately signal across the platform to release funds, once the goods have been received.
Through very simple steps, whether you’re a buyer, seller, or both, you can easily register and update your profile, add a shipping and pick-up address, and use ETH/MTRc wallet with a ModulTrade account to make your secure and trusted transactions.
The ModulTrade teams’ application of smart-contracts means that the technology locks in funds right up until products are received, so you don’t have to worry about paying for goods before you see them. Other features of this global changing platform include uploading high-res images, to best market and promote products.
Crucially, one of the biggest achievements of the MTP is the very small transaction fee of only 1% to users. Compared to bank charges of anything between 5-15%, the application of blockchain technology and smart-contracts to build the MTP has streamlined efficiencies within the business model, allowing this saving to be passed directly to the user.
MTP’s 10 steps to successful trade.
This unique one-stop digital hub has been meticulously developed to provide a very easy user journey to trade with freedom. In 10 steps or less, all you need to do is follow the below process:
If you are selling a product:
- Create an account and submit your profile details
- Log on to the system
- Create your proposal to sell your product
- Select your method and terms of payment
- Select your delivery terms and logistics company
- Add a support service
- Create and publish your proposal – a link will be created which you can share on other channels. Upload high-res images to best market your product.
- Receive confirmation from a buyer – a smart-contract is automatically created
- Ship your product and send tracking number to smart-contract – use our integrated DHL service to track progress in real time
- Receive payment – as soon as the product is delivered, funds will be automatically released to your wallet
And, if you’re a trusted buyer…
- Create an account and submit your profile details
- Log on to the system
- Select a proposal you want to buy
- Confirm your details to ignite the smart-contract
- Confirm the trade by sending money to the address of the smart-contract (seller will ship your product once they are notified that funds are on the smart-contract)
- Track the delivery of your product in real-time
- Receive your goods
The future of digital global trade.
ModulTrade will change the way businesses trade and expand networks across the globe, all through the application of blockchain technology to run the platform and the use of digital currencies to successfully meet, commit and execute trade transactions.
Adopting digital currencies, the MTP accepts ETH (Ethereum) as well as MTRc for funds, with plans to soon accept other ERC20 tokens, along with fiat (USD, EU, £ etc.). To allow entrepreneurs to test the MTP, some MTRc has been released for free float in the system. Users may buy and sell MTRc at a nominal price of 1 ETH = 700MTRc at the exchange, Etherdelta.com. Soon, the MTP will buy MTRc at a nominal rate for fiat from merchants.
The ModulTrade team have arrived in the market as one of the first to launch a new and fully functioning product that is set to shake up traditional processes, and more so provide the next revolution in digital trade technology. Through the dedication and fierce ambition to champion MSMEs, the ModulTrade team have naturally positioned themselves as trade finance pioneers, through the launch of their successful platform which companies are now beginning to use.
MTRc may be bought/sold at exchanges and at MTP, or with a discount at https://en.modultrade.io/. The ModulTrade token sale has begun. The 25% discount will end on 12 December 2017.
For more information, visit https://modultrade.com/.
Disclaimers
MTRc’s are tokens in ModulTrade’s blockchain-based platform and value eco-system.
They are not refundable, nor are they securities or for speculation. There is no promise of future performance. There is no suggestion or promise that MTRc has or will hold a particular value. MTRc’s give no rights in the company and do not represent participation in the company. MTRc’s are sold as a functional utility. Any value received by the company may be spent without conditions. MTRc’s are meant only for experts in cryptographic tokens and blockchain-based software systems.
