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Despite the versatility of the trading industry, the physical exchange of commodities is slackened by a multitude of business problems, showcasing the lack of cohesion among the participants of trade flow. Among importers, exporters, traders, banks, shipping companies, and insurance agents, the dearth for interoperability trigged by minor discrepancies and manual administration affects the trade of physical commodities predominantly. To make matters worse, the absence of a transparent quality assurance system often forces merchants to rely upon inaccurate information on the product quality provided by multiple parties in the trade flow, which may later lead to high reconciliation costs. Arkratos Blockchain Solutions addresses these pressing demands through KRATOS™, a blockchain-based platform that connects all participants across the entire trading ecosystem globally.
“KRATOS™ acts as a ‘single source of authenticity’ for the trade of commodities, where distributed versions of trade information or trade documentation are shared in real time and are visible to all involved participants,” states Ashish Srivastava, Senior Vice President of Arkratos Blockchain Solutions.
One of the world’s first blockchain and cloud-based hybrid ERP for physical commodity trade, KRATOS™ ensures easy due diligence for all dependencies—importers, exporters, traders, banks, shipping companies, and insurance agents—and brings in the much-needed visibility across the trade chain and efficiency to the trade finance processes. Such an approach can effectively thwart any fraudulent transactions or unwarranted trade risks across a product life cycle and significantly enhance the interoperability of international trading.
KRATOS™ ensures that all the parties involved in the trade can trace the product from the point of origin to the point of final delivery
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