Decentralized trading with Persistence product, Comdex
Let’s talk about TRADE . You sure must have gone to the mall with cash to get yourself a commodity. Food, accessories, gadgets and so many of them. To leave the mall with your selected commodity, you must have been asked to give your cash in return. Oh yeah!!! Cash in exchange for the commodity you’re about to leave the mall with. Let’s say you’ve paid and taken your commodity home only to see that the refrigerator in the house is not working . You call the serviceman and he shows up. He fixes the refrigerator and stretches out his arm to you for payment. Oooops!!! I thought I only had to pay for commodities and tangible items; now I also have to pay for a service. Same goes for cutting your hair, paying for mail service and many other services you can get. So basically you’ve exchanged cash for a commodity or service. That’s basically what trade is all about but let’s put it out in proper terms so everyone can get a better understanding. Trade is a fundamental concept in economics that involves buying and selling goods and services as we have clearly stated earlier with the buyer paying or giving some sort of compensation (in an agreed value) to the seller. The seller has what the buyer wants and the buyer gives a fungible asset to the seller in exchange. That brings us to another definition that sees trade as the exchange of goods and services between two parties. There used to be an ancient method referred to as Trade by Barter where Party A needs goats. He sees that Party B has the goat but Party B requires yams that he (Party A) has. Party A basically takes the yams to Party B and collect goats from him in return. Everyone is happy. In an economy this trade can take place between producers and consumers (who buy the finished products). This could be within a village, town, city or even a country. Residents in the Southern part might need certain commodities found in the Northern part of the same country and vice versa. They can easily trade with what they have. On a broader level, trade could go international such that countries could enlarge markets for goods and services that ordinarily wouldn’t have been available to them. International trade has brought development to many countries. An example is Japanese car brands, Toyota, Honda and Mitsubishi amongst others being readily available in many countries including other car producing countries like Germany and the United States. This has greatly improved the Japanese economy as well as developed almost everyone because with international trade everyone wants to outdo the other. You’d see greater market competition and this is favourable to the end users as they would have better commodities at cheaper cost. Ask China.😅. It is safe to say that trading also goes beyond those realms too. You see people buying and selling securities (not the police or military, please). Securities like bonds, shares and stocks. It’s also a good way to trade and maximize profit and satisfaction.
Persistence
Persistence is a top protocol that is powering next-gen financial products. These products are geared towards making decentralized financial operations more effective and efficient. Together, these periods form an ecosystem that is designed to serve institutional and crypto-native uses. Trading as we have understood is very important for economic growth, both individually or as a financial body. In view of this, Persistence has developed a protocol that would help increase decentralized commodities trading. Comdex is poised to take trading to the next level. We will take a look at what Comdex is and how persistence is using this next-gen financial product to better our trading experience. First, though, we’d look at some parameters that define trade. Speed of transactions is a very important factor in trading as no one wants to spend long hours finalizing a single trade. What about transparency? It will be delusional to think that people or traders don’t want their transactions to be as transparent as possible with no hidden charges or illegal balances. That brings us to Trust. In blockchain technology, they say, "Don’t trust, Verify". In trade, a whole lot depends on Trust and building it is very vital. All three factors are very important to commodities trade and trade finance and we’ll get to see how Comdex is powering trade by taking care of these parameters.
Comdex
Let’s talk about Comdex, a trade platform that is designed to help overcome some of the very many challenges faced by the trading industry. Backed by technology, it is poised to actually do this, both effectively and efficiently. So what are these hurdles.
1. Trade cycles: As stated earlier, no one wants their trade transactions to linger on and on and on. Everyone needs quick resolution to trade. Comdex uses automated real-time verification of important trade documents to hasten transaction times and trade settlements. Organisations would sure love this. This would result in shorter trade cycles.
2. Trust: People and organisations have difficulty carrying out transactions with entities they don’t trust. Comdex would help solve this issue of trust by allowing small and medium enterprises to create verified trade and reputation data that would help potential trade partners have trust for them. This would reduce the hurdles they may face during financing and drives for expanding business.
3. Trade workflows: No one wants a disorganised trade workflow. With Comdex, your desk is organized. You have a secure platform for storing key trade collaterals so that audit of trade data will be hassle free.
4. Legal processes: These days, trade transactions are laced with so many legal processes because of the possibility to perpetrate fraudulent activities. With Comdex, the possibility of forgery to trade documents is removed completely as immutable trade records are stored onchain so there will be little way for fraud thus reducing the cost and time or legal processes.
I guess you are actually elated now.
The Comdex platform
The Comdex platform is very welcoming and users have access to solutions for trade processes from the beginning, through negotiations and culminating in favourable executions and trade settlement. All these are possible with the aid of
a. Counterparty KYC: All parties have to undergo thorough KYC procedures.
b. Trade workflow: Key data and information concerning the trade are stored securely on the blockchain, immutably.
c. Live trade room: Basic interface that would enable frictionless negotiations and execution e.g live chat box and e-signing etc.
d. Trade settlement: Cost effective trade settlements made possible by the module at record speed.
e. Trade Finance: Financers have access to a portfolio of trades that have been executed between KYC'ed partners, making the whole process even easier.
For more info on this visit comdex.sg/platform
Let's explore the trade universe and achieve more with less using the Comdex platform.
Trade Easy!!!
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