Project details
The system implements a completely new approach to accounting and grain management.Transparency of operations is achieved through the use of blockchain technology, which also provides a high level of data reliability (each operation is signed with a private key) and fault tolerance (data is distributed between several nodes).
Project length
Cooperation model
Client’s goal
– Non-transparency of grain accounting processes.
– High complexity of performing an audit by regulator.
– Lack of secure transfer of ownership.
– Lack of fractional ownership.
Solutions & Contributed features
Solutions
Grain Tokenization Platform developed by us eliminates accounting and security risks that farmers and grain elevators owners are exposed to. One of the business flows is described below:
– Farmers, elevator owners and funds are registering in the system and pass KYC procedure. They become verified members.
– Elevator’s owner register a grain type and its class which he supposes to accept from farmers for storage (wheat, corn, barley etc).
– When farmer delivers grain to elevator, its owner accepts the batch and issues appropriate amount of grain token directly to farmers account.
– Farmer could trade the tokens on internal exchange, buyers can do withdraw (which means that elevator physically ships grain to new token owner), funds are able to deposit fiat/crypto to the platform and buy batches of grain for further resale.
Contributed features
– Ability to transfer asset ownership rights peer-to-peer, instantly and reliably while not moving the physical asset itself.
– Increased liquidity, which leads to the broader client market.
– Introduction of new security standards, which presumes cryptographic protection of digitized ownership rights as well as the elimination of a single point of failure.
– Usage of smart contracts for resolving system conflicts upfront and not after the fact of them being happened.
Provided Services
Tools and technologies we used
