Our Story: The VesselTrust Marketplace Platform
For every innovative idea that the world has ever recorded, there has always been a need to be met. VesselTrust is no different as it was borne out of a desire to see an improvement of trade finance and supply-chain operation between sellers and buyers in the Oil and Gas industry. I particularly felt this way when my team and I lost a business deal worth over $400million due to the operational bottlenecks and the government bureaucracies that have affected trading for years. This was a wake up call for me. I thought things needed to change for the better if we were to get the desired result. To cut the long story short, VesselTrust was developed as a solution to an industry that is plagued by fear, fraud, time wasting and the other avoidable challenges.
VesselTrust marketplace platform is poised to ameliorate the scourge of getting legitimate buyers and sellers in the global Oil and Gas trading sector with an expansion plan to other trading commodities using a technology that would administer trust, immutable data and security in communication, smart contract payment settlement and operational activities. Our initial approach was to go full blockchain from the onset and apply cryptocurrency. However, this approach was a disaster waiting to happen for an industry that hardly understood the impact of such technology. Solution architect and Technical paper was drawn, business model and plan was put in place, consulting, researches and meetings were done but after discussing with industry players with our own in-house meetings, it dawned on us that an all-out blockchain adoption to solve the problems in the sector would only complicate the adoption process hence we opted for a striped-down solution that will bring verified legit buyers and sellers together under one platform which would serve as our traditional model of solving the problems and also an onboarding channel to our second phase adoption which is the use of blockchain technology along with other features.
VesselTrust Seamless Traditional Model/Solution
The Seamless traditional model is a temporary solution we put together to solve some of the acute problems Oil and Gas traders undergo during transaction. These problems are so ubiquitous when conducting Oil and Gas transaction both locally and internationally. Several traders have lost millions of dollars and credibility due to some of these aforementioned problems. Our process explained in below:
The platform will be open to only verified Sellers and Buyers in the space. First we carry out verification on intending platform users and their supporting documents. This is more than a KYC process because the supporting documents like “Authorization to Trade” are also verified and made accessible to any potential verified buyer in the platform to make their own findings. After verification is carried out, users are allowed to post their product/offer to sell or buy which will be available in the trading section of the platform. Also a secure channel of communication is created for trading parties to conclude on the trade procedure/contract once interest is established.
The platform also has document control capabilities which allow users to send and receive documents, thereby making it easy to send contract procedures and other trading documents to manage and close trade deals. VesselTrust only collects a commission once trade is concluded. Through our platform, the cost of doing commodity trades caused by involvement of intermediaries like financial institutions and other players (Facilitators and Mandate) can be reduced significantly through secure and trustworthy platform where buyers can meet sellers.
Blockchain Hybrid Solution
This is our second phase which will be a mix of fiat and cryptocurrency for payment settlement. An OTC marketplace will also be created to help with the seamless conversion of cryptocurrency payment for instant fiat conversion/payment. Users will be seamlessly on-boarded to our blockchain enabled platform with additional features like blockchain identity management system, decentralized document management as well as trade records to help boost credibility and show performance records of users. Vessel tracking will also be introduced to help with real-time tracking of shipment. This will also be open to verified platform users only.
VesselTrust is a blockchain tamper-proof platform for peer-to-peer commodity trading. A platform that brings Importers and Exporters from all over the world together by providing easy to use tools to facilitate trade. Our aim is to create an efficient trustless Blockchain platform for importers and exporters of commodities around the world to carry out trade in an efficient manner without bottle necks without the stress of third party intermediaries. An easy to use and secure system that will help Trade Parties with Credit, secure communication channel, documents transfer and frictionless payment.
We look forward to our launch as we await the final phase of the platform setup while also verifying some potential users who have indicated interest to get listed.
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